![]() 2023 has seen a correction, of sorts, with the industry laying off thousands of staff. "Companies over-hired and over-invested on the basis that the growth that happened during COVID was going to be sustainable, and was 'the new normal'," suggested Katie Roots, marketing manager at Melbourne studio Hipster Whale. In addition, IGEA's data suggested developers were hoping to hire over 300 new employees in the next year. Statistics from the peak industry body in Australia, the Interactive Games and Entertainment Association (IGEA), show that full-time employees in the games industry increased 63 per cent, from 1327 in June 2020 – 2021 to 2104 for the same period in 2021–22 - the largest single-year increase since the survey began in 2016. And investors, wanting to cash in on the boom, took bets on smaller studios and teams hoping to uncover big hits with big money-making potential.įlush with cash, many studios were able to scale up. Games were being bought and played – and talked about. The industry boomed in 2020, as people stuck indoors looked for ways to occupy their time. The video game industry was primed to take advantage of the situation because remote work and international collaboration were already commonplace.Īnd it did. Within months, much of the world was forced into lockdown. In China, a highly contagious virus had begun circulating. To get the full picture, we have to go back to December 2019. And it may get worse before it gets better.Įven with bumper revenues and a new government tax offset injecting cash into studios, a phrase is being uttered at industry events and gatherings that reflects another tough year ahead: Survive until '25.
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