Dutch Games Monitor 2022

G a M e S
M O N i T O R
20 22
THE NETHERLANDS

colophon
TEXT AND ANALYSIS
Dutch Game Garden
Christel van Grinsven
NEO Observatory
Walter Manshanden
PROOFREADING AND
GENERAL SUPPORT
Marilla Valente

RESEARCH, EDITING
AND SUPPORT
Dutch Game Garden
Janine van de Kaa
Krista Hendriks
Aryeh Loeb
JP van Seventer
Denice Zheng

DESIGN
Studio Vrijdag

COVER IMAGE
Horizon Forbidden West
by Guerrilla Games
SPECIAL THANKS TO
Newzoo

PARTNERS
Dutch Games Association
Video Game Federatie
Nederland

All rights reserved
© Dutch Game Garden 2024
This publication is made possible with
the support of Province of Utrecht,
Gemeente Utrecht, HKU: University of
the Arts Utrecht, Breda University of
Applied Sciences (BUAS), Hanze
University of Applied Sciences
Groningen (Hanze Hogeschool
Groningen), Saxion (University of Applied
Sciences) and Rotterdam University of
Applied Sciences (Hogeschool
Rotterdam).

G a M e S
M O N i T O R
20 22
THE NETHERLANDS

Lake – Gamious
table of contents

6
20
36
56
8 12
34 24
46
60
54
66
Introduction
Intermezzo
Diversity and inclusion
3. Entertainment
games
5. Game education
in the Netherlands
Management
summary
2. Finance and
growth
4. Applied games
6. Broader impact of
the games industry
Intermezzo
Sustainability
7. Appendix
1. Facts and figures
Intermezzo
Global and Dutch
game markets

HackShield – HackShield
6

Introduction
We are honored to present The Games Monitor 2022 edition with the
facts, figures, trends and developments in the Dutch games industry.
The Games Monitor was first published in 2012 and was followed by
new research in 2015 and 2018. After a COVID-19 impact report in 2021,
we are now able to provide a full version of the monitor again. Please
note that this report focuses on data about the Dutch Games industry
until 2021. Most of the research and analysis was carried out in 2022.
Newer developments in 2023 and the beginning of 2024 have not been
taken into account.

An extensive survey was sent out to over 500 game companies at the beginning
of 2022 and almost 200 companies filled out the survey. The results of this
survey and additional desk research, interviews and a roundtable discussion,
were presented on October 6th, 2022 at The Dutch Game Day in Hilversum.
Chapter 1 introduces the facts and figures of the Dutch games industry. Chapter
2 focuses on financial growth, funding strategies and the growth challenges
game companies face. Chapter 3 provides more specific information about
trends and developments in entertainment games, while chapter 4 looks into
applied or serious games. Chapter 5 focuses on gaining insight into Dutch game
education: the programs, courses, and students. In chapter 6 some insights are
provided about the broader impacts of the games industry.

We hope that this version of the Games Monitor again is valuable and provides
better insight into the Dutch game industry. We are looking forward to having
continued conversations and discussions about the growth and development
of the Dutch Games industry.
We sincerely thank everybody who has contributed to this Games Monitor!

7

Traffic Jams – Little Chicken
8

The Games Monitor 2022 presents a comprehensive overview of the
Dutch video games industry between 2018 and 2021. This is the fourth
full edition with an aim to provide the most relevant comparisons and
updates in the industry. This overview consists of desk research, informal
discussions, roundtable sessions, and a survey sent to approximately
500 companies with a response of almost 200.
DEFINITION OF THE GAMES INDUSTRY
The games industry is defined as all companies whose core activities include at
least one of the following processes in the value chain: development, production,
publication, facilitation, and/or electronic distribution of electronic games.
As a consequence, many currently active organizations in the games industry
(clients, educational institutions, research institutes) were excluded from our
analyses as the development of games is not their core business.
The Games Monitor focuses on two domains in the games industry: entertain –
ment games and applied games. Entertainment games entail all electronic games
that have entertainment as their primary goal. Applied games, also referred to
as serious games, aim to inform, educate or train end-users. Applied games
are developed and distributed in many sectors, including education, healthcare,
and training.
COMPANIES, JOBS AND TURNOVER
The Dutch games industry has grown significantly in the last three years, consis –
ting of 630 companies as of the end of 2021. Dutch game companies benefited
from the growth of the global games market. Growth in revenue of almost 18%
annually on average for Dutch game companies (to €420-440 million in 2021)
surpasses the global average in the industry. The number of jobs also increased
by more than 5% annually to 4560 jobs. The growth in the number of jobs is
particularly visible in larger companies with over 50 employees.
Furthermore, figures for the past ten years show an evolution in terms of accu –
mulated growth for the entire Dutch games industry. Initially, the sector increased
mainly in the number of companies. Between 2015 and 2018, growth was visible
MANAGEMENT
SUMMARY
9

in terms of the number of employees, with the
most noticeable increase in revenue during the
last three years. This indicates that the Dutch
games industry is on the road to maturity.
SIZE OF COMPANIES
The average size of a company in the games
industry is 7.2 employees per company. This
is due to the large number of self-employed
and small companies and the limited number
of large game companies in the Netherlands.
The 2021 distribution of employees for larger
companies (more than 50 employees) has
more than doubled in the past three years.
These companies are the Dutch games
industry scale-ups and in the past three years
have increased from 6 to 12 companies.
REGIONAL HIGHLIGHTS
The largest number of jobs in the Dutch games
industry can be found in the Greater Amster –
dam region (including Schiphol). As the second
largest region in terms of employment, Utrecht
has the largest number of jobs in applied or
serious game companies. Greater Rotterdam,
South East North Brabant (including Eindhoven
and Valkenswaard), and Greater The Hague
complete the top 5 of the Dutch game regi –
ons. Smaller clusters can be found in the Delft
Region, West North Brabant (Breda, Etten-Leur,
and Tilburg), Twente (the region around
Enschede), and North Friesland (Leeuwarden).
GROWTH
The Dutch games industry is showing a rapid
growth in reported revenue. Mostly larger and
more experienced companies have done
extremely well in the past three years, as well
as some solo developers and small companies
that show a high revenue per person. The
FIGURE I
KEY FACTS & FIGURES DUTCH VIDEO GAME INDUSTRY
(Source: Games Monitor 2022)
4560 JOBS
700
GRADUATES
630 COMPANIES
€ 420 – € 440
MILLION
10

