Industry Analysis
The UK market for video games reached a record £7 billion in 2020, an increase of 29.9% from 2019, breaking the previous record set in 2018 by more than £1 billion, according to Ukie’s 2020 UK Consumer Games Market Valuation. The £7 billion revenue is not solely attributed to the sale of video games; it is also attributed to the sale of video games software, hardware, and other related products detailed below:
One reason for 2020’s rise in gaming is the Covid-19 pandemic. With many people stuck indoors, they turned to games for entertainment and as a way to virtually connect with friends and families. The growth of the gaming industry during the pandemic has made game development and professional gaming a viable career path. The gaming industry employs more than 50,000 people in the UK.
The UK is the leading video game market in Europe and the 6th largest gaming market globally ($4.453 million). The UK has noteworthy talents for the gaming industry, demonstrating an excellent combination of creativity and technical ability. Apart from talent, other factors that attract investment in the UK gaming industry include the presence of a financial services centre, low corporation tax, and relationships with other creative industries.
If you want to open a business in the gaming industry, a business plan will be helpful. It is a great way to focus on what you are planning to do, your timelines, financial requirements, forecasts, and market research. It will also help support your application for funding (whether bank loan, publisher funding or equity investment).
If you want to open a business in the gaming industry and need help with your business plan, contact our consultants at +44(0) 203 637 6137 or email us at Info@bandfbusinessplans.co.uk
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