The digital gaming business, which was already among the biggest and fastest-growing in the world, grew even more during the epidemic. The video game industry is expanding in Australia.
With the impending implementation of the Digital Games Tax Offset (DGTO), studios will be able to deduct a modest percentage of permissible expenses. State-based initiatives supplement the DGTO; in addition to Queensland, South Australia, Victoria, and New South Wales each provide an additional 1%.
Tax offsets are a tried-and-true method that have helped nations like Canada and the UK see exponential growth in their digital games sectors. Australia will establish itself as a significant worldwide participant in the game development industry with incentives presently at a minimum of a tiny percentage.
Australia will need to be at the forefront of a digital, creative, and modern world by developing some of the biggest and fastest-growing digital games in the world. Digital game development involves the use of all forms of media, including animation, sound, music, and cinematography.
In addition to the direct economic gain, the manufacturing of video games bolsters the economy with complexity, talent, and a variety of transferrable skills.
Australia is definitely up for business, as seen by the newly announced government incentives for gaming production. Established Australian studios are in a good position to grow both in terms of staff and workload.
They already have a few foreign studios, such as Wargaming Sydney, Gameloft Brisbane, Sledgehammer Games, and EA Firemonkeys. And anticipate that more will establish a base here and benefit from the incentives as well as the skilled, creative, and experienced employees, fantastic lifestyle, and ideal time zones.
The Australia Gaming Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
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