United Kingdom Video Game Overview
The production, dissemination, and consumption of interactive digital entertainment on a range of platforms, such as consoles, PCs, and mobile devices, are all included in the video game market in the United Kingdom. It covers hardware such gaming consoles and accessories as well as game software, both digital and physical. Diverse customer preferences, technical developments, and increased interest in eSports and gaming genres are driving the market. Subscriptions, in-game sales, and new technologies like VR and AR are important market niches. As a major player in the global gaming business, the UK market is well-represented by both domestic and foreign developers. In the UK entertainment business, video games account for 40% of sales, according to the ERA Yearbook 2024. The Entertainment Researchers Association (ERA) asserts that consumer expenditure on both digital and physical goods reached a record £4.7 billion in 2023.Growth Drivers for the United Kingdom Video Game Market
Notable Technological Developments
Advancements in gaming technology, such augmented reality (AR), virtual reality (VR), and powerful gaming consoles, improve the gaming experience and draw in more gamers. For example, Sony PlayStation debuted the PS VR 2, the company's newest virtual reality headset, in February 2023. It is intended to be compatible with Sony's PlayStation 5, a next-generation console that has been beset by production delays because of persistent shortages of semiconductors.In a similar vein, Sandbox VR formally launched its largest venue worldwide and its first-ever UK location outside of London in August 2023 at Hammerson's Bullring & Grand Central in Birmingham's downtown. The launch of Sandbox VR is in line with Hammerson's plan to revitalize its properties by introducing fresh brands, industry firsts, and immersive ideas in an effort to draw in more customers and increase the variety of income sources.
The fact that Bullring & Grand Central were chosen shows how well-liked and superior Hammerson's city center properties are by well-known companies. Seven specially created interactive worlds are housed in the new location, including the recently released epic fantasy game ""Seekers of the Shard: Dragonfire"" and an engrossing clone of the Netflix hit ""Squid Game,"" which debuted in early autumn 2023.
Government Initiatives and Support
Through programs like the High-end Television Tax Relief, which offers financial incentives for game development and investment, the UK government supports the video game sector. By lowering production costs, these tax breaks entice domestic and foreign developers to enter the UK market. These initiatives strengthen the business climate, which in turn propels industry expansion and solidifies the UK's standing as a major participant in the global gaming market.With a new framework developed by the Department for Culture, Media and Sport in collaboration with industry experts, the UK government is seeking to learn more about video games, including how the sector can boost the economy as a whole and how games may enhance users' wellness.
The government pledged £77 million in further financing for the creative sectors in June 2023. Specifically, £5 million will go toward supporting the UK Games Fund, which gives grants to up-and-coming video game developers. It has now been determined that 22 ""rising star"" video gaming firms will get £3 million of this. These studios will be able to clinch publishing deals and hire more personnel thanks to funding of up to £150,000 each.
United Kingdom Video Game Company Analysis
The major participants in the United Kingdom Video Game market includes Activision Blizzard, Bandai Namco Holdings, Sega Sammy Holdings, Electronic Arts Inc., Take Two Interactive Software, Microsoft, Nintendo, Sony, Tencent Holdings.United Kingdom Video Game Company News
In May 2024, the ""Ask About Games"" parent site has been launched by Ukie, the premier organization for the video game industry. This helpful tool helps families, caregivers, and parents navigate the world of video games. In the UK, 70% of homes own a video game, demonstrating how parenting is changing along with technology. With the help of this new hub, parents will be able to hold meaningful conversations about helping their kids develop healthy digital habits.Platform Type - Industry is divided into 2 viewpoints:
1. Online2. Offline
Age Group - Industry is divided into 3 viewpoints:
1. Generation X2. Generation Y
3. Generation Z
Device - Industry is divided into 3 viewpoints:
1. Smartphones2. Computer
3. Consoles
All companies have been covered with 5 Viewpoints
1. Overview2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight
Company Analysis
1. Activision Blizzard2. Bandai Namco Holdings
3. Sega Sammy Holdings
4. Electronic Arts Inc.
5. Take Two Interactive Software
6. Microsoft
7. Nintendo
8. Sony
9. Tencent Holdings
Table of Contents
Companies Mentioned
- Activision Blizzard
- Bandai Namco Holdings
- Sega Sammy Holdings
- Electronic Arts Inc.
- Take Two Interactive Software
- Microsoft
- Nintendo
- Sony
- Tencent Holdings
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 9.13 Billion |
| Forecasted Market Value ( USD | $ 21.45 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | United Kingdom |
| No. of Companies Mentioned | 9 |
![Video Game Market: Trends, Opportunities and Competitive Analysis [2024-2030] - Product Image](http://www.researchandmarkets.com/product_images/12316/12316439_60px_jpg/video_game_market.jpg)
