ALL THE LATEST NEWS ABOUT THE BUSINESS OF PC GAMES

News

Government figures point to video games contributing £1.069bn to UK economy in 2017 - but it's likely much more

Government figures point to video games contributing £1.069bn to UK economy in 2017 - but it's likely much more

The video games industry's contribution to the UK economy grew from £996m in 2016 to £1.069bn the following year according to research released by the Government.

A new report from the Department of Digital, Culture, Media and (for some reason) Sport shows that the sector saw a 7.32 per cent increase in gross value added (GVA) for that twelve month period. Furthermore, the sector's contribution has risen by 148.9 per cent between 2010 and 2017.

However, this research doesn't tell the full story. DCMS has only counted companies that use the appropriate games industry Standard Industrial Classification (SIC) codes, within the region of 50 per cent of UK firms not using the correct classifications. So, it's almost certain that the actual figure - and the accompanying growth - is far higher.

By way of demonstrating this fact, UK trade body Ukie points out that the UK games industry contributed £2.87bn in 2016 - as published in the BFI's Screen Business report - compared to the £996m that DCMS quotes.

Overall, the creative industries contributed £100bn to the UK economy in 2017.

"Our creative industries not only fly the flag for the best of British creativity at home and abroad but they are also at the heart of our economy," secretary of state for Digital, Culture, Media and Sport, Jeremy Wright said.

"Today they have broken the £100 billion mark and continue on a hugely positive upward trajectory, outperforming the wider UK economy and bringing joy and entertainment to millions.

"We’re doing all we can to support the sector’s talent and entrepreneurship as we build a Britain that is fit for future."

Come find out about the future of the PC games market at PC Connects London 2019. Tickets are available to buy right here. One ticket gives you access to not just this event, but also Pocket Gamer Connects and Blockchain Gamer Connects. 


Editor - PC Games Insider

Alex Calvin launched PCGamesInsider.biz in August 2017 and has been its editor since. Prior to this, he was deputy editor at UK based games trade paper MCV and content editor for marketing and events for London Games Festival 2017. His work has also appeared in Eurogamer, The Observer, Kotaku UK, Esquire UK and Develop.

Comments

No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies
Important information

This site uses cookies to store information on your computer. By continuing to use our site, you consent to Steel Media's privacy policy.

Steel Media websites use two types of cookie: (1) those that enable the site to function and perform as required; and (2) analytical cookies which anonymously track visitors only while using the site. If you are not happy with this use of these cookies please review our Privacy Policy to learn how they can be disabled. By disabling cookies some features of the site will not work.