UK consumer games market hits record value of £7bn in 2020

London Games Festival

British consumers spent a record £7bn on video games last year, according to Ukie’s 2020 Consumer Market Valuation. 

The lockdown effect and arrival of new games consoles has driven a near-30 per cent year-on-year growth in the market.

As the pandemic forced millions of people to stay at home, many turned to gaming. Growth was also driven by the arrival of a new console generation, most notably the launches of the Xbox Series S/X and Playstation 5, which pushed console hardware revenues up 74.8 per cent year on year.

But the Nintendo Switch generated the greatest share of the market, with the launch of Animal Crossing: New Horizons in March 2020.

The games sector has also been a driver for jobs. In London, there are currently over 400 job vacancies and nearly 1,800 nationwide. Meanwhile, 25 UK games companies currently have at least 20 open positions, according to figures from the latest UK Games Jobs live update.

This comes as the sixth annual London Games Festival kicks off today as a fully digitised event.

Dr Jo Twist, CEO of Ukie, said: “The latest consumer market valuation confirms just how valuable games proved to people across the country during one of the toughest years of our lives.

“The games sector is a growing, resilient and critical part of the UK’s successful creative industries sector. We all know how important entertainment, technology and creativity have been over the last year. 

“The London Games Festival over the next 10 days will showcase and connect the fantastic leading games businesses right here in the UK with global audiences, investors and publishers, and will demonstrate games’ power to connect, entertain and innovate.”

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