UK Gaming Market Experienced a 5.6% Decline in 2022, Reaching £7.05 Billion

The UK video game industry witnessed a slight contraction in 2022, with overall spending on software, hardware, and related products amounting to £7.05 billion. This figure represents a 5.6% decline from the record-breaking £7.47 billion achieved in 2021, marking the first decrease in spending since 2019. However, the 2022 total surpasses pre-pandemic levels by 17% and exceeds the projected growth for 2020 to 2022 based on 2019 data. The latest UK games market valuation, compiled by trade body UKIE, draws on data from ABC, BFI, GfK Entertainment, Nielen, NPD, The Official Charts Company, and Omdia. Key findings include a total UK games market value of £7.05 billion, which is down 5.6% year-on-year. Software spending reached £4.57 billion, with a 0.44% increase, while digital console spending declined by 4.7% to £1.98 billion. Digital PC spending rose by 2.2% to £660 million, and boxed games sales dipped by 4.3% to £489 million. Mobile spending experienced an 11% increase, reaching £1.43 billion. In terms of hardware, total spending was £2.16 billion, with console hardware sales down 27% at £823 million. PC game hardware sales declined by 14% to £760 million, and console game accessories dropped by 16% to £396 million. The market for games culture products, including toys, books, and merchandise, saw a 27% increase in spending, reaching £316 million. Notable trends include a 7.7% uplift in toys and merchandise sales, with Pokémon being the biggest seller in 2022. Events revenues also rose significantly, with a figure of £4.35 million, more than triple that of 2021. The UKIE CEO, Dr. Jo Twist, expressed satisfaction with the market's growth trajectory, stating that the appetite for games and games culture in the UK remains strong.