Australia’s blossoming video game industry is expecting a bright future after weathering the COVID storm with aplomb, a new report from the Interactive Games & Entertainment Association shows.

More than half of Australia’s video game studios reported their revenues had remained steady, or even grown in the past twelve months as players around the world sought to distract themselves from the ravages of a global pandemic.

Promisingly, only 4% of the industry’s employers expect to lay off staff in the near term, even as 9.4% of the domestic workforce remain out of jobs.

Ron Curry, CEO of the Interactive Games & Entertainment Association (IGEA) said the results paint a promising picture of the industry’s prospects.

“The Australian industry is experienced and well positioned to take advantage of the increasing global popularity of games,” he said.

Mr Curry added the Digital Games Tax Offset (DGTO) – a 30% tax offset offered to eligible local studios – would only serve to strengthen the industry’s footing.

Priority migration visas tipped to attract talent

In a further show of political support for the burgeoning games sector, the Federal Government last month introduced priority migration visas for software engineers and multimedia specialists.

The new visas were introduced under a policy which doubled the number of priority migration visas on offer, and will offer game studios the opportunity to attract talent from overseas.

Both of the relevant positions are also included on the Medium and Long Term Strategic Skills List too, meaning migrant workers brought to the country on either of these visas will have a pathway to permanent residency.

New migrants will however still be subject to domestic quarantine caps.

Melbourne-based PlaySide Studios is one business which could benefit from this ongoing support for the gaming industry. Click here to register your interest and stay up to date with the company’s news and announcements.

Reach Markets have been engaged by PLY to assist with private investor management.

Sources:

• IGEA: COVID-19 one year later
• IGEA: Great News for the Australian Video Games Development Industry as Game Jobs Are Added to the Priority Visa List
• Roy Morgan: Australian unemployment drops to 9.4% in June – before three States enforce COVID lockdowns