A recent survey conducted by the UK trade body TIGA reveals that a significant majority of the country’s game studios are aiming for expansion in 2024, with merely 6% anticipating job cuts. The findings, outlined in TIGA’s Business Opinion Survey for 2023-2024, suggest an overall “cautiously optimistic” outlook among UK game businesses for the coming year. Notably, almost half of the surveyed respondents expressed optimism about their companies’ future, marking a substantial 40% increase compared to the previous year.
The survey also indicates positive financial projections, as over half of the studios predict an increase in net profits over the next 12 months. However, expectations regarding the economic and business climate for the video game industry in 2024 have become less optimistic, with 46% anticipating favorability compared to 66% in the preceding year.
Regarding investment, 44% of respondents believe that the outlook for 2024 is more positive than the previous year, while over a third maintain a neutral stance, and 19% express a less optimistic view.
Reflecting on the past year, a majority of companies experienced positive performance in 2023, with 41% reporting increased net profits and 62% noting overall workforce growth.
Despite these positive indicators, many studios faced challenges hindering growth in 2023. Skill shortages and discoverability emerged as the foremost issues confronting UK game businesses. Other challenges included limited hiring opportunities, uncertainty related to Unity’s runtime fees, and the lingering impact of pandemic-related debts.
The Business Opinion Survey for 2023-2024 drew insights from a sample of 37 game businesses across the UK, collectively employing over 2,500 developers, representing approximately 11% of the total games industry workforce.
