The French video game at the heart of a big fundraiser, the EU is watching this very closely
The video game industry is clearly on the rise. It is currently the world’s leading cultural industry, which has generated more than 180 billion dollars. This represents nine times the Cinema industry and seven times the music industry, which together total 49 billion dollars.
In France, we are lucky to have very good publishers and developers. Ubisoft is necessarily the best known, but a multitude of other studios are the pride of French players, such as Asobo, Dontnod, Quantic Dream or Arkane. Among these talented teams, we also have those of Shiro Games, which employs 60 people. And precisely, the latter are talking a lot about them at the moment with a big fundraising of 50 million euros which caught the eye of the European Union.
Video games, the fashionable sector that attracts many desires
On October 11, Shiro Games announced a fundraising of 50 million euros which will be led by the Cathay Capital fund. Thus, the French video game company to which we owe titles like Evoland, Northgard and Dune: Spice Wars will capitalize at 150 million euros. The two founders, Nicolas Cannasse and Sébastien Vidal, still remain majority shareholders of the company. Among the shareholders, we find the Chinese giant Tencent, which has been talked about recently for its agreement with Ubisoft, another French firm.
Naturally, this fundraising of 50 million euros will be used by the Shiro Games teams for the development of two new projects and for its international expansion. This will also help develop the publishing part of the business.
In Europe (as everywhere in the world), the video game industry is doing relatively well. This market generated 23.3 billion euros on our continent in 2021, and cumulates around 98,000 jobs (in 2020). This is why the European Parliament’s Committee on Culture and Education has asked the Commission and the Council to prepare a long-term strategy for the video game sector.
The main aim of this strategy will be to increase the number of European productions and better finance the studios. According to the first returns, the idea would be to propose a regulation of exemption to the public aid granted by the States. This resolution should be submitted and voted on in parliament next month.