In 2023, the revenue of the Swedish gaming sector rose by 6.4%

In 2023, the Swedish games industry achieved SEK 34.6 billion ($3.17 billion) in domestic revenue, reflecting a 6.4% increase from the previous year, as detailed in a report by Dataspelsbranschen.

The Game Developer Index from the Swedish industry organization indicated that the sector's revenue has seen a twofold rise over the past five years.

There was an 8% increase in the number of game companies in Sweden, reaching a total of 1,010, with 108 new companies launched in 2023.

The industry workforce grew by the same percentage, with 9,089 individuals employed in 2023. Of this workforce, 75.8% were male and 23.7% were female, with the number of women seeing a 23.7% year-over-year rise.

The report noted that despite layoffs and some closures, there was an almost 30% increase in new hiring compared to the previous year.

Among Swedish games companies, 42% are individual ventures, and 39% employ fewer than five people. Companies with over 250 employees account for just 1% of the total.

Nine companies reported revenues exceeding SEK 1 billion ($92 million) during this period, including notable firms such as King, Mojang, Paradox Interactive, and EA Dice.

"2023 should have been unfavorable for Swedish game companies," commented Per Strömbäck, managing director. "Instead, it was another record-setting year with surges in employment, revenue, and the number of women, though these increases were moderate compared to previous years." He highlighted that it wasn't entirely positive in 2023.

Investment levels dropped, influenced by factors like low interest rates, inflation, job cuts, and company closures.

"Investments have rebounded in 2024," he shared. "Also, the reduction in Swedish companies’ overseas employees was due to the sale of foreign subsidiaries (though overall revenue increased).

"Why do Swedish game companies stand firm in economic challenges? The best explanation is our diverse and high-quality game development, appealing to a wide range of audiences from puzzles to intricate strategy games. This includes products for children and adults, ranging from technologically advanced to elegantly simple offerings—a solid strategy for the future."

Last month, a discussion with Paradox deputy CEO Mattias Lilja covered how the Swedish developer managed delays, splits in development teams, and the cancellation of Life By You.