Game developers based in Sweden generated over $1.7 billion (€1.4 billion) in revenues in 2016 alone, according to the Swedish Games Industry.
The trade organisation has released its annual Swedish Game Developer Index for 2017, outlining the growth of the industry during 2016.
The report found that revenues have grown over 1000% since 2010. The majority of developers are profitable, and the country as a whole has reported a profit for the last eight years consecutively.
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51 new studios opened their doors in 2016, increasing the overall developer count in Sweden to 287. Around 10% of these studios are working in VR.
There were 4,267 people employed by Swedish developers in 2016, up 558 compared to 2015. The number of women in the industry also rose from 651 in 2015 to 768 in 2016.
Revenues were largely generated by bigger companies, with "large" developers accounting for 75% of all revenues made in 2016. However, "micro" studies with less than 10 employees generated 4% of revenues for the year.
The full report can be viewed in Swedish at the Swedish Games Industry website. An English version of the report is expected to be released in the coming weeks.