Ukie publishes 2023 Video Game Industry Valuation

Last week, we published the latest Video Game Valuation?data?revealing the all-important figures on consumer spending in 2023.?The report's findings underscore an unwavering appetite for interactive entertainment among consumers, with a notable 4.4% increase from 2022's total.

The data suggests some shifts in consumer behaviour, particularly in how games are purchased and played. Digital console software sales surged by 5.6%, while mobile game sales witnessed a 4.5% increase.?PC game hardware saw the only decrease whilst the continued demand for gaming consoles drove console hardware sales up by 12%.

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For the first time our data accounts for digital & TV based on video game properties, as a result, the broader game culture sector, encompassing toys, merchandising, books, magazines, film, TV, soundtracks, events, and streaming content, saw a total revenue of ￡418 million. Toys and merchandising experienced a 3.8% increase, totalling ￡207 million, while book and magazine sales rose by 2.5% to ￡14.1 million. These figures demonstrate the potential video games have to reach new audiences, player bases and demographics.

You can read the full report with all the facts and figures?here.

London Games Festival:??If you were in London last week, you may have noticed this on the front page of the Evening Standard. LGF has certainly played its part in putting London on the video game map;?Since 2016, it has helped generate nearly ￡100m for games businesses that have participated in its programmes, and helped connect more than 5,000 studios with investors.?There are still plenty of events taking place over the next 10 days, showcasing the talent and innovation driving the video game industry forward. You can check out whats on here.

In the news

BBC:? At the 20th Bafta Game Awards, Baldur's Gate 3 took centre stage with five wins, including the prestigious Best Game title. There was also lots of love for Ukie Game Awards winner, Viewfinder, which won best British game!

Games Industry.Biz?also?covered the?latest Consumer Market Valuation Report, showing the growth of the UK games market.

Financing game businesses:?This segment of the Iplay guide,?outlines the booming global video game industry, with investments surpassing USD 31 billion in venture capital and corporate funding. The guide delves into funding models, including publisher partnerships and equity investment, along with alternative options like crowdfunding and government grants.?

Industry news

Acas:?In April, changes to flexible working laws took effect, allowing employees to request flexible working from their first day of employment. The new Code of Conduct covers these changes, including the right to make two requests in a 12-month period and a requirement for employers to consult employees before rejecting requests. Despite these changes, a recent Acas survey found low awareness among employees and employers. For more information, visit the Acas website.

Industry events - April

State of Play:?Join us on the 18th of April in Moorgate, as we host an afternoon to discussion and networking, as we review the state of the UK games industry.

We have a number of talks and panel discussions exploring the topics including value of the UK games industry, leadership challenges for games businesses, AI and its impact and getting to the regulatory Goldilocks zone for the industry.

We have a fantastic list of speakers and panellists from UKIE, Games Leadership Network, Ai & Games, Rebellion, Take Two and more.

The event will be followed by food drink and networking.?

Games Impact Summit:?The Games Impact Summit returns on 17th April at 14:00 with talks on skills, diversity, sustainability, and more. Join us for discussions on improving skills provision, fostering active communities, promoting equity, and collaborating with sectors like fashion and film.

Ukie’s Games Demo Day:?Ukie have partnered with Barclays, to create another opportunity for UK game developers to showcase their unsigned games to potential audiences and investors.?The Demo Day will take place in April, where 6-8 successful developers will showcase their unsigned games on a virtual platform.?