The New Zealand gaming industry has reached $1 billion in revenue, achieving this milestone two years ahead of schedule
New Zealand's gaming industry has achieved more than $1 billion in revenue, reaching this financial mark two years prior to initial projections.
The New Zealand Game Developers Association (NZGDA) had initially forecasted that the revenue target would be reached by 2028 after the government's Game Development Sector Rebate (GDSR) was launched in 2023.
By the conclusion of 2023, the industry expanded by 7%, resulting in a total revenue of $270.9 million. The previous year saw the sector generate $758.9 million, along with a 29% growth in its workforce.
Support from both the GDSR and the Centre of Digital Excellence (CODE) has been pivotal for developers, enabling them to craft games efficiently.
The government is estimated to earn an eightfold return for each dollar invested in these funding schemes.
New Zealand's creative, digital, and tech industries are poised to contribute more to GDP than the country's primary sector for the first time.
As per former NZGDA chair Chelsea Rapp, the nation's gaming industry now outpaces its traditionally famous wool sector—a significant cultural reference.
"Our ambition is to become a billion-dollar industry by 2026," Rapp stated, highlighting the annual growth rate of 28% to 35%, suggesting this milestone will be reached around 2025-26.
With recent figures in hand, NZGDA executive director Joy Keene expressed that the sector is showcasing remarkable growth, notably expanding over 20 times faster than the global average each year.
"This growth reflects the synergy between government efforts and industry contribution, leading to tangible economic benefits for New Zealand," Keene explained.
Keene emphasized the necessity for robust educational and training pathways to sustain and fuel the sector's expansion.
"The industry's growth translates to job creation, and being a weightless export, game development provides a unique opportunity for New Zealand to shield its economy from wider global uncertainties."