UK video games market soars to £7.82 billion, mobile gaming leads growth

The UK’s video games consumer market achieved a valuation of £7.82 billion in 2023, as revealed in the latest report from the UK-based trade body Ukie.

Despite global challenges, the UK gaming market demonstrated resilience, experiencing a 4.4% increase from the revised 2022 total of £7.49 billion. The growth underscores consumers’ enduring enthusiasm for games and gaming culture, even amidst adversity.

Acknowledging the industry’s successes alongside its challenges, Nick Poole, CEO of Ukie, commented on the bittersweet nature of the achievement. He noted, “While celebrating this positive trajectory, we also acknowledge the current market correction affecting some of our member companies, resulting in unfortunate staff layoffs.” Poole emphasized the industry’s commitment to supporting its workforce and fostering a resilient ecosystem that prioritizes innovation and sustainability.

The Consumer Market Valuation Report, presented by Poole, instills confidence in the future of gaming as a pioneering form of entertainment. Poole emphasized the dynamic nature of the gaming landscape, which presents both challenges and opportunities for industry stakeholders.

Software sales constituted a significant portion of the £7.82 billion valuation, accounting for £5.18 billion—a 4.1% increase year-on-year. Conversely, boxed sales experienced a 5% decline, generating £495 million.

Mobile gaming emerged as a powerhouse within the UK games industry, witnessing robust growth of 4.5% to reach £1.52 billion in revenue. However, despite the surge, mobile gaming revenue in the UK still lags behind console gaming, which amassed £2.48 billion in 2023.

Although digital PC gaming sales in the UK trailed mobile gaming revenue, they still amounted to a noteworthy £684 million. Notably, events within games such as Pokémon GO and Apex Legends spurred a 140% increase in real-world venue and event revenues, reaching a total of £10.3 million in the UK in 2023.

Pokémon GO, in particular, made significant contributions to local businesses, generating $323 million in local spending across its events in London, New York, and Osaka. These figures underscore the profound impact of gaming on both digital and physical landscapes, further cementing its status as a cultural phenomenon with far-reaching economic implications.