TIGA, the network for games developers and digital publishers, has commended plans to make it compulsory for companies to publish information about their payment terms but said that by itself this measure was unlikely to solve the problem of late payment in the UK economy.
With the UK’s videogame industry consisting predominately of small businesses and independent game development studios, TIGA contends that late payment is an issue that can endanger the success and even survival of smaller companies. Figures show that UK companies are owed more than £30bn, with the average business owed £31,000.
TIGA encourages its members and all other businesses in the UK to sign up to the Prompt Payment Code. TIGA is already a signatory to the Code.
Dr Richard Wilson, CEO, TIGA, comments:
“Late payment can cripple and even destroy businesses, so it is good that the Government is seeking to address this problem. However, requiring companies to publish information about their payment terms will not by itself solve the challenge of late payment.
“In the meantime, TIGA encourages all businesses, including our members and partners, to sign up to the Prompt Payment Code, and help to address the issue of late payment, which can be so devastating for small businesses.”
-ends-
About TIGA
TIGA is the trade association representing the UK video game industry. We help developers and digital publishers build successful studios, network with the right people, save money and access professional business advice. We also have traditional publishers, outsourcing companies, technology businesses and universities amongst our membership. TIGA is 90% funded by independent UK businesses. 80% of our board members are developers and/or from UK owned businesses, and 50% of our board are UK business owners themselves. Since 2010, TIGA has won 16 business awards. TIGA focuses on three sets of activities:
- Political representation
- Media representation
- Business services
This enhances the competitiveness of our members by providing benefits that make a material difference to their businesses, including a reduction in costs and improved commercial opportunities. It also means our members’ voices are heard in the corridors of power and positively represented in national, broadcast and UK video game trade media.
Get in touch:
Tel: 0845 468 2330
Email: info@tiga.org
Web: www.tiga.org
Twitter: www.twitter.com/tigamovement
Facebook: www.facebook.com/TIGAMovement
LinkedIn: http://www.linkedin.com/company/tiga
For further information, you can also contact:
Dr. Richard Wilson, TIGA CEO on: 07875 939 643, or email: richard.wilson@tiga.org
Drew Field, TIGA Communications Director on: 07720 643 344, or email drew.field@tiga.org