Sweden is ranked as the third-largest hub for gaming studios worldwide. The Swedish Games Industry recently released a report disclosing its financial performance for 2022. In this deep dive, we highlight the industry's revenue of €3.1 billion, a 13% growth compared to the previous year, and potential implications for the evolving web3 gaming landscape.

The Swedish gaming industry's revenue reached €3.1 billion in 2022, reflecting a 13% increase. When considering foreign subsidiaries, the total revenue escalates to €8.1 billion, marking a significant 40% year-on-year growth. This growth emphasizes Sweden's consistent commitment to game development.

Sweden's gaming sector is led by notable entities. The top revenue generators include King with €598 million, Mojang at €516 million, and Paradox Interactive with €187 million. These companies play pivotal roles in shaping industry trends and innovations both nationally and internationally.

Apart from revenue, the industry also contributes to employment. In 2022, it provided jobs for 8,445 individuals in Sweden and 16,494 in foreign branches. The sector witnessed a 6% increase in employment, hiring 501 new employees compared to the previous year. The leading employers in Sweden include Ubisoft Entertainment with 850 employees, EA DICE with 696, and King with 621. Notably, 44% of the new hires were female, contributing to a more diverse workforce.

The year 2022 saw 104 new gaming companies established in Sweden, resulting in 939 active gaming companies by the year's end, signifying a substantial 20% increase. Remarkably, only 14% of these active companies employ more than 10 individuals, highlighting the thriving indie gaming scene in Sweden.

In Europe, Sweden ranks as the third-largest country in terms of gaming studios, following France and the United Kingdom. In terms of revenue, Sweden secures the fourth position, cementing its impact on the global gaming market.

In 2022, the Swedish gaming industry recorded 31 investment deals, with six surpassing €100 million. The ten most profitable Swedish gaming companies collectively paid €250 million in corporate taxes, contributing to the nation's financial resources. Additionally, the ten largest employers in the industry disbursed €113 million in salary deductions, further bolstering Sweden's fiscal health.

Sweden's gaming industry maintains its financial prowess, with 23 Swedish gaming companies listed on the local stock exchange. These companies reported a combined revenue of over €5.7 billion in 2022, underscoring Sweden's stature as a gaming industry leader.

Relevance to Web3 Gaming

The substantial growth and financial stability of Sweden's gaming industry in 2023 hold notable relevance in the context of web3 gaming. As the world transitions towards decentralized and blockchain-based gaming experiences, Swedish studios are well-positioned to lead this technological transformation. Their innovative approaches, diverse workforce, and substantial revenues make them ideal candidates to shape the future of gaming in the web3 era, integrating NFTs, blockchain technology, and decentralized platforms. Sweden's gaming industry stands ready to play a pioneering role in this evolving landscape.