The Swedish Video Game Industry continues to grow, with another high % increase on last year.
It’s been another great year for the Swedish video game industry. We recently visited the Swedish Game Convention, and it was clear to see that things are going in the right direction for the country.
Below you can see our full breakdown of the report posted by the Swedish Games Industry, you can view the full PDF of the report at the link attached.
Swedish Video Game Industry Report
Industry Overview
- Revenue Growth: In 2023, revenue rose 6.4% to SEK 34.6 billion (approx. USD 3.3B), surpassing Sweden’s iron ore and fashion exports.
- Profitability: Many game companies remained profitable despite challenging economic conditions, with a focus on sustainability.
- Tax Contributions: The industry contributed SEK 5.4 billion (USD 471M) in taxes, including corporate, payroll, and VAT.
Employment & Workforce
- Employment Growth: 644 new jobs in 2023, an 8% rise in total workforce.
- Diversity: Women now make up 23.7% of the industry, with 2,150 employed in Swedish game companies.
- Company Growth: 108 new companies were founded, totalling 1,010 active game companies.
Market Performance
- Stock Market Success: 23 publicly-listed companies reached SEK 64 billion (USD 5.6B) in revenue, a threefold increase since 2020.
- International Presence: Swedish-owned companies employed 15,792 people abroad, supporting global industry growth.
Challenges Facing the Industry
- Local Layoffs: Restructuring and layoffs were significant at a local level, impacting individual employees.
- Reduced Capital: Limited investment and fewer acquisitions are key concerns; many companies face difficulties securing funding.
- Capital Access: Sustaining growth requires improved access to capital, a noted priority for future industry stability.
Industry Strengths and Diversity
- Game Variety: Swedish companies produce a broad range of games, from simple puzzles to complex strategy titles, catering to diverse audiences.
- Children’s Safety: Increased focus on tools and guidelines to create safer gaming environments for children.
- Environmental Impact: Efforts to measure and reduce the industry’s carbon footprint are underway.
Additional Report Highlights
- Key Events: Major game releases, IPOs, and cultural moments are featured.
- Moral Panic: The report discusses the evolution of public concerns, comparing past moral panics to today’s screen time debates.
- Sustainability Focus: Emphasis on the gaming industry’s responsibility to reduce emissions.
About the Report
The Swedish Games Industry 2024: Game Developer Index analyses trends in Swedish game development, drawing data from annual reports of active companies. Produced by the Swedish Games Industry Association, the report highlights industry performance and challenges on a national and international scale.
