Australian Games Industry Surpasses AU$339 Million in 2024

The Australian games industry achieved a revenue of AU$339.1 million (US$212 million) in the 2024 financial year (July 1, 2023, to June 30, 2024), according to the latest Australian Game Development Industry Snapshot report.

Despite facing global economic challenges, the industry maintained a stable workforce of 2,465 full-time developers. This figure represents a slight increase of 0.3% compared to the previous year, reflecting the sector’s resilience amid ongoing uncertainties.

Here are the key highlights from the report:

• Future Growth Outlook:
  • 61% of game studios plan to expand their teams in the coming year.
  • 81% expect their workforce to remain stable or grow in 2025.
• Intellectual Property and Revenue Sources:
  • 85% of surveyed studios develop games based on their own intellectual property (IP).
  • 93% of total revenue comes from international markets.
• Regional Distribution:
  • Victoria is the leading hub, hosting 52% of studio headquarters.
  • Workforce distribution on the east coast: 36% in Victoria, 27% in Queensland, 18% in New South Wales, and 1% in the ACT.
• Government Support:
  • Competitive tax rebates and federal/state funding play a key role in industry growth.
  • 25% of studios accessed the Digital Games Tax Offset last year.
  • Just under 40% plan to utilize the rebate in the current financial year.
• Challenges Faced:
  • Studios face difficulties securing publishing deals locally and internationally.
  • Attracting early-stage investment remains a significant challenge for smaller studios.
• Studio Age and Operations:
  • 25% of studios have been operating for over a decade.
  • 19% are between six and nine years old.
  • 56% are less than five years old.
  • Only 4% of studios operate fully remotely.
• Diversity and Inclusion:
  • Gender diversity saw a slight decline in 2024.
  • Improving inclusivity remains a priority for many studios.
• Global Competitiveness:
  • The Australian games industry continues to excel in international markets.
  • Ongoing government incentives are crucial for sustainable growth.

Sources: Interactive Games & Entertainment Association (IGEA) Australian Game Development Industry Snapshot 2024.