Connect with us

Latest News

TIGA Calls for the Launch of a Video Games Investment Fund

Published

on

TIGA Calls for the Launch of a Video Games Investment FundReading Time: 3 minutes

 

TIGA, the network for games developers and digital publishers, and the trade association representing the video games industry, has called on the Chancellor to introduce a Video Games Investment Fund (VGIF) in the 2018 Budget to enhance studios’ access to finance, promote the development of original IP and to encourage studio growth.

The VGIF would make grants or loans of between £75,000 and £500,000 available to games businesses on a matched funding basis. TIGA made the comments in a new report, Sustaining Success: A Video Games Investment Fund (October 2018) in advance of the Chancellor’s Autumn Budget on October 29th 2018.

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.”

Access to finance is a challenge for many UK games developers

Games developers typically struggle to raise debt finance because they have relatively few assets and little financial track record. Equally, most venture capitalists and business angels will not invest in games because of high risk levels, low knowledge levels about the industry and high, largely fixed costs of due diligence relative to the amount of equity sought. This creates a market failure in access to finance.

A Solution: A Video Games Investment Fund

The Government should introduce a VGIF to improve developers’ access to finance:

  • The VGIF could provide funding of between £75,000 and £500,000 to games developers nationwide. Funding between £75,000 and £100,000 would be delivered as grants while above £100,000 soft loans would be matched pound for pound to ensure that games companies find new investment from other sources.
  • A commercial mentoring business advisory service, staffed by paid industry veterans, would be mandated for successful companies.
  • The VGIF could be financed via Grant in Aid, the British Business Bank or the National Lottery and could be managed by the UK Games Talent and Finance Community Interest Company, the BGI, a British Business Bank-backed fund such as Mercia Technologies, the British Film Institute or the Arts Councils.

The impact of the VGIF

Research commissioned by TIGA shows that the VGIF would have a positive impact on the UK’s games industry and wider economy. The return on investment of £26.5m over 5 years represents good value for money and over the five years from 2019 to 2023, the VGIF would:

  • increase headcount by nearly 1,500 staff;
  • create over 2,700 indirect jobs in the supply chain around games development;
  • encourage games companies to invest an additional £215 million in development expenditure;
  • contribute an additional £197 million in tax revenues over 5 years;
  • help 175 studios (17 per cent of total);
  • increase Gross Domestic Product (GDP) by an additional £480 million.

Dr Richard Wilson OBE, TIGA CEO, said:

“TIGA’s plan for a Video Games Investment Fund would improve developers’ access to finance, encourage the creation of new IP and strengthen the UK video games industry. The matched funding criteria would attract new investment from new investors into games and drive employment in the industry. The VGIF would also enhance productivity growth in the sector by catalysing investment in capital, skills and innovation.

“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.”

Ahead of the 2018 Budget, TIGA has called on the Chancellor to introduce the VGIF, reform the Apprenticeship Levy into a more general Training Levy, and make sure that video games companies have access to skilled foreign workers by keeping salaries for Tier 2 visas at competitive levels.

 

About TIGA:

TIGA is the network for games developers and digital publishers and the trade association representing the video games industry. Our core purpose is to strengthen the games development and digital publishing sector. We achieve this by campaigning for the industry in the corridors of power, championing the industry in the media and helping our members commercially.

TIGA is intent on building an enduring organisation which continually improves; a business that will make a significant impact on the games industry and so benefit our membership and the wider economy. Since 2010, TIGA has won 24 business awards, an achievement which reflects TIGA’s drive for improvement and to meet best practice.

The economic impact assessment of the GIF has been carried out by Games Investor Consulting. For a copy of Sustaining Success: A Games Investment Fund (TIGA, October 2017), please contact: suzi@tiga.org

 

 

 


Source: Latest News on European Gaming Media Network

Latest News

Tencent to Showcase Optimized Cloud Services at G-STAR Gaming Event

Published

on

Tencent to Showcase Optimized Cloud Services at G-STAR Gaming EventReading Time: 2 minutes

 

Technology Leader to Demonstrate Cloud Services Enriched by Gaming Know-How

 

Tencent, a leading internet services provider, will showcase its cloud services and its one-of-a-kind gaming and social platform linkages at the G-STAR 2018 exhibition in Busan, Korea from November 15-18. The event, one of the world’s largest gaming exhibitions, will see the Chinese technology company — itself a renowned game developer — operating in familiar territory.

