The video game industry offers investment and employment opportunities in the Canary Islands

Video Game Industry in the Canary Islands

According to the ‘Libro Blanco del Desarrollo Español de Videojuegos‘, presented by the Spanish Association of Video Game and Entertainment Software Production and Development Companies (DEV) and ICEX on April 7, the Spanish video game production sector is on the rise, reaching a turnover of 920 million euros in 2019 – a 13% increase over the previous year – and a 6.1% increase in employment (currently around 7,320 workers). The study also predicts that the sector will grow atomized by large companies, as 4% of them have a turnover exceeding €10 million, copying 70% of the total volume of the industry.

The Ministry of Economy, Knowledge and Employment of the Government of the #CanaryIslands, through the public company PROEXCA, has taken advantage of this context to develop a strategy to support key industries for the Spanish archipelago such as audiovisual, animation and video games sectors.

Considering that the video game sector offers the greatest potential for growth, PROEXCA and the consulting firm Deloitte have prepared a report that analyzes the real situation of this incipient industry and the opportunities that it can bring to the #CanaryIslands. An exhaustive and detailed study that is an x-ray of the video game sector in the #CanaryIslands and that is a starting point to know the value chain, the strengths and opportunities of the sector and the strategies to follow in the future.

In addition to the incentives for foreign investments in the sector, the report includes success stories of companies already established in the #CanaryIslands, such as Drakhar Studios or Rising Pixel, and benchmarks the impact of the audiovisual incentive on the video game industry in countries such as France, the United Kingdom and Canada.

Regarding tax incentives for the video game sector, they are aligned with the strategy ‘Canary Islands, international hub of film and animation’, which offers 50% tax deduction for audiovisual productions, reaching up to 75% in R&D and 45% in Innovation, in addition to the other islands’ advantages as know-how, local talent and facilities and connections with Europe and Africa.

The report about the current situation of the video game sector in the #CanaryIslands was presented in a virtual event on November 12th with the participation of more than 50 people including studios, developers, associations, institutions and programmers, where the Invest in the Canary Islands’ team promoted the strengths, needs and strategies to be implemented in order to support the growth of this strategic sector for the islands.

The map of the video game industry in the #CanaryIslands is currently made up of 13 developer studios and 14 independent projects, 2 associations – ACADEVI being the most representative with more than 70 members – and 10 educational institutions (including universities and development companies) and Public Administrations. All this network acts in the production, training and institutional support for the development of an incipient industry with great growth potential.

Download the report / x-ray of the video game sector in the #CanaryIslands HERE 

See presentation of the report HERE