The increasing importance of video gaming and the metaverse can be seen in the Spanish government’s recent decision to boost the amount invested in this area to €8 million. How will this money be spent and what can we expect to see happen in the future?
The Growth in Funding
The Spanish Ministry of Culture announced in December 2022 an increase of 700% in the funding for this area in 2022 and 2023. A total of €8 million is earmarked for the development of the digital creation, sector which includes video games and the metaverse, as a recognition of the importance of this industry.
25 digital projects were selected to take part in the first stage, from a total of 162 entries. Designed as a way of modernizing and innovating the country’s industry while promoting the culture and attempting to establish Spain as a hub for the development and promotion of video games. The plan also includes preserving video games with cultural significance in the National Library of Spain.
What is the Importance of Video Games and the Metaverse?
Miquel Iceta is Spain’s Minister of Culture, and he said that boosting the Spanish video game sector will help the country’s businesses as well as those people who work in the industry on a self-employed basis. With almost 30 million gamers, the Spanish gaming market had revenue of close to €1.8 million euros in 2021, and the government’s predictions suggest that the size of this market should reach €2.3 billion by 2024, meaning that there is scope for new and existing companies to grow.
Some of the most popular games developed in Spain include Castlevania: Lords of Shadows and Commandos 2: Men of Courage, with Akamon Entertainment and Novarama Technology among the companies that operate in this sector. Barcelona-based Novarama announced in 2022 that the Chinese giant Tencent has bought a stake in their company, which augurs well for their future. Of course, the game market has diversified in recent years, with the metaverse introducing a new way of immersing players in games that promises to revolutionize the gaming industry and create huge new opportunities.
The casino games industry has also exploded in popularity in Spain and other countries. This list of the best new casinos in Ireland shows how the likes of Boo Casino and Novibet have entered the market with offers that include deposit bonuses and free spins. Click here to read the full guide and discover a huge range of varied slots created by developers all over the world. This is an opportunity for creators to produce other types of games and Raw iGaming opened a studio in Malaga in 2022 to expand in this area.
A Look Ahead
The gaming industry and the metaverse are two areas of the entertainment industry that are expected to grow massively in the future, and plans are in place for Spain to become a global hub in this respect. Given the competitive nature of the market, there are no guarantees that this will happen, but the increased investment gives the country’s chosen developers a vital helping hand.
