In connection with COVID-19, the Spanish authorities decided to support the local gaming industry
The Spanish government has allocated €20 million to support cultural industries affected by the pandemic. Part of this money will be sent to local gaming companies.
The support scheme is not the simplest. Watch your hands:
- The Spanish government has approved the transfer of €20 million to CREA SGR (a national mutual guarantee society specializing in the support of cultural initiatives, which is controlled by the National Bank of Spain);
- CREA SGR then signed an agreement with the Spanish Video Game Association (AEVI);
- according to this document, AEVI members will receive financing on “very favorable terms” (it is assumed that they will receive a loan and will be able to solve the liquidity problem on the best market conditions).
Simultaneously with this announcement, it is reported that the Spanish gaming industry has suffered significantly in recent months against the background of the coronavirus situation:
- retail has obviously suffered;
- the performance of local game studios has dropped by 30%;
- a number of studios suffered as a result of the cancellation of events where they hoped to conclude deals for the publication of their games;
- some of the employees faced salary deferrals.
As a result, AEVI is currently negotiating with the Spanish government to reduce taxes on video game companies. The Association hopes that together with the benefits available on the market, this will help local companies earn more, as well as attract international companies to the market.
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