UK Games Industry Expected to Enjoy Strong Growth in 2017, According to TIGA Survey
The UK games industry can look forward to an overly successful 2017, according to the latest data posted by TIGA.
As part of its Business Opinion Survey 2017 report, the analyst firm conducted a survey involving 50 games companies from all across the UK — a sample that equates to around 2.5 percent of the country’s total number of gaming companies — 92 percent of which expect a profitable year. What’s more, 88 percent of those companies polled expect to expand their respective work forces over the next 12 months, up from 72 percent the pervious year.
According to TIGA CEO Dr Richard Wilson, that generally positive outlook encompasses businesses based in mobile, VR, PC and console fields, while Wilson believes the actual growth can be attributed to three factors.
“Firstly, the consumer market for games is big, broad and burgeoning. The UK is the sixth largest market for games in the world and 31.6 million people in the UK play games. Secondly, the spread of mobile and tablet devices, the new console generation, the popularity of PC games and the advent of Virtual Reality and Augmented Reality are prompting investment in games.
“Thirdly, Video Games Tax Relief, which TIGA played a decisive role in achieving, is fanning the flame of growth. Games Tax Relief effectively reduces the cost and risk of games development and it incentivises investment and job creation in the games industry. Games Tax Relief is predicted to create 2,800 new development jobs and £331 million in investment between 2016 and 2020.”
TIGA’s report wasn’t all good news, however, as the data reveals 70 percent of companies anticipate a rise in operating costs, up from last year’s figure of 56 percent. In closing, Jason Kingsley, TIGA Chairman and Rebellion CEO and creative director, stressed the importance of the UK’s tax relief.
“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.”