period 2020-2022 was also characterized
by a growth in the number of external invest –
ments, mergers, and acquisitions. Companies
show more maturity in the growth or scale-up
challenges they face.
Compared to the 2018 Games Monitor, the
total number of game companies increased
by 55 companies. Both entertainment games
and applied games companies show a growth
in the number of employees, however enter –
tainment companies are the top employers.
Due to the effects of the COVID-19 pandemic,
applied game companies have grown less
rapidly than entertainment companies.
ENTERTAINMENT GAMES
While PC is the most popular platform
among Dutch developers and Steam is
the most popular distribution channel,
entertainment games show a large variety
in how they develop their games. Dutch
game developers use a multi-platform,
multi-distribution, and multi-monetization
strategy for game development. Growth is
expected for many segments.
APPLIED GAMES
From an international perspective, applied
games have a strong foothold in the Dutch
games industry. Around a quarter of Dutch
game companies are involved in the develop –
ment of applied games. The number of applied
game companies increased from a total of
114 in 2018, to 151 applied game companies
focusing exclusively on applied games, with
an additional 24 companies developing both
applied and entertainment games.
When we look at clients in the applied games
industry, healthcare and education are still
the largest market segments for applied game
companies. The work-for-hire model remains
an often-used business model amongst
applied game studios. On average applied
game companies worked on 15 projects per
company in 2021. The number of companies
that focus on a specific product or service is
slowly increasing. Furthermore, we see more
applied game companies who have expanded
their operations abroad.
GAME EDUCATION
The number of game education studies in
2021 is 44, and there are 23 game-related
minors and courses. This is a decrease compa –
red to 2018. The outflow of students that enter
the labor market or start their own company is
approximately 700 in 2020, which is less than
in 2018 (approximately 900), due to the lower
number of programs. This number consists
solely of the number of graduates from full-
time game-related educational programs.
There has been a notable shift in the vocatio –
nal education sector where game education
is now part of a broader program, such as
Software Development or Multimedia Design.
DIVERSITY AND INCLUSION
There is a growing awareness of the impor-
tance of diversity and inclusion in the games
industry. The survey provided insights into
gender, age, foreign talent, and policy
measures. The percentage of women in
game companies has risen steadily over
the past few years to 23% in 2021, as has
non-binary, gender fluid,and transgender.
The average age of industry professionals
is also increasing.
11

Arid – Sad Viscacha Studio (Breda University of Applied Games)
12

This chapter provides an overview of recent developments in the size,
segmentation, and growth of the Dutch games industry. This chapter
is based on desk research and data from the Games Monitor Survey,
executed in 2022. Around 200 companies participated in the survey.
Comparison with previous editions of the Games Monitor allows for
further insights into trends and developments.
The same definitions and methodologies as the previous editions of the\

Games Monitor (2018, 2015, 2012), were used. A more detailed description
of the data and research methodology is provided in the Appendix.

The Dutch games industry has grown significantly between 2018 and 2021. Dutch
game companies benefited from the growth of the global games market. Figure
1.1 shows an evolution in the growth cycle in the past ten years. From 2011-2015
the growth pattern was volatile. The growth of the industry was caused by the
net growth of starting and quitting companies. The Games Monitor 2015 1
showed rapid growth in companies but only limited growth in employment and
revenue. In the period between 2015-2018, growth accelerated to an average
job increase of 10 percent per year, as was shown in the Games Monitor 2018. 2
This trend of growth within existing game companies is even more prominent for
the period between 2018 and 2021. Growth in employment (5.7%) and revenue
(17.9%) is far exceeding company growth (see Figure 1.1). This growth pattern
shows that the Dutch games industry is on the road to maturity.
FACTS &
FIGURES
13

1.1 KEY ECONOMIC INDICATORS
The Dutch games industry consists of 630
companies and 4,560 jobs by the end of 2021.
They report a total revenue of approximately
€420-440 million in 2021. Compared to 2018,
this is a growth of 55 companies, more than
700 jobs, and more than €150 million in
revenues. The Games Monitor focuses on
the direct economic impact of the develop –
ment and production of games in the Nether –
lands. The overall economic and societal
impact of games, including indirect impacts
and impacts from the consumption of games
is much higher (see Chapter 6).

Overall, the average size of a company in the
games industry is 7.2 employees per company.
The sector consists of a large number of
self-employed and small companies and a
limited number of large game companies.
However, if we look at the distribution of
employees based on the size of the companies
(see Figure 1.2), we see a growth in the number
of employees working for larger companies.

Especially the number of people working for
companies with more than 50 employees has
more than doubled in the past three years.
These companies can be defined as scale-ups.
The number of companies in this category has
risen from 6 to 12 companies between 2018
and 2021. Companies that show this growth,
often have received funding to scale up and
grow their business faster. The number of
small companies (freelancers and solo deve-
lopers) further increased as well, but not as
rapidly as during the previous period.

