THE FINNISH GAME INDUSTRY continues its decade-long financial success story. The growth spurt started in 2012 with the success of Rovio and Supercell. The industry reached €2.5 billion turnover in 2016. After that, there was a small decline in 2017 and 2018, and modest growth in 2019 and 2020.
The year 2021 was the first year the Finnish Game Industry surpassed the €3 billion turnover mark. The total turnover was around €3.2 billion in 2021, and it looks like, that in 2022, the combined turnover was the same or even a bit higher. Unfortunately, not all the data from 2022 is available or verified at the time of writing this.
In 2021, growth from the previous year (2020) was over 30%. Some part of the growth can be attributed to the pandemic. However, the solid performance of the industry in 2022 suggests that not all the growth was a consequence of COVID-19 restrictions that led to a global increase in gaming. All in all, the Finnish Game Industry was highly profitable, with over €0.9 billion in combined operating results in 2021. Year 2022 data is not available or verified at the time of writing this.
It is worth noting that during the last ten years (2013–2022), the Finnish Game Industry has created a cumulative turnover of €23 billion, and companies, shareholders, and employees have contributed well over €2.5 billion in various tax payments to the Finnish government. At this point, it is safe to say that the Finnish Game Industry has become a vital part of the national economy.
The financial success can also be seen in the statistics. The number of studios making more than €100 million turnover has increased from 4 in 2020 to 5 in 2022. At the end of 2022, there were 45 studios with an annual turnover of more than €1 million. This is one less than in the previous study from 2020 (46).
The median turnover of the 134 Finnish game studios participating in this survey was €300,000, which is a bit higher than in previous studies (€290,000 in 2020). Unlike in some statistics, investments or other similar transactions are not included in these turnover figures.