Growth in the UK Video Games Industry
TIGA, the network for game developers and the wider video games industry, recently reported that the UK games industry is set to grow significantly in 2017. TIGA surveyed 50 game business of various sizes, and they found the following.
First, 88% of the survey participants plan to increase their workforce.iu 72% of survey participants reported that they would supplement their workforce for the year of 2016. Also, 50% of the respondents were enthusiastic about investing in R&D, training and new games development.
72% of the survey participants said that their company was performing well, with only 6% saying that their company was performing badly. With that number, 64% said that they expect their profits to rise in 2017. Not surprisingly, 70% of respondents said that they expect their costs to increase over the next 12 months.
One of the strangest results was that 40% of the respondents expected game prices to rise. Whether this statistic comes from independent game developers who expect to raise the price and quality of their games or whether this is the cost of virtual reality or just a spike in standard retail prices is unclear.
TIGA’s survey wasn’t only interested in signs of growth in the UK video games industry, but obstacles to that growth. 34% of the respondents said that they had difficulty getting the financing that they need. Another 16% said that they have skill shortages and skill gaps that are holding them back. Other problems included scaling business operations, diversity and lack of VR hardware.
The TIGA CEO, Dr Richard Wilson, said that the UK video games industry “is set to grow in 2017. Our survey shows that games businesses in mobile, VR, PC and console are planning to increase investment and employment. This growth is being driven by three factors.” Jason Kingsley, TIGA chairman and the CEO and Creative Director at Rebellion, said that “2017 is set to be another exciting year for the UK video games industry. We will see more start-ups, more existing firms expand and more innovation and growth in the sector. I am especially delighted that Video Games Tax Relief, a measure that TIGA consistently campaigned for over many years, is helping to drive growth in our sector.