Singapore’s economic sector wants the contribution of the gaming sector after major investments in the future.
Newzoo recently revised its forecast for the growth rate of the global games market in 2022 from 2.1% to 4.3%. Although the global game industry is on the decline, it is surprising that investment is still increasing around the world, not just the big game companies and the Internet giants. The governments of many countries are also actively supporting the domestic game industry.
Singapore, an attractive destination for many game companies.
The European Parliament has passed a resolution to support the development of a “video game ecosystem” across the continent. In just a few days, Germany announced it would increase the budget of state support for the game industry to 70 million euros. The countries of France and Ireland consecutively introduced tax-free extension policies on games this month. Saudi Arabia next year will invest 37.8 billion US dollars to build a game empire.
Game manufacturers in Singapore have announced their development strategy, which facilitates many foreign game companies to do stable business in the country. You can see many game companies are based in the “lion island country” such as Level Infinite by Tencent, Farlight Games by Lilith, HoYoverse by miHoYo and TikTok’s overseas headquarters are also located in Singapore. The international business brands of game manufacturers, especially from China, have chosen to visit Singapore.
Singapore is becoming the new focus of game companies. Local authorities have also increased the promotion of gaming activities to stimulate economic demand, further affirming their position in Southeast Asia. As one of the “four little dragons of Asia”, Singapore has always been an important learning model for many countries in the region. Urban construction is increasingly improving in terms of infrastructure for stable and long-term development.
HoYoverse headquarters in Singapore.
In today’s new round of globalization of the game industry, Singapore has once again become the bridge for Chinese game makers to reach out to the world. Singapore has an area of only 7.2 million square kilometers, a population of 5.7 million people, no natural resources, and economic characteristics are mainly transshipment trade. This makes Singapore always subject to changes in the global environment, accepting a high level of economic transformation.
Singapore has always strived to create a free and open legal and business environment suitable for the development of emerging industries. Not only Chinese game manufacturers, some famous European and American game and technology companies also have their headquarters and R&D centers in Singapore.
In the field of investment, Singapore government investment company Temasek and GIC are famous in the world. The size of these two national investment funds has reached more than 100 billion USD. Temasek and GIC have invested in many Chinese Internet companies and game companies. In 2009, GIC bought a 5.4% stake in Shanda Games (now Shengqu Games), then increased its holdings several times. Earlier in 2006, GIC established a relationship with a Chinese game company and invested US$72 million in Jinshan together with Intel and Xinhong Yuanchuang Fund. Recently, GIC was also a platform investor in Zulong Entertainment and Kuaishou, and Temasek invested in Roblox along with Tencent.
