2025: NEXT LEVEL OPTIMISM
“Survive until 2025”. The gaming industry has faced significant challenges in 2024, with headlines dominated by refocused strategies, restructurings, layoffs and studio closures. However, as the year draws to a close, there is a sense of renewed enthusiasm and momentum for 2025 and beyond.
BIG PICTURE Global games revenue reached US$227.6 billion in 2023 and is projected to top US$300 billion in 20281 - figures powered by over 3 billion gamers.2 In the UK, gaming has become the largest revenue-generating form of entertainment: it was valued at £7.82 billion in 2023 and is powered by over 37 million players, surpassing pay TV, home video (including streaming), cinema and music.3 From a macro-economic perspective,
headwinds have largely subsided, with inflation and interest rates falling, and political stability returning to UK politics, by virtue of the government’s 163-seat majority. 4
From top:
Christopher Allen, Partner, Corporate team T: +44 (0) 207 955 1508 E:
christopher.allen@
memerycrystal.com Gabriela Parra, Paralegal, Corporate team T: +44 20 7400 5821
E:
gabriela.parra@
memerycrystal.com
THE UK Creative industries (including gaming) have been identified by the government as one of the eight growth-driving sectors in its industrial strategy.5 This was reaffirmed in the Autumn Budget through continued support of the Games Fund and maintenance of the video game expenditure credit.6 Moreover, the industry continues to be
championed by its trade associations. Ukie, for instance, launched its five-year “Supercharged”7 strategy and organised Westminster Games, which connected leaders, politicians and policymakers to address industry challenges and opportunities.8 More generally, the UK is a hub for global
creativity and innovation. It is home to a global financial centre, thought leaders, diverse and
22 | MCV/DEVELOP October/November 2024
international workforces, and is steeped in cultural heritage. From a legal perspective, the UK has one of the best developed and applied company law and intellectual property (IP) regimes in the world. Therefore, it is little wonder why the UK is home to world-leading publishers and studios. UK gaming is an exciting investment proposition.
THOUGHTS FROM AN INDUSTRY INSIDER Albert Marshall of Marshall Media Business Affairs* notes:
“For sure, 2024 has been a difficult year for many games industry professionals. However, there has also been a lot of innovation, with games firms exploring more co-development and cooperation, plus greater examination of and investment in tools. We’ve also seen varied forms of funding, deeper connections with other entertainment, fandoms, and communities, whilst ironically embracing cosy gaming and horror themes at the same time.”
* We are grateful to Albert for permitting us to include his quote.
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