The UK video games and interactive entertainment sector was valued at £7.82 billion ($9.76 billion) in 2023.
That's according to the annual report Consumer game market evaluation report UK industry body Ukey said the figure was a 4.4 per cent increase on the revised valuation of £7.49bn it had placed on the UK games industry in 2022.
Ukie said the latest valuation results show the UK video games market is on a “strong growth trajectory” despite facing headwinds that have disrupted the industry around the world. “This increase highlights the stability and resilience of the video game market and consumers' continued appetite for games and gaming culture,” he added.
Nick Poole, CEO of Ukie, said the report highlights the “vitality of interactive entertainment in the UK”, with overall games sales increasing by 4.1% in the past year to £5.1bn. 80 million pounds, which it claimed was mainly driven by sales of digital consoles and PC software.
Meanwhile, total gaming hardware sales rose 2.1% year-on-year to £2.22 billion. Console and VR hardware led the increase, with PC hardware sales actually down 11% year over year.
“While we celebrate this positive trajectory, we also acknowledge that the current market correction has affected some of our member companies, resulting in unfortunate employee layoffs.As an industry, we We remain committed to supporting our employees and gaming business through this transition and fostering a resilient ecosystem that prioritizes innovation and sustainability,'' Poole said.
“The video game industry continues to evolve rapidly, bringing both challenges and opportunities. These numbers come as we continue to see changes in consumer behavior patterns in how people buy and play games. gives us real confidence that games will continue to explore tomorrow's frontiers of entertainment, learning and participation. ”
Omdia senior analyst James McWhirter said the UK market will maintain and grow audiences for “high-value digital content” across both established and emerging titles in 2023. He added that while PlayStation 5 hardware sales seemed to be “strong” last year, the Nintendo Switch also remained “remarkably resilient” thanks to its first-party software lineup.
Visit the Ukie website Learn more about the 2023 UK Consumer Games Market Assessment Report.
Game Developer and Omdia are sister companies under Informa Tech.