In terms of company size, game companies
show a different trend than the ICT sector and
the creative industries, of which games are a
part. Both the creative and ICT sectors show
growth in small-sized companies but a decline
in the average number of employees per
company. Job growth for most of the creative
sectors between 2010 and 2020 was almost
entirely realized by micro-sized companies.
For the ICT sector, growth was also realized
in companies in the category of 50-100
employees. The average size of companies
in the creative industries is less than two
employees; ICT companies had an average of
4.1 in 2020. The average number of employees
in the games industry is even higher than the
average of 5 employees per company for the
entire Dutch economy. 3

1.2 COMPANY AGE
In this edition of the Games Monitor, we are
able to present the age distribution of the
game companies in our database. We gathered
data on the year of foundation for all the
companies that are still active in 2021. Note
that the year of foundation for the first entity
is taken as the starting point. Companies that
have changed the form of their business
registration (for instance from a self-employed
entity (“eenmanszaak”) to a private limited
company (“BV”)), often operate under the same
name or have the same portfolio of games.
They still are the same company, so that is
why the year of foundation for the first entity
is counted.

Figure 1.3 illustrates that the majority of game
companies have hit the 7-year mark. It can be
assumed that game development companies
with more than 3 years of experience have
already released a game and passed through
the first challenging phases of entrepreneur –
ship. Game development companies that have
existed for more than 6 years, in general, have
shown that they can be a sustainable compa –
ny. It is a good sign that so many companies
already celebrated their 6th birthday, as it
shows that the Dutch games industry is
maturing. The largest potential for scaling up
comes from the range of companies with 4
to 12 years of experience.
Early-stage startups with less than 3 years of
experience are more volatile, as they consist
of many startups that have not yet released
a game or some that have yet to discover
whether they want to be an entrepreneur.

1414

15
FIGURE 1.2
NUMBER OF EMPLOYEES PER COMPANY SIZE
Source: NEO Observatory, based on data from Dutch Game Garden/LISA/CBS
and Games Monitor 2015 and 2018
2011-20152015-20182018-2021
9.3%
2.6%
0.3%
5%
10.1% 11.5%
3.1%
5.7%
17.9%
Companies Jobs Revenue
FIGURE 1.1
GROWTH OF THE DUTCH GAMES INDUSTRY
IN NUMBER OF COMPANIES, JOBS, AND REVENUE (2011-2015,
2015-2018, 2018-2021), GROWTH IN PERCENT PER YEAR.
Source: NEO Observatory, based on data from Dutch Game Garden/LISA/
CBS and Games Monitor 2015 and 2018
201520182021
157 185
284
570
279
358
670
477
344
539
655
814
695
811
915
449 453
958
497 503
829
0-1 employees 2-5 employees 6-10employees 11-25employees 26-50employees 51-100employees 100+employees
15

16
1.3 SPECIALIZATION OF GAME
COMPANIES
By the end of 2021, we counted 198 game
developers focusing on entertainment games,
and another 12 companies combined the
development of their own entertainment
games with publishing third-party games.
Together these 210 companies employ 2,154
people which makes entertainment game
companies the top employer (almost half of
the total games industry), in the Netherlands.
The number of game developers focusing on
entertainment games has stabilized compared
to 2018, and the number of jobs increased
considerably.
In the previous edition of the Games Monitor,
data illustrating growth in the number of
game developers was driven by the growth
of entertainment game companies. This
number has declined slightly. The number
of game companies that are active in both
entertainment and applied games has de-
creased as well. Applied game companies
in contrast show a growth from 114 to 151
companies. This is remarkable considering
the challenges applied game companies
faced during the COVID-19 pandemic. 4
A few reasons might explain the growth in
applied game companies. As depicted in
Figure 1.4 the category ‘both’ has decreased.
This is caused by several companies that
have chosen to specialize and focus solely
on applied games. Another reason is that we
have added several companies to our list that
have existed for a while, but have made a shift
to applied games from a different industry,
most notably from a consultancy background.
We have also added some companies to the
database that were established in previous
years but only recently came to our attention.

FIGURE 1.3
COMPANY AGE, BASED ON YEAR OF FOUNDATION FIRST ENTITY
Source: Dutch Game Garden, based on data from Chamber of Commerce
Less than 3 years
4-6 years
10-12 years
13-15 years
16-20 years
20+ years
7-9 years
99
83
63
39
41
139
127
16

201520182021
2012
207 217
160
83
Entertainment
40 36 28 24
Both
151
Applied
114 119
95
TABLE 1.1
NUMBER OF GAME COMPANIES AND JOBS BY SPECIALIZATION
(Source: Dutch Game Garden)
FIGURE 1.4
NUMBER OF GAME DEVELOPERS BY SPECIALIZATION,
IN 2012, 2015, 2018 AND 2021
(Source: Games Monitor 2012-2022)
17
FOCUS No. of companies Jobs
Applied 151 1302
Applied & Entertainment 24 145
Entertainment 198 1933
Entertainment & Publishing 12 221
Publishing 30 306
Service 60 518
Specialized subcontractor 116 135

18
FIGURE 1.5
NUMBER OF EMPLOYEES PER COROP REGION
Source: NEO Observatory, based on data from Dutch Game Garden/LISA/CBS
GREATER AMSTERDAM
UTRECHT
NORTH FRIESLAND
TWENTE
WEST NORTH BRABANT
SOUTH EAST NORTH BRABANT
GREATER THE HAGUE
DELFT AND WESTLAND
GREATER ROTTERDAM
83
112
172
664
338
369
197
1744
324
18

1.4 REGIONAL HIGHLIGHTS
The greater Amsterdam region is the region
with the largest number of game companies
and employees in game development in
the Netherlands (see Figure 1.5). More than
1,700 jobs can be found here and several of
the largest Dutch game companies call the
Amsterdam region their home. Guerrilla
Games and Azerion, the two companies
with the largest number of employees are,
respectively, located in the city center and
close to Schiphol airport. PUBG Amsterdam
is one of the fastest-growing companies in
the region, they started their Amsterdam
branch in 2018 and have grown to more
than 100 employees. Their spin-off PLAYER
UNKNOWN Productions is also growing.
Vertigo Amsterdam (formerly ForceField VR),
Newzoo, and Cliq are other large companies
in Amsterdam. The trend that large inter-
national game studios choose to settle in the
Amsterdam region has developed further in
the past years. Bungie, EPIC Games, Gearbox
Publishing, and Pearl Abyss are some of the
companies that have done so.

Utrecht is the second games industry hub of
the Netherlands and hosts many medium-
sized and small game companies, both in
entertainment and applied games. The largest
game companies in Utrecht are Nixxes, Tover
(formerly Active Cues), and 5CA. In comparison
with Amsterdam, game development in Utrecht
is more focused on applied games. Overall,
the Utrecht region has the most applied game
jobs of all regions in the Netherlands: 295.

Greater Rotterdam, South East North Brabant
(including Eindhoven and Valkenswaard),
and Greater The Hague complete the top 5 of
Dutch game regions with 300+ jobs in 2021.
Rotterdam has a specialization in applied
games with companies like Le Quest, VSTEP,
and &Ranj. Internationally acclaimed VR for
entertainment games company Vertigo Games
is also located in Rotterdam.
The Eindhoven region has a mixed profile
of companies like Abstraction, Gamehouse,
Chimpworks, and Games for Health as
noticeable companies in that region. The
Hague hosts mainly entertainment game
companies, such as Gamepoint and Paladin
Studios.
In contrast with 2018, the region around
Hilversum is not on the map anymore. The
largest company in Hilversum, Spil Games,
was acquired by Azerion and moved to the
Amsterdam region.

Smaller clusters can be found in the Delft
Region, West North Brabant (Breda, Etten-
Leur, and Tilburg), Twente (the region around
Enschede), and North Friesland (Leeuwarden).

19
Notes
1 Dutch Game Garden (2016), Games Monitor
The Netherlands 2015, Utrecht: Dutch Game Garden
Can be retrieved from: http://www.dutchgamegarden.nl/
project/games-monitor/
2 Dutch Game Garden (2019), Games Monitor
The Netherlands 2018, Utrecht: Dutch Game Garden.
Can be retrieved from: http://www.dutchgamegarden.nl/
project/games-monitor/
3 Media Perspectives (2021), Monitor Creatieve Industrie 2021,
Hilversum: Media Perspectives. Can be retrieved from:
http://mediaperspectives.nl/project/monitor-creatieve-in –
dustrie/
4 For more information, see the Games Monitor 2020
Update about the impact of the COVID-pandemic.
http://drive.google.com/file/d/1IBZKIBonGyEA9ph3gMjIoR-
LD0xFMfNW_/view
19

In the past, video games were seen by the general public and targeted
as ‘toys for boys’. Nowadays, video games reach a very broad audience,
showing an almost equal distribution between male and female players,
and aims at being more representative for all types of players. Careers
in the games industry are becoming more diverse as well. However,
the transition to a more diverse workforce is not a fast one.

Gender distribution has been a focal point for a number of years. In the 2012
edition of the Games Monitor, the percentage of women in game companies
was estimated to be 13,5%. This percentage has risen steadily over the years to
23% of the employees in 2021 (see Figure I). The current student population is
also becoming more diverse which could shift the gender distribution in the
future.
As a general development, more women are taking up management positions as
well. In the past years, several larger game companies appointed women as their
new CEO. Based on the responses in the survey 1, the number of people identi-
fying as non-binary seems very low. In practice, we see a growing awareness
of this topic. It is hard to translate into actual numbers, but we see that the
amount of people (employees and students) in the games industry identifying
as non-binary, genderqueer, gender-fluid, or transgender is increasing.
As the video games industry is maturing we see that the average employee age
is rising. The industry is still very young but the number of veterans is growing.
See Figure II for the age distribution within the Dutch games industry.
The number of foreign employees in the Dutch games industry is rising. Some –
times because talent for certain positions is hard to find within the Netherlands,
other companies specifically look for foreign talent for (marketing) positions
where knowledge of a specific language is necessary. Larger game companies
all have a mix of nationalities in their teams. The number of companies founded
by expats is also growing.
Many more aspects around diversity could be taken into account, but not
all aspects can be measured, for instance, due to privacy laws.
DIVERSITY
AND
INCLUSION
intermezzo
20

FIGURE I
GENDER DISTRIBUTION OF GAME COMPANIES
(Source: Games Monitor survey 2022)
FIGURE II
AGE DISTRIBUTION OF EMPLOYEES IN THE DUTCH GAMES INDUSTRY
(Source: Games Monitor survey 2022)
2021
23%
1%
76%
male
female
other/non-binary
<25 years: 14%
25-35 years: 46%
35-45 years: 29%
45-55 years: 8%
55+: 3%
2021
46%
29%
3%
14% 8%
21

PERSPECTIVES ON DIVERSITY
AND INCLUSION
In the past few years, there has been a growing
awareness about the topic of diversity and
inclusion in the Dutch games industry. At the
Dutch Game Awards, for instance, a new
category has been added to honor an organi –
zation or person who has had a positive
impact on this topic.

In our survey, we have asked our respondents
if diversity and inclusivity is part of their
company policy. The question was aimed at
two policy types: on the one hand internal
policies around recruitment and personnel
policies, and on the other hand in the games
and game development processes. The
answers (see Figure III) show a lot of differen –
ces between companies. Forty-five percent of
respondents state that diversity and inclusivity
is part of the recruitment and selection
process and 40% apply diversity during the
game design and development of games.
Fifteen percent of the respondents however,
are not interested in the topic, and 13% do not
have any policies at the moment but are
intending to make it part of their company
policies in the future.
There are substantial differences in terms of
perspectives and opinions shared by one-per –
son companies/freelancers. Some state that
since they don’t have any personnel the topic
is not relevant for them. Others indicate that
the topic is highly relevant for them: policies or
games of potential clients are a contributing
factor in terms of whether they decide to
collaborate together.
Although awareness of this topic has been
growing within the past few years, in some
informal discussions and a roundtable organi –
zed by the Dutch Games Association in
February 2022, we noticed that not all aspects
of inclusivity are equally well known. For
instance, how to level the playing field in terms
of salary was a topic which many were intere –
sted in acquiring more tools and applicable
knowledge.
FIGURE III
DIVERSITY & INCLUSION
(Source: Games Monitor survey 2022)
No, but we intend to make it part of company policy in the future 13%
Yes, during game design and development of games 40%
Yes, during the recruitment and selection process 45%
Yes, other 15%
Yes, when considering the target audience of our games 34%
No, D&I are not part of our policy, we are not interested 15%
Yes, in our salary conditions 15%
No, D&I are not part of our policy, we do not know where to start 1%
22

Notes
1 Please note that the survey was sent to one person per
company, so people didn’t answer this question for
themselves.
Push your family Meteor Mug
23

After the Fall – Vertigo Games
2.
24

Another change that should be mentioned is
a decline in the percentage of companies that
have a revenue below €50,000. In the past,
the growth of (small) companies translated
into the growth of companies with low
revenues. Obviously, there is still a large
number of recent startups without any notable
revenue and some self-employed, one-person
companies that are part of this category. But
the group of small companies in general is
generating a larger revenue. This can be seen
in the growth of companies with a revenue
between €100,000 and €250,000 (12% in 2018
to 19% in 2021).
All-in-all, the Dutch games industry is showing
a large growth in reported revenue. On a
company level, there are still large differences
between companies. Mostly larger and more
experienced companies have done extremely
well in the past three years, as well as some
solo developers and small companies that
show a high revenue per person. On the other
hand, there is still a group of companies
struggling to make ends meet. A small group
of 11% reported a decrease in game-related
revenue of their company.
2.2 FUNDING STRATEGIES
AND INVESTMENT
Since the first edition of the Games Monitor
report in 2012, data concerning funding has
been part of the surveys we sent to developers.
Over the years, the percentage of companies
interested in growth has remained stable (77%
in 2021, compared to 78% in 2018). In contrast,
attitudes towards potential forms of funding
have changed (see Figure 2.2). External
funding, specifically a private investment
(Angel investor or Venture Capital), has slowly
become more interesting for developers:
less than 20% in 2012 and more than 40% of
the companies in 2021 cited private invest –
ment as an option to finance their ambitions
for growth. The interest in funding by a
publisher is also growing; thirty-three percent
of the respondents stated they are interested
in this type of funding. A private loan construc –
tion, which is offered by the Dutch initiative
Midgame Fund 1, for example, was added as
a new category. Fourteen percent of the
respondents indicated that they are interested
in this type of funding.
FIGURE 2.1
ANNUAL REVENUE OF DUTCH GAME DEVELOPERS,
COMPARING 2015, 2018, AND 2021
(Source: Games Monitor surveys 2016, 2019 and 2022)
201520182021
36%
14%
17%
9% 11%
38%
13% 13% 12%
9% 10%
26% 24%
14%
19% 18%
8% 8%
under € 50,000 € 50,000 – € 100,000 € 100,000 – € 250,000 € 250,000 – € 500,000 € 500,000 – € 1,000,000 over € 1,000,000
26

Young companies (less than 5 years old) are
also more interested in external funding than
in the past. Compared to more experienced
companies, young companies are open to
exploring many different options (multiple
options were chosen in the survey). Interest in
private investments or funding by a publisher
score highest among young companies, (both
more than 40% of this group of companies).
They also are interested in opportunities a
private loan has to offer, such as the Midgame
Fund (30% of the young companies), compa –
red to the more experienced companies (7%
of companies that have been in business
longer than 10 years). Apart from the general
shift in funding preferences, one specific
explanation for the interest in external funding
for young companies can be found in the
characteristics of the founder(s). In the last few
years, we have seen a growth in the number of
startups with an experienced founder. Some of
them were co-founders in another company
(for example Ronimo Games or Little Chicken)
but have decided to pursue their own dreams.
Others were employees in a company but now
have decided to branch out and develop their
own games. Some are expats relocating to the
Netherlands and are starting their own compa –
ny here.
FIGURE 2.2
TYPE OF FUNDING TO FINANCE GROWTH (MULTIPLE ANSWERS POSSIBLE)
(Source: Games Monitor surveys 2016, 2019 and 2022)
Via own means
Subsidies
Crowdfunding
Private loan
Friends, Family
Bank Loan
Other
Publisher
Private Investment (ind. VC)
20% 0% 40% 60% 80% 100%
201520182021
27

FIGURE 2.3
REQUIRED INVESTMENT AMOUNT 6
(Source: Games Monitor survey 2022) Less than € 50,000
Between € 50,000 and € 250,000
Between € 250,000 and € 500,000
Between € 500,000 and € 1,000,000
More than € 1,000,000
2021
37%
22%
8%
8%
25%
FIGURE 2.4
TYPE OF INVESTMENT SCHEME
(Source: Games Monitor surveys 2019 and 2022)
20182021
7%
53%
40%
16%
35%
44%
5%
Equity share Project funding Either or combination of equity and project funding
Other
28

Crowdfunding is becoming less popular
among Dutch game developers. On a
crowdsourcing platform such as Kickstarter or
Indiegogo the number of projects is growing,
and it is hard work to get funded. You have to
spend a lot of time gathering a community and
doing marketing around your campaign. On
Kickstarter, 46% of game projects (both digital
and board games) get funded. However, most
projects (over 90%) raise less than $100,000
and 67% less than $20,000. 2 One example of
a Dutch video game project that acquired
funding through Kickstarter recently (begin –
ning of 2022) was Above Snakes by Tobias
Schnackenberg. 3 Patreon is a niche method
of fundraising for game developers. Sokpop
Collective 4 is a successful example with more
than 2,000 patrons, 5 they earn a regular
income per month. With their unique approach
to game development, they have released
100 games between 2018 and 2022.
If we consider the amount of money Dutch
game developers are looking for in terms of
funding, it is evident that this does not match
with the amount you can raise on Kickstarter.
Only 8% of the respondents are looking for
less than €50,000 (see Figure 2.3). Over the
years the amount of money that companies
are looking for has steadily increased. The
percentages of all categories, except the
one of less than €50,000 have grown. The
percentage of companies looking for more
than €1,000,000 has tripled.
The maturing of the industry also shows in the
type of arrangement companies are willing to
accept. Project funding is still very relevant,
but a growing number of companies are
also interested in equity-based investments.
Internationally, the games industry has been
flooded with news about mergers and acquisi –
tions in 2020-2022. Due to the rapid growth
the industry is attracting attention from all
kinds of investors. Larger companies are on a
shopping spree and acquire many international
companies, leading to more consolidation in
the market. Dutch game companies also
attracted (inter)national attention leading to
some interesting investments:
– Spil Games (Hilversum) first sold its mobile
games branch to Azerion in 2019. 7 In 2020,
Azerion acquired the remaining Spil games
activities as well, leading to a full take-over. 8
Personnel was relocated to the Schiphol
offices, meaning a large player left the city
of Hilversum.
After the Fall – Vertigo Games
29

– Vertigo Games (Rotterdam) joined Koch
Media, now PLAION (a subsidiary of the
Embracer Group), in 2020. 9 Vertigo Games
operates as the VR Label for the PLAION
group. Early in 2021, Vertigo Games acqui –
red the Los Angeles-based VR-arcade
platform SpringboardVR. 10
– In 2021 Force Field VR (Amsterdam) became
part of the PLAION group as well. All shares
were acquired by Vertigo Games. The
company now operates as Vertigo Studios
Amsterdam. 11
– Gamebasics (Zoetermeer) known for the
game Online Soccer Manager, was acquired
by Miniclip at the beginning of 2021. 12
Gamebasics now operates as Miniclip NL.
– Nixxes (Utrecht) was acquired by Sony
Interactive Entertainment and joined the
PlayStation Studios group in 2021. 13 Making
Nixxes the second Dutch PlayStation studio
after Guerrilla Games.
– Lucky Kat BV (The Hague) was acquired
by Swedish-owned Fragbyte AB at the end
of 2021. 14
– In 2022 M2H sold its majority stake in the
WW1 Games Series to Focus Entertainment
just before the release of their latest WW1
game Isonzo. 15 Blackmill Games (also
Alkmaar) continues to work on the WW1
Games Series.
A specific investment scheme is used by
Azerion. This digital entertainment and media
company with a strong basis in web-based
games, funded its growth through a couple of
bond issues in 2020 and 2021. In late 2021
they announced they were pursuing a listing
on the Amsterdam stock exchange by using
a Special Purpose Acquisition Company
(SPAC) called EFIC1. On February 1st, 2022,
the process was completed and the name of
the stocks changed to Azerion. Thus, Azerion
became the first Dutch game company to be
publicly traded in Amsterdam. 16
All examples mentioned above are acquisitions
and investments in entertainment companies.
Most of them are complete acquisitions and
the acquired companies have become part of
a larger international group. Applied game
companies, in contrast, were also hunting for
investments, but the preferred model for those
Winkeltje (The Little Shop) – Sassybot
30

companies is the more traditional Angel or
Venture capital schemes. They only sell part
of the shares of the company and remain
majority shareholders. We saw several
interesting investments in 2022:
– Tover (formerly known as Active Cues),
based in Utrecht and known for its health –
care product Tovertafel (Magic Table)
received an investment from Karmijn
Kapitaal 17 to help their expansion in North
America.
– Arnhem-based Enliven received an invest –
ment from LUMO Labs and Oost NV for
their empathy training in Virtual Reality. 18
– Holomoves (Utrecht) focusing on Mixed
Reality solutions for rehabilitation received
an investment from the ROM Utrecht
egion to further develop and validate their
software. 19
– Springlab (Utrecht), an applied game
company focusing on games in an
educational setting, reached an agreement
with Netsam Participaties about a series-A
investment. 20
FIGURE 2.5
PERCEIVED CHALLENGES IN GROWTH
(Source: Games Monitor survey 2022)
INSUFFICIENT KNOWLEDGE ABOUT INTERNATIONAL MARKETS
24.8% 31.4% 24.8% 3.8 15.2%
ACQUIRING ENOUGH PLAYERS/SALES
20.8% 16.7% 31.3% 27.1% 4.2
FINDING A SUFFICIENT AMOUNT OF FINANCE
14.8% 19.4% 25.9% 25.9% 13.9%
FINDING A PUBLISHER FOR MY GAME
19.8% 17.3% 25.9% 14.8% 22.2%
COMPLICATED VALIDATION PROCESS FOR APPLIED GAMES
27.9% 18% 18% 11.5% 24.6%
INSUFFICIENT ENTREPRENEURIAL SKILLS
26.3% 28.9% 21.9% 4.4 18.4%
QUICKLY CHANGING REVENUE MODELS FOR GAMES
35.6% 26.4% 14.9% 3.4 19.5%
INSUFFICIENT ACCESS TO INTERNATIONAL MARKETS
22.9% 24.8% 21% 4.8 26.7%
FINDING SUITABLE PERSONNEL
21.5% 20.6% 24.3% 21.5% 12.1%
strongly agree agree neutral disagree strongly disagree
31

2.3 CHALLENGES FOR GROWTH
Despite all the examples mentioned in the
previous paragraph, finding a sufficient amount
of capital to grow, remains a challenge for a
large group of companies (roughly 50% of the
respondents). In the 2015 edition of the Games
Monitor, two main challenges were described.
On the one hand, professional investors want
a proven business model before they invest,
and on the other hand, game companies are
not used to the idea of giving up control or
IP and have not thought about a potential exit
strategy. These challenges have not changed
much, but a few developments helped change
the perceptions about external investments:
– There are more examples of successful
investments available;
– These examples show it is possible to
maintain your creative freedom;
– Not all investors want a quick exit and
investors have gotten used to the rapidly
changing business models in the games
industry;
– The idea of ‘smart money’ has become
more widespread: investors do not only
offer money but also provide a useful
network, experience, and knowledge.
The biggest challenges (see Figure 2.5) for
Dutch game companies were acquiring
enough players, acquiring sufficient funds,
and finding suitable personnel. This top 3 has
not changed compared to the 2018 edition of
the Games Monitor. However, the percentage
of user acquisition has increased and has
become the largest challenge. This can be
attributed to changing regulations around
cookies in the European market (for instance
the Digital Services Act). It has become much
harder to target specific audiences.
It has also become more difficult to find
suitable personnel. The Dutch economy
as a whole is struggling with a shortage of
personnel, as is the games industry. The
games industry has the added challenge of
being a sector with highly specialized jobs and
a lack of qualified senior professionals or
producers with game development experien –
ce. Finding a publisher seems to have become
more difficult as well, as the percentage of
companies that experience this challenge has
risen from 26% in 2018 to 40% in 2021. Dealing
with quickly changing revenue models on the
other hand is something game developers
have gotten used to, as only 18% agree that
this is a challenge for growth.
All in all, we see that the Dutch games
industry has grown in the years 2018-2021.
Revenues and employee count have gone
up, serious investments and acquisitions
have been realized, and companies show
more maturity in the growth or scale-up
challenges they face.
32

Notes
1 http://midgame.fund
2 http://www.kickstarter.com/help/stats. Stats retrieved on
December 2nd, 2022.
3 http://www.kickstarter.com/projects/266687617/lone-
some-an-atmospheric-wild-west-mystery-rpg/posts
4 http://sokpop.co/#home
5 http://www.patreon.com/sokpop
6 Companies not interested in external funding are excluded
from these numbers
7 http://www.azerion.com/azerion-acquires-spil-games-mo-
bile-division-sale-delivers-great-mobile-ips-to-azerion-
and-heralds-a-strategic-partnership-with-spil-games/
8 http://www.azerion.com/azerion-buys-spil-games-portals-
business-to-become-casual-gaming-leader/
9 http://vertigo-games.com/vertigo-games-joins-koch-
media-adding-vr-gaming-to-the-groups-global-network/
10 http://vertigo-games.com/vertigo-games-acquires-vr-
arcade-platform-springboardvr/
11 http:// vertigo-games.com/vertigo-games-acquires-vr-
game-development-studio-force-field/
12 http://www.gamebasics.nl/en/proud-moment-for-us-
were-joining-miniclip-to-step-up-our-games/
13 http://www.sie.com/en/corporate/release/2021/210701.
html
14 http://fragbitegroup.com/mfn_news_en/fragbite-acquires-
lucky-kat-b-v/?lang=en
15 http://www.m2h.nl/nl/m2h-sells-majority-share-ww1/
16 http://control-online.nl/gamesindustrie/2022/02/02/
azerion-group-genoteerd-aan-de-amsterdamse-beurs/
17 http://www.karmijnkapitaal.nl/en/news/tover-joins-forces-
with-karmijn-kapitaal-to-conquer-us-market/
18 http://enliven.one/en/news/press-release/
19 http://www.romutrechtregion.nl/nieuws/startup-holomo –
ves-ontvangt-investering-van-de-rom/
20 http:// www.linkedin.com/feed/update/urn:li:activity:
6996090374842687488/
33

The Games Monitor reports about the revenues by Dutch game developers.
As stated elsewhere, most developers generate these revenues on the
worldwide market for games. Dutch consumers on the other hand buy
games that have been developed all over the world.
The global video game market has grown significantly in recent years. There was
a huge boost for games during the various lockdown periods with record-level
engagement and consumer spending. This resulted in a growth in revenues in
the global entertainment market from $138,8 billion in 2018 to $192,7 billion in
2021. Despite a consolidation in 2022 and 2023, revenues are expected to rise
in the coming years.
The Dutch consumer market also showed growth during the COVID-19 years.
The number of players reached more than 9 million Dutch consumers by 2021
and continues to grow. After a rise in sales in 2020, consolidation of revenues
was seen in 2022 (See Table x.x).
In previous editions we also reported about the games industry in other countries.
Since a number of years, the European Game Developers Federation (EGDF)
provides this overview in her European Video Games Industry Insight Report.
See https://www.egdf.eu/data-and-studies/ for more information.
GLOBAL AND
DUTCH GAME
MARKETS
intermezzo
34

Asgaard Saga – Hulan
TABLE I
GLOBAL GAMES MARKET DATA
REVENUES AND PLAYERS | 2018 – 2022 | COMPARISON GLOBAL AND THE NETHERLANDS
Source: Newzoo games market reports & forecasts october 2023
Region Segment 2018 2019 2020 2021 2022
Global Total Players 2.506,0M 2.668,7M 2.889,6M 3.074,6M 3.181,8M
Total revenues $138,8 Bn $143,8 Bn $179,1 Bn $192,7 Bn $182,9 Bn
Netherlands Total Players 7,5M 7, 9 M 8,7M 9,2M 9,6M
Total revenues $0,9 Bn $0,9 Bn 1,1 Bn $ 1,2 Bn $1,2 Bn

35

3.
Lake – Gamious
36

37
ENTERTAIN –
MENT GAMES
Entertainment games lie at the heart of the video games industry. The past
few years have shown a very large growth in the entertainment games
market due to the COVID-19 pandemic. As we saw in the Facts and Figures
chapter, Dutch game companies were able to profit from this growth in
demand as well. Many entertainment game companies are positive about
the state of their company and the games industry in general. In this chap –
ter, we’ll take a look at the specific characteristics of Dutch entertainment
game companies. The figures in this chapter are based on the survey that
was filled in at the beginning of 2022.
As stated in the Facts and Figures chapter, we counted 198 companies
focusing on the development of entertainment games by the end of 2021.
A further 24 companies develop both entertainment and applied games.
Also, a large number of specialized subcontractors are involved in the
development of entertainment games.
37

3.1 TRENDS AND CHALLENGES
Looking at the various game development
platforms targeted by Dutch entertainment
studios (see Figure 3.1), we see some interes –
ting trends:
– There is growth across almost all platforms.
This means that companies are using a
multi-platform strategy;
– PC is the most popular development
platform (over 87%);
– The dominance of PC development has
risen considerably compared to 2018;
– Mobile platforms, Android phones and
tablets, as well as iOS phones and tablets,
show very similar percentages across
the board (a little over 50% for all these
platforms);
– The Nintendo Switch has become the
most popular Console platform (52% of
Dutch Developers), showing a growth
of 19% between 2018 and 2021.
– Sony Playstation and Microsoft Xbox were
mentioned by 43% and 41% respectively;
– Compared to 2018, more developers are
aiming at the VR market. Roughly 20% of
the respondents state that they develop
for VR platforms (Oculus, Morpheus, Vive
or other);
– Six percent develop for Playstation VR
specifically.
FIGURE 3.1
PLATFORMS TARGETED BY DUTCH GAME DEVELOPERS
(Source: Games Monitor surveys 2019 and 2022)
PC
Android (Tablet)
iOS (iPhone)
iOS (iPad)
Microsoft Xbox One
Nintendo Switch
Sony Playstation
Linux
Browser Games, specifically: casual, puzzle, race games, etc.
Windows Tablet
VR (Oculus, Morpheus, Vive or other)
Playstation VR
Other
Android (Phone)
Mac
20% 0% 40% 60% 80% 100%
20182021
38

Considering the focus on PC games, it comes
as no surprise that Steam is the most popular
distribution channel for Dutch developers (see
Figure 3.2): 70% use Steam as a distribution
channel, and for 51% it is the primary channel.
Apple iOS (47%) and Google Play Store (44%)
are also popular distribution channels among
Dutch game studios. However, the number of
companies using those channels as their
primary distribution channel is much lower
(12% and 5% respectively). Nintendo eShop,
Playstation Network, Xbox Games Store, GOG,
and the EPIC Game Store are used by more
than 25% of the developers. Only a few
companies use one of these as their primary
platform. In the first edition of the Games
Monitor report (2012), the researchers stated
that boxed games were passé with just 20% of
the developers offering games in a physical
box. Even though almost all games nowadays
can be played online or downloaded, 20% of
entertainment companies still use boxed
games to sell their games. Relatively new
subscription platforms such as Apple Arcade
and Google Play Pass are only used by a small
number of companies in 2021.
Across all platforms, premium games are the
preferred monetization strategy for Dutch
entertainment companies. Almost 75% of the
respondents said they use premium models.
Between 2018 and 2021 the use of premium
models for game developers has risen from
52% to 74%. As can be seen in Figure 3.3,
companies are often combining multiple
monetization strategies. A premium game, for
example, is often followed by Downloadable
Content such as new worlds or storylines.
Mobile games combine in-app purchases and
in-game advertising. This trend of hybrid
monetization fits the global trends for the
games industry, as Newzoo 1 observes in its
annual report. Individual subscription models
have become less popular since large distribu –
tion channels now offer their own subscription
models (Apple Arcade, Google Play Pass etc.).
For developers, this offers new opportunities.
Some obtain project funding to develop games
FIGURE 3.2
DISTRIBUTION CHANNELS FOR ENTERTAINMENT GAMES
(Source: Games Monitor survey 2022)
Steam
Apple App Store
Google Play Store
Nintendo eShop
Playstation Network
Xbox Games Store
GOG
Epic Games Store
Microsoft Store
Physical retail (boxed)
itch.io
Humble
AppleMac App Store
71%
46%
35%
28%
28%
26%
25%
23%
22%
22%
20%
47%
11%
39

FIGURE 3.3
MONETIZATION STRATEGIES DEPLOYED FOR ENTERTAINMENT GAMES
(Source: Games Monitor surveys 2019 and 2022)
20182021
52%
22%
3% 3.7%
30% 30%
10% 10% 6.4% 5.6%
19%
74.2%
8.9%
36% 34.8% 31.5%
17.9%
21.5%
Premium In-apppu