On 19 April 2021, Caroline Dinenage, Minister of State for Digital and Culture, responded to a written question on TIGA’s proposal for a video games investment fund (VGIF).
The question, asked by Alex Sobel MP, Labour MP for Leeds North West, inquired into what assessment the Department for Digital, Culture, Media and Sport has made of the potential merits of TIGA’s proposals to introduce a VGIF.
Dinenage’s answer stated that in 2021/22 the Department will be continuing to fund the UK Games Fund. She emphasised that the Department will continue to consider what further actions can be taken to underpin the games sector’s contribution to the UK’s economic success.
DInenage concluded by stating that she is looking closely at proposals, including VGIF, and that DCMS officials have met TIGA to discuss this in more detail and are willing to continue talking with TIGA in future.
You can read the full response below.
Video Games: Investment
Department for Digital, Culture, Media and Sport
19 April 2021
Alex Sobel (Lab): To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment he has made of the potential merits of the proposal by The Independent Game Developers’ Association to introduce 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 looking closely at industry’s most recent proposals, including The Independent Game Developers Association’s (TIGA) updated proposal for the creation of a new, large scale video games investment fund. My officials have met with TIGA to discuss this in more detail and are willing to continue talking with TIGA, Ukie and their industry colleagues as they develop their proposals further.