“We are keen to connect with our friends in the gaming industry and to demonstrate how our experience in the space has helped make Tencent Cloud the solution of choice for game developers and publishers,” said John Dao, Vice President of Tencent Cloud.

Tencent Cloud has 49 availability zones — each with high-speed connections offering 4T-protected bandwidth — that operate across 25 geographic regions globally. Tencent Cloud products support the whole life cycle of game development and operation as well as their rapid development of international business. In addition, Tencent Cloud offers seamless connectivity with QQ, WeChat, WeGame, Tencent App Store and other services operated by the company to provide a wealth of channel-based promotional resources and to help overseas gaming companies with expansion aiming to tap into the Chinese market.

In addition to an introductory conference, Tencent Cloud services will be showcased at Tencent‘s G-STAR exhibition booth. A number of hands-on interactive experiences will be available, including demonstrations of cloud gaming and immersive 3D audio effect of Game Multimedia Engine.

About G-Star 2018:

As one of the world’s top four gaming exhibitions, G-STAR has gone from being a regional industry conference to a truly international celebration for game developers and players from across the globe.

 

About Tencent:

Tencent uses technology to enrich the lives of Internet users. Our social products Weixin and QQ link our users to a rich digital content catalogue including games, video, music and books. Our proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Our infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners’ business growth. Tencent invests heavily in people and innovation, enabling us to evolve with the Internet.

Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent are traded on the Main Board of the Stock Exchange of Hong Kong.

 

Source: Tencent Cloud


Source: Latest News on European Gaming Media Network

Continue Reading

Latest News

IGT Enters Electronic Bingo Market in Canada

Published

on

IGT Enters Electronic Bingo Market in CanadaReading Time: 1 minute

 

Ontario Lottery and Gaming Corporation is first operator in Canada to feature IGT’s new electronic bingo content

 

International Game Technology PLC (“IGT”) (NYSE: IGT) today announced that the Company recently launched first-of-its-kind electronic bingo content for the Canadian market. The Ontario Lottery and Gaming Corporation (“OLG”) is the first Lottery in Canada to feature a range of IGT’s electronic bingo games through a pilot at twelve of OLG’s charitable gaming centers.

IGT’s engaging electronic bingo games such as Bengal Eyes®, Golden Rooster® and Pharaoh’s Legacy® are among the many exciting titles that players can enjoy at twelve OLG-governed charitable gaming destinations.

“Launching electronic bingo content in Canada represents a meaningful growth opportunity for IGT and our customers,” said David Flinn, IGT Regional Vice President Canada. “IGT’s bingo portfolio for Canada complements our existing solutions portfolio for the region, and is anchored in dynamic titles that were localized to meet the needs of our customers and their players. Following a successful launch with OLG, we look forward to extending our electronic bingo installed base to additional provinces throughout Canada.”

 

About IGT:
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Digital and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.igt.com.

 

Source: IGT


Source: Latest News on European Gaming Media Network

Continue Reading

Latest News

World’s Top PUBG MOBILE Players Head to Dubai For PUBG MOBILE ‘STAR CHALLENGE’ Global Finals, Tickets On Sale Now

Published

on

PUBG MOBILE 'STAR CHALLENGE FinalsReading Time: 2 minutes

 

PMSC Global: The Final Circle. Regional Semifinalists Compete from Nov. 29th to Dec. 1st For Grand Cash Prize and Coveted Contract to Become Official PUBG Mobile Streamers

 

The exciting culmination of the global ‘PUBG MOBILE STAR CHALLENGE’ (PMSC) Global Finals hosted by Tencent Games and PUBG Corporation (PUBG Corp.) is happening November 29th through December 1st at the Festival Arena in central Dubai. The global finale is sponsored by the Samsung Galaxy Note9 and brings together semifinalists from regional competitions held in Europe, Asia, North America, South America, Japan, Korea, and China. The top 20 teams from each region are invited to the Global Finals in Dubai to be the winner of all winners, claiming part of the $400,000 prize purse.

