What you need to know about the UK’s £4.3b industry
Timing is a key to success for a startup.
One of the world’s most prosperous industries in the current business arena is video gaming. Let’s look at the stats to understand what the industry looks like today:
- Roughly 2.6 billion people play videogames worldwide
- Since 2010, 68% of current UK videogame companies have been founded
- Grand Theft Auto generated £170m in sales in 2013, topping most Hollywood blockbusters
- The UK is the 5th largest videogame market
It is evident that the industry is in an ideal state for developers; however, an issue that entrepreneurs often face is the funding needed to get started.
Did you know that the UK government is a massive financial supporter of the industry? In fact, the UK government spends about £2.5 billion per year on aiding businesses by introducing direct grant funding and tax reliefs. Additionally, the government has:
- Provided £119 million to the variety of UK studios across 420 claims;
- Granted 90 claims with VGTR in 2016.
To access this funding from the government, a company must meet the following requirements:
- The game must be set up in Britain
- It reflects/represents British diversity, heritage and creativity
- At least 50% of the storyboarding, conceptual development and music recording must be done in UK
- At least 1 in 3 personnel involved in the production must be a citizen or a resident of Great Britain.
Navigating through these schemes can be a daunting and time-consuming task. To ensure that you are meeting the requirements and receiving the highest amount of funding in the most efficient way, join us on Sept, 5th, for our VGTR workshop where you will hear from grant, tax, IP and development experts.
Tickets are available now: http://bit.ly/2uJTbXp
