October 22, 2018

TIGA says that the video games industry is one of the UK’s great success stories, as highlighted by the recent report by the British Film Institute (BFI), which showed that the sector is thriving.

In fact, TIGA estimates that the sector contributes £1.5 billion to the UK economy each year.

TIGA says that the next few years could, and should, “prove revolutionary for the industry.” The industry is on the cusp of “significant breakthroughs” when it comes to augmented and virtual reality, which have the potential to transform gaming and personal entertainment. TIGA says it wants to see UK games developers “lead the way”, as the industry, which is projected to produce $138 billion in revenue globally by 2021, undergoes a transformation.

To achieve this, TIGA says, the Government should retain and enhance Video Games Tax Relief (VGTR), which has, since its introduction in 2014, been incredibly successful and has paid for itself. TIGA’s research shows that the sector is growing 7% a year. More generous relief would, it says, create even more growth and unlock investment in new technologies.

More should also be done to help young development studios. Even businesses with the most innovative and creative ideas can find it difficult to access the finance needed to grow.

TIGA is calling for a Games Investment Fund, which would make grants or loans available to games businesses providing match funding of between £75,000 and £500,000 to developers nationwide, creating jobs and boosting investment.

TIGA also wants to see a liberal migration regime established after Brexit, as the industry needs the ability to recruit the best and brightest talent, wherever they are from. TIGA says that it was “worrying” to learn of the Prime Minister’s plans to replace freedom of movement with a migration regime that could include an even more stringent £50,000 salary threshold.

TIGA says that the industry is currently in a strong position. However, “we cannot rest on this success” and the industry “must ensure that our sector is in the best position to benefit from the next wave of innovation.” To read TIGA’s press release in full, click here.