TIGA: UK games studios "cautiously optimistic" about the industry in 2024
46% of companies surveyed anticipate economic and business climate will be "favourable" this year
73% of UK games studios surveyed by trade body TIGA are looking to grow in 2024 with only 6% expecting job cuts.
According to TIGA's new Business Opinion Survey 2023-2024, UK games businesses are "cautiously optimistic" about the industry in 2024. Almost half of respondents were hopeful for their company's future, which was up 40% from last year.
Over half of the studios surveyed have forecast their net profits will increase over the next 12 months, while 46% anticipate the economic and business climate will be "favourable to the video games industry" in the coming year, compared to 66% in 2023.
In terms of investment, 44% of respondents believe the outlook for 2024 is more optimistic compared to the same time last year, with over a third remaining unchanged and 19% having a less optimistic view.
Looking back, most companies experienced positive performance in 2023, with 41% of those surveyed reporting net profit increases and 62% experiencing overall workforce growth in 2023.
However, many studios highlighted obstacles to growth over the past year, with skill shortages and discoverability being the biggest issues facing UK games businesses last year.
Other challenges included reduced hiring opportunities, uncertainty surrounding Unity's runtime fees, and pandemic debts.
The Business Opinion Survey 2023-2024 was based on a sample of 37 games businesses across the UK, employing over 2,500 developers equating to approximately 11% of the games industry workforce.
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