Game Developer TIGA Called on the British Government to Establish VGIF to Support VR Industry

The video game industry now has a lot of revenue, but it’s also a cruel market where small independent developers struggle to stay competitive with big global studios. TIGA, a game developer and digital publisher network, recently released a new report titled “Continuous Success: A Video Game Investment Fund” (October 2018), calling on the UK government to launch a video game investment fund (VGIF).

The purpose of the fund is to help studios get financing, thereby promoting the development of the original IP and the growth of the studio. This is not only helpful for standard video game developers, but also for VR studios, because it is difficult to make money using this technology.

TIGA’s idea is to get VGIF to provide £75,000 to £500,000 for video game developers nationwide. Of this amount, between £75,000 and £100,000 will be provided as a grant, while a soft loan of more than £100,000 will be matched against the pound to ensure that game companies receive new investments from other sources.

Tom Watson, the deputy leader of the Labour Party and the shadow secretary for digital, cultural, media and sports affairs, said in a statement: The video game industry in the UK is the world leader, enabling it to continue to maintain this The state is crucial. TIGA’s proposed game investment fund proposal is a way for the Labour Party to seriously consider innovation, investment and employment in this field. We need to ensure that we succeed in one of the most important creative industries. ”

A study commissioned by TIGA showed that VGIF could add nearly 1,500 employees over a five-year period from 2019 to 2023. In the same time, more than 2,700 indirect jobs can be created in the supply chain around game development. In addition, the investment can provide an additional £197 million in tax revenue for more than 5 years.

TIGA CEO Dr. Richard Aubrey commented: “TIGA’s video game investment fund program will improve the channels for developers to obtain financing, encourage the creation of new IP, and strengthen the UK video game industry.” Financing standards will attract new investors to invest in games and drive employment in the gaming industry. VGIF will also promote capital, skills and innovation investments to increase productivity growth in the industry.

In Finland, a similar program operated by Tekes has provided financial support to studios in the Finnish gaming industry that are more than five-fifths. Every time Tekes invests in the game industry, it will generate a return of 9 euros to 26 euros.

At this time when the whole global industry is sluggish, the company proposed that this kind of initiative is undoubtedly a strong force for the VR industry, and hopes to be able to go further and further on the road of VR!