The Video Games Industry is in a positive frame of mind and we will see continued growth and innovation within the sector in 2018; certainly this is my conclusion after reading the results of TIGA’s Business Opinion Survey.
Key findings from the survey conducted at the end of 2017 by TIGA, the national association representing the video games industry, showed that 68% of respondents were planning to grow their workforce in 2018 and 70% of respondents reported that they felt the UK economic and business environment is favourable to the video games sector. There was an increase in the number of respondents (compared to last year) who believed that there was a brighter outlook for investment (eg R&D, training, the development of new games) in their business.
We can’t ignore the spectre of Brexit, which has had a slightly dampening effect on plans, with 68% of businesses planning to expand their work forces, down from 88% last year.
The number one barrier to success is one which affects businesses across most sectors, access to finance; followed by discoverability; and the barrier ranked third by respondents is skills shortages.
TIGA in campaigning for the video games industry has presented a proposal to the Government for a Games Investment Fund (GIF) to help relieve the financing issues businesses often face. TIGA also encourages the development of a post Brexit migration policy by the Government that will be favourable to growth.
Although there will be some fluctuations in business predictions, the UK is still holding its own as a centre for growth and innovation in the video games sector.
I’m currently working with some exciting businesses, helping them to make the most of the incentives available to the sector, including video games tax relief. If you have any questions about how your video games business could benefit from the reliefs and incentives available please contact me for a chat.