In-person tickets at the Festival Arena for the PUBG MOBILE STAR CHALLENGE Global Finals are available now via this link. Fans can choose either single-day or discounted complete event tickets for access to all of the PUBG MOBILE action during the three-day event. Attendees can see the top PUBG MOBILE players in the world in person, meet various gaming celebrities, and gain the ability to increase their own followings and social profile.

PUBG MOBILE is an online multiplayer game that involves up to 100 players parachuting onto a remote island to do battle in a winner-takes-all showdown. Players must locate and scavenge their own weapons, vehicles and supplies, and defeat every player in a visually and tactically rich battleground that forces players into a shrinking play zone.

This PMSC Global Finals series brings together a range of people including professional eSports players, celebrities, and various internet personalities. To participate in the PUBG MOBILE STAR CHALLENGE, players were required to have more than 1,000 fans or followers across specified streaming platforms. They could also form a squad of up to three other players with no requirements.

Click here to watch the introduction video of the PUBG MOBILE STAR CHALLENGE and learn more about the upcoming event.

 

About PUBG MOBILE:

PUBG MOBILE is based on PlayerUnknown’s Battlegrounds, the original PC and Xbox One phenomenon that took the world of interactive entertainment by storm in 2017. Up to 100 players parachute onto a remote 8×8 km island to battle in a winner-takes-all showdown. Players must locate and scavenge their own weapons, vehicles and supplies, and defeat every player in a visually and tactically rich battleground that forces players into a shrinking play zone.

Source: PUBG MOBILE


Source: Latest News on European Gaming Media Network

Continue Reading
Advertisement
NSoft

Industry News

  • Live Event/Conference
  • Press Releases
  • Latest News
  • Gambling in the USA
  • European Commission

  We are proud to announce that Andrius Gabnys (Gabnys Law Firm) will join us as event Ambassador at [...]

  We are honored to announce that the registrations are open for the second edition of MARE BALTICUM [...]

  The inaugural European Gaming Congress took place last month on the 16th of October in Ljubljana a [...]

  We are honored to announce the official date and location for Prague Gaming Summit 3, which will b [...]

  European Gaming Congress 2018 will take place at Grand Union Hotel Ljubljana on the 16th of Octobe [...]

  Ontario Lottery and Gaming Corporation is first operator in Canada to feature IGT’s new electronic [...]

  PMSC Global: The Final Circle. Regional Semifinalists Compete from Nov. 29th to Dec. 1st For Grand [...]

  Nolimit’s furry critters are on the loose – Beware of the Angry Yeti! It’s that time of the year a [...]

  AGTech Holdings Limited (“AGTech” or the “Company”, HKEX stock code: 8279) is delighted to announc [...]

  The AGEM Index decreased in October 2018. The composite index finished the month at 452.16 points, [...]

  Construction Underway to Offer Premium Retail Sports Betting Experience at Resorts Casino Hotel in [...]

  Collaboration Between New York’s Premier Integrated Commercial Casino Resort Destination and World [...]

  US-based DraftKings has signed an agreement with Scarlet Pearl Casino Resort in D’Iberville, Missi [...]

  Andrew Gaughan, the CEO betting technology provider Sportech, has announced his resignation. He wi [...]

  TIP & CASH has launched brand new self-service betting terminals equipped with a new technolog [...]

  Construction Underway to Offer Premium Retail Sports Betting Experience at Resorts Casino Hotel in [...]

  The AGEM Index decreased in October 2018. The composite index finished the month at 452.16 points, [...]

  Collaboration Between New York’s Premier Integrated Commercial Casino Resort Destination and World [...]

  US-based DraftKings has signed an agreement with Scarlet Pearl Casino Resort in D’Iberville, Missi [...]

  Kentucky Lottery has reported a revenue of US$115.5 million for October, which is the most success [...]

Brussels, 19 June 2018 – Digital Single Market: EU negotiators reach a political agreement on free f [...]

LONDON, June 18, 2018 — Codewise, the industry’s first provider of AI-powered online ad measurement [...]

Brussels, 6 June 2018 – The European Parliament and the Council reached late last night a political [...]

Brussels, 18 May 2018 — Today the European Commission is publishing the results of the 2018 Digital [...]

Tre

%d bloggers like this: