The Strengths And Opportunities Of The Gaming Industry In Philippine
Recently, the Philippines witnessed an increase in the gross gaming revenue or GGR after the relaxation of the COVID-19 imposed restrictions. It is expected that this year, the GGR of the gaming industry in the Philippines will surpass the value of $2 billion. The gaming industry of the Philippines has huge potential. However, to extract the maximum potential of the gaming industry, it is important to identify the strengths and opportunities of the gaming industry in the Philippines. The labour market of the gaming industry is highly competitive and the wages earned by the worker are at par with the international standard. The tax system of the Philippines is also highly suitable for the gaming industry in the country which provides gamers to work on their unique business models. In addition to that, the creative gaming industry of the Philippines is highly active. In fact, the art and animation industry of the Philippines currently belongs to one of the fastest-growing markets.
Strengths Of The Gaming Industry In The Philippine
The Game Developers Association of the Philippines which was established in 2007 includes 56 game studios and schools. Many of these gaming studios have worked in prominent games like The Last of US 2, Gears of War 4 and The Witcher III: Wild Hunt Blood and Wine. Another prominent strength of the gaming industry in the region is the fact that playing online casino games is legal and it is regulated and licensed, this is unique to the Philippines. Further, Electronic Sports and Gaming Summit have been playing a critical role in the country since 2013 as it is one of the biggest annual gaming events in the region. Most Filipinos are using mobile phones for playing games due to their accessibility. Hyper-casual games played with the aid of TapTap and Auto Clicker are also on the rise in the country. In addition to that, the market preference for gaming consoles is high. Also, Filipinos prefer to play games which are free to play.
Further, the government of the Philippines is supportive of the gaming community in the country which acts in the form of grassroots support. Not to forget, the Philippines is home to many famous artists who have worked for Pixar Studios and Warner Bros. Also, the team of Ubisoft Philippines has previously worked in building the art of the Assassin Creed title. This clearly indicates that the gamers of the Philippines have the potential to climb the ladder of success.
Opportunities Of The Gaming Industry In The Philippine
The labour cost in the region is highly competitive in the entire Southeast region which presents a huge opportunity. This is the reason why it has successfully managed to attract studios like Ubisoft, Keywords studios and Gameloft to have their setup in the country. Ubisoft is located in De La Salle University Science and Technology Complex located in Santa Rosa. This university also provides the students with a platform to pursue a Bachelor of Science in Interactive Entertainment and a Major in Game Development. It also offers a Bachelor of Science degree in Interactive Entertainment Major in Art and Design.
Also, when the creative economy of the Philippines is considered, game development design lies in the top five positions of the priority sector. The government of the Philippines is also working towards attracting investors to this industry. One step taken towards it includes tax reduction of the company from 30% to 25% to make the business environment of the country more lucrative. A report by App Annie has also indicated that there is an increase of more than 55% in the spending on mobile gaming by Filipinos. Also, the country plays a role when it comes to the fastest-growing market in the entire Southeast Asian region.
Not only the international games but the games that are locally developed are also extremely popular in the Philippines. Even though most Filipinos are playing games for recreational purposes, an increase in the professional video gaming leagues are also observed. The revenue-making potential of eSports is extremely high in the Philippines. Due to the same reason, eSports is now an officially recognized sport in the country. The same was legitimized in 2017 by the Philippine Games and Amuse Board. The government further showed support by sponsoring the tournaments, on the other hand, the businesses provided financial support to the professional teams. The support from both the government and the private sector is doing wonders for the gaming industry in the Philippines.
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