The 2023 edition of Gamescom, the renowned international trade fair for computer and video games, kicked off on Wednesday in Cologne, Germany.
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Organized by Koelnmesse, this week-long event has solidified its reputation as the world's largest trade fair for the gaming industry, both in terms of physical space and the number of attendees.
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With participation from over 1,220 companies representing 63 different countries, the exhibition sprawls across an impressive 230,000 square meters of space. Around, 76 per cent of the exhibitors hail from beyond German borders.
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Running until August 27, visitors are treated to a plethora of upcoming games, cutting-edge gaming hardware, and an array of entertainment programs. These include exciting game premieres and gatherings designed for avid game enthusiasts.
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The gaming market in Germany experienced a surge during 2020 and 2021, largely attributed to the impact of the pandemic, according to an article by Xinhua. This growth trend persisted, with a 1 per cent increase driving the industry's value to 9.87 billion euros last year, as reported by the game association earlier this year.
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Recognizing the economic significance of the gaming industry, Germany's government has started acknowledging its role as a crucial component of the nation's cultural and creative sectors.
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The Ministry for Economic Affairs and Climate Action (BMWK) emphasized the gaming industry's role in providing a pool of highly qualified digital sector workers.
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The turnover of Germany's gaming industry has demonstrated robust growth over the years, escalating from 6.5 billion euros in 2019 to an impressive 9.9 billion euros in 2022, according to BMWK data.
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However, despite the upward trajectory of sales in Germany, the market share of local gaming companies has faced challenges, experiencing a decline over recent years.
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This trend has been attributed to the comparatively high production costs for computer games in Germany when juxtaposed with other countries. To counter this, the federal government has been allocating millions of euros annually since 2019 to support the gaming sector.
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Germany, the market share of local gaming companies has faced challenges, experiencing a decline over recent years. This trend has been attributed to the comparatively high production costs for computer games in Germany when juxtaposed with other countries.
Image Credit: Bloomberg
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To counter this, the federal government has been allocating millions of euros annually since 2019 to support the gaming sector. With inputs from Xinhua.
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