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Finnish XR companies grew their revenues by almost 600% in 2016 compared to 2015

Finnish XR companies grew their revenues by almost 600% in 2016 compared to 2015

Revenues generated by augmented reality and virtual reality companies in Finland grew by almost six times larger in 2016 compared to 2015, according to the Finnish Virtual Reality Association (FIVR).

The trade association has published a survey of XR developers in Finland for 2017. 60 developers in the XR ecosystem in Finland took part in the survey.

It found that XR specific-revenues for these companies came to around €1.3 million in 2015, but this number rose to €6.1 million in 2016. The companies generated a total of €12.7 million in 2016.

Becoming a reality

There are over 100 companies in Finland working in XR, with 48% of these studios based in Helsinki. Tampere is the second-most popular location for XR studios, with 20% of developers operating from there.

The majority of XR studios in Finland opened in 2016, with 40% of respondents beginning operations from 2016 onwards. 77% of studios have been active since 2010, while even older studios from as far back as 1997 have started to work in XR in recent years.

74% of the companies surveyed stated that their revenues came from customer revenue, with 52% saying that they are currently self-funded with their own savings. 34% of respondents also claimed to have received funding from public institutions.

You can find the full report, including information on all the XR companies in Finland, on FIVR's website.


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