On 2 February 2021, the Minister for Digital and Culture, Caroline Dinenage MP, answered a written question on TIGA’s proposal for a video games investment fund.
The question was asked by Jonathan Gullis, Conservative MP for Stoke-on-Trent North.
In the answer, the Government highlighted Creative Industries Economic Estimates from DCMS. The data shows that in 2019, the video games industry contributed an estimated £2.9 billion to the UK economy.
Dinenage stated that the Department for Digital, Culture, Media and Sport will continue to fund the UK Games fund in 2021/2022.
The UK Games fund is designed to provide support to early graduates and early-stage games development businesses in the UK.
The Minister of State also noted that the department is looking into TIGA’s proposal for the creation of a new, large-scale video games investment fund. This is among other industry proposals which the department are currently considering.
Dinenage’s answer can be read in full below:
Video Games: Investment
Department for Digital, Culture, Media and Sport
2 February 2021
Jonathan Gullis (Con): To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment his Department has made of the potential economic merits of The Independent Game Developers’ Association’s proposal for a video games investment fund.
Caroline Dinenage (Minister of State): DCMS’ Creative Industries Economic Estimates show that the UK video games industry contributed an estimated £2.9 billion to the UK economy in 2019, up from £0.4 billion in 2010, and its headcount has grown to 27,000, a 47% increase since 2013.
I am pleased that in 2021/22 my Department will be continuing to fund the UK Games Fund, which provides valuable support to early stage games development businesses and talented graduates throughout the UK. We continue to consider what further actions we can take to underpin the games sector’s vital contribution to the UK’s future economic success. We are currently looking closely at industry’s most recent proposals, including The Independent Game Developers Association’s updated proposal for the creation of a new, large scale video games investment fund.