TIGA, the trade association representing the UK’s video games industry, has welcomed the Government’s decision to invest an additional £5 million into the UK Games Fund by way of establishing the UKGF Content Fund – which developers can apply for from today.
With this additional funding, the UK Games Fund’s total resources will reach £13.4 million over the next two years. The Government says this support will empower young video game developers and early-stage studios to transform their innovative ideas into working prototypes and showcase them to potential investors.
At the same time, it will also significantly boost more established start-ups, enabling them to expand their businesses and attract additional private investments.
TIGA research indicates that UK games studios are micro businesses – almost 80% have four or fewer people. Many of these studios struggle to access funding.
As such, TIGA has campaigned for many years for the UK Government to consider its recommendation of establishing a Video Games Investment Fund to further support the sector. We believe our proposal could create over 500 new development roles.
Dr Richard Wilson OBE TIGA CEO said:
“Today’s announcement by the Government to introduce a content fund via the UK Games Fund is a great move. This intervention will help more small studios scale up and grow. TIGA has been campaigning for a Video Games Investment Fund for many years. This additional investment for the UK Games Fund will enable more micro and small studios to grow. It also supports our goal of making the UK the best place in the world to develop games.”