TIGA, the trade association representing the UK games industry, said today that the Government needed a coherent strategy to improve access to finance for the video games industry and other creative sectors. TIGA made the comments following the Government’s publication of new research showing that creative content sectors are more likely to have their applications for finance rejected by finance providers compared to other businesses with similar risk profiles.The research was published by the Department for Business, Innovation and Skills and the Department for Culture, Media and Sport. The statistical analysis was independently undertaken by Dr Stuart Fraser of Warwick Business School and the qualitative fieldwork was undertaken by IFF Research.
Dr Richard Wilson, CEO of TIGA, said:
“TIGA represents many start-up and small developers and so we have long been aware of the difficulties that they face when trying to access finance. It is excellent that this Government published report recognises this fact.
“On average, creative industry businesses such as games developers are younger than other businesses and have fewer tangible assets. This makes accessing finance more difficult. TIGA’s most recent business opinion survey confirmed that access to bank finance remains problematic. Over two fifths of 104 games businesses reported that there was no difference in their business’s ability to borrow from the bank when compared to six months ago, and 14 per cent said that it was now even more difficult.
“The Government must now work with the games industry and other creative sectors to develop a coherent strategy to improve access to finance for our industries.
Jason Kingsley, TIGA Chairman and CEO and Creative Director of Rebellion, said:
“I am pleased that this Government published report recognises that video games developers and other creative sectors find it relatively more difficult to access finance than comparable businesses in other sectors.
“TIGA intends to encourage the Government to adopt policies including Games Tax Relief, enhanced R&D tax credits, prototype funding and the establishment of a Creative Content Fund. These measures will enable the UK video games industry to grow, which in turn will help the wider UK economy.”
Notes to editors:
About the research:
The Government published research can be accessed at:
Link to appendices and other BIS SME research:
TIGA is the trade association representing the UK’s games industry. The majority of our members are either independent games developers or in-house publisher owned developers. We also have games publishers, outsourcing companies, technology businesses and universities amongst our membership. TIGA was awarded‘Trade Association of the Year’ and the‘Member Recruitment Award’ at the Trade Association Forum Best Practice Awards 2010. TIGA has also been named as a finalist in the 2010 Chartered Management Institute (CMI) National Management and Leadership Awards in the category of‘The Outstanding Organisation of the Year Award (SME)’. TIGA is an Investors in People organisation.
TIGA's vision is to make the UK the best place in the world to do games business. We focus on three sets of activities: political representation, generating media coverage and developing services that enhance the competitiveness of our members. This means that TIGA members are effectively represented in the corridors of power, their voice is heard in the media and they receive benefits that make a material difference to their businesses, including a reduction in costs and improved commercial opportunities.
For further information, please contact Dr Richard Wilson, TIGA CEO on 07875939643: or email email@example.com ; or contact David Hodges on 02070911653