By Sagar V. Mankar In 2023, Swedish gaming companies achieved remarkable success, generating SEK 34.6 billion (around $3.3 billion) in domestic revenue. This is almost double the SEK 17.8 billion ($1.9 billion) recorded in 2019, making gaming one of Sweden’s top-performing industries. In fact, it surpassed major sectors like fashion and iron ore exports. These insights were revealed in the latest report from the Swedish Game Industry Association, titled Games Industry 2024: Game Developer Index.
The report highlighted a 6.4% growth in revenue compared to 2022. However, the increase was somewhat affected by the stronger euro against the Swedish krona, which dulled the financial gains. Despite these challenges, the report emphasized that “the Swedish games industry remains strong,” with a majority of companies continuing to turn a profit, despite facing challenges such as reduced access to capital.
The gaming industry in Sweden continued to expand in 2023, reaching a record 1,010 companies. This is a significant rise from 586 companies in 2019. Alongside this growth, employment in the sector also increased. The gaming companies collectively employed 9,089 people in 2023, marking an 8% rise compared to the previous year.
Another positive trend is the growing inclusion of women in the industry. The proportion of female employees went up from 21% in 2019 to nearly 24% in 2023, reflecting progress in gender diversity.
However, not all figures were positive. The number of employees working for Swedish game companies abroad declined by 4% in 2023, totaling 15,792 employees. Despite this dip, the overall performance of the Swedish gaming industry was commendable, especially given the broader challenges faced by the sector that year.
Per Strömbäck, the managing director of the Swedish Games Industry Association, commented on the unexpected success, stating,
“2023 should have been a really tough year for Swedish game companies. But it turned out to be a new record year. Employment increased, revenue grew, and so did the number of women in the industry. The growth wasn’t as dramatic as in some previous years, but it was still an all-time high.”
Johanna Nylander, the head of analytics at the Swedish Games Industry Association, reflected on the resilience of the sector despite economic headwinds.
“2023 was a year when many companies restructured, and there were reports of setbacks in the media, That’s why seeing figures showing the industry’s continued growth is especially encouraging. Even with fewer investments and tighter access to capital, Swedish game development remains stable.”
Overall, game companies in Sweden contributed significantly to the national economy. They paid SEK 1.8 billion ($165 million) in corporate taxes and SEK 1.9 billion ($174.2 million) in payroll taxes in 2023. Additionally, players paid SEK 1.7 billion ($155.8 million) in VAT on game purchases, contributing a total of SEK 5.4 billion ($495 million) to the Swedish treasury.
For detailed information on these developments, you can check the official reports. Subscribe to GAMING FOODLE for the latest updates and news on the gaming industry.