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UK video games market hits £7.82 billion valuation with mobile up 4.5%

Ukie’s Consumer Market Valuation Report reveals the UK games industry saw 4.4% YoY growth in 2023
UK video games market hits £7.82 billion valuation with mobile up 4.5%
Date Type Companies Involved Key Datapoint
Apr 15, 2024 report Ukie £7.82 billion
  • The UK’s consumer market for video games was valued at £7.82 billion in 2023
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The UK’s consumer market for video games was valued at £7.82 billion in 2023, according to the latest report from UK-based trade body Ukie.

The Ukie Consumer Market Valuation Report adds that this is a 4.4% rise on the revised 2022 total, £7.49 billion, demonstrating the UK market’s resilience and consumers’ "unrelenting appetite for games and games culture" despite the year having been a difficult one globally.

Even so, the UK wasn’t spared from the wave of layoffs seen last year, with Ukie CEO Nick Poole stating: "While celebrating this positive trajectory, we also acknowledge the current market correction affecting some of our member companies, resulting in unfortunate staff layoffs. As an industry, we remain committed to supporting our workforce and games businesses through these transitions, fostering a resilient ecosystem that prioritises innovation and sustainability."

TIGA research at the time found 73% of game developers needed to increase the workload put upon staff.

Digital surge

In the Consumer Market Valuation Report, Poole suggests the latest figures give "real confidence" that gaming will continue as an entertainment pioneer, with its rapidly evolving nature bringing both challenges and opportunities.

He notes that software sales accounted for £5.18 billion of the total £7.82 billion last year, marking a 4.1% increase year-on-year. Boxed sales declined 5% meanwhile, generating only £495 million.

Mobile game sales specifically saw some of the strongest growth in the UK games industry last year, up 4.5% to £1.52 billion. However, unlike the global industry where mobile takes the gaming revenue crown, in the UK it remains significantly behind console’s £2.48 billion in 2023.

Mobile gaming did generate more than double digital PC gaming sales though, at £1.52 billion versus $684 million. And events from games like Pokémon Go and Apex Legends drove a 140% surge in real-world venue and event revenues, generating a total £10.3 million in the UK in 2023.

Across its events in London, New York and Osaka last year, Pokémon Go helped to generate $323 million in local business spending last year.