Tiga proposes video games investment fund

UK independent games developer trade association TIGA has called on the Government to introduce a Video Games Investment Fund (VGIF) in the 2018 Budget.

TIGA believes while the fund will enhance studios’ access to finance, it will also lead to increased development of original IP and encourage studio growth.

Under the proposal, the VGIF would make grants or loans of between GBP 75,000 and GBP 500,000 available to games businesses on a matched funding basis.

Tom Watson MP, Deputy Leader of the Labour Party and Shadow Secretary of State for Digital, Culture, Media and Sport, said:

“Britain’s video games industry is a world leader, and it’s vital that it stays that way. TIGA’s proposal for a Games Investment Fund is something Labour is seriously considering as a way to boost innovation, investment and jobs in the sector. We need to make sure we sustain success in one of our most important creative industries.”

Chris Law MP, Co-Chair of the All Party Parliamentary Group for Video Games in the Westminster Parliament, said:

“Establishing TIGA’s proposed Games Investment Fund would boost investment and employment and help to grow the video games industry in the all of the UK’s creative hotspots, including the Dundee and wider Scottish games development clusters.”

According to TIGA, return on investment of GBP 26.5 million over five years will represent good value for money and over the five years from 2019 to 2023, the VGIF would create over 2,700 indirect jobs, increase gross domestic product and contribute an additional GBP 197 million in tax revenues.”

Dr Richard Wilson OBE, TIGA CEO, said:

“A similar scheme in Finland operated by the agency Tekes has provided financial support to over one fifth of the entire Finnish games industry’s studio population. The programme has more than paid for itself: for every euro invested by Tekes in the games industry, a return ranging from nine to 26 euros has been generated.”

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