Sweden's Gaming Industry Sees Fourfold Revenue Increase Over Five Years

The Swedish gaming industry has experienced remarkable growth, as indicated by a recent report from the country's gaming trade bodies, ANGI and Spelplan-ASGD. According to the 2022 Game Developer Index, the industry's revenues skyrocketed to €5.8 billion in 2021, representing a more than fourfold increase from the €1.4 billion recorded in 2017. This substantial growth can be largely attributed to the strategic acquisitions of foreign companies by Swedish firms, with the Embracer Group being a notable example, alongside other key players such as Stillfront, Thunderful, and Enad Global 7. In 2017, the revenue generated by foreign subsidiaries of Swedish companies stood at approximately €100 million, but this figure surged to €3.1 billion in 2021. This marked the first instance where foreign sales surpassed the domestic revenues of Swedish gaming companies, which amounted to €2.7 billion in 2021. Furthermore, the domestic market continues to expand, both in terms of revenue and the number of companies. Between 2017 and 2021, the number of Swedish game development companies increased by 78%, reaching a total of 785. As a result, Sweden has become the third-largest hub for game companies in Europe, closely following France and the UK. Although the majority of Swedish game companies are small, with 49% being solo developers and 40% having fewer than 10 employees, they collectively employed nearly 8,000 people in 2021, representing a 70% increase from 2017. The top employers in the Swedish gaming industry include Ubisoft Entertainment Sweden, with 837 employees, EA DICE, with 730 employees, and King, with 648 employees.