The U.K. government announced plans to invest in video game development, urging creators to apply for funding from its £28.5 million (roughly $38.5 million) initiative.
Considered part of their Creative Industries Sector Plan, which was created to increase economic growth, the Games Growth Package supports new and veteran video game developers. Through providing monetary funds, the U.K. government will aid developers in getting their ideas picked up by massive video game companies by helping them turn their initial concepts into action.
The funds are also set to fortify investor partnerships. A total of £30 million in funds will be provided to video game developers in total. The U.K. Games Fund will focus on three main areas. These tracks include the Entry Track, the Emergent Track and the Expansion Track. While the Entry Track awards new companies with growth potential, the Emergent Track grants funds for new game developers. The Expansion Track, on the other hand, awards up to £250,000 to developers to help complete their project.
“Access to finance is a persistent challenge for many game developers. TIGA has previously called for more prototype and content funding to enable studios to access the investment they need to make great games,” said TIGA CEO, Dr Richard Wilson OBE, per a statement. “Today’s announcement of an increase in grant funding for newly formed companies, prototype funding and expansion funding is great news for studios, the games industry and the wider UK economy.”
The announcement of the U.K.’s investment comes amidst the beginnings of the London Games Festival. Considered to be the nation’s leading celebration for video games, the London Games Festival brings together video game developers with video gaming companies.
In addition to providing networking opportunities, the event features debuts of both indie and highly anticipated video games, allowing attendees to meet the creators. The London Games Festival also explores the different facets of video games, including the music behind them.
Through events such as “Games Meet Music,” the festival explores how music can enhance games and fit into the creative process.
As part of their newest investments, the U.K. government announced an additional £1.5 million for the London Games Festival. With the funds, the government is helping invest in the event’s future over the next three years to help ensure that the U.K. maintains its place in the video game development sector.
“Video games are not only great fun, they are big business – and for too long their value to the British economy has been overlooked,” said Creative Industries Minister Ian Murray in a statement. “That is why the government has thrown its full support behind the sector with £30 million of new funding. This will turbocharge the careers of some of our most talented game developers, creating more jobs and economic growth right across the country as their ideas come to fruition.”
