Dutch Games Monitor 2024

GAMES
MONITOR
2024
THE NETHERLANDS

COLOPHON
AUTHORS
Christel van Grinsven
Arjan Terpstra
Matthijs Dierckx
RESEARCH CHAPTER 1
Walter Manshanden – NEO
Observatory

SUPPORT
Martine Spaans
Rami Ismail
Marlies van Kampen

DESIGN
Studio Vrijdag

COVER IMAGE
Station to Station
by Galaxy Grove
All rights reserved
© Dutch Games Association 2025
This publication is made possible by
Ministry of Culture, Education, and
Science
SPECIAL THANKS TO
APPLIED
Bowie Derwort (Game Tailors)
Michaël Bas (&ranj)
Roger ter Heide (Improvive)
Tim Laning (Grendel Games
& Grendel Medical)
Rob Hulsen (Hulan)
Emily Jacometti (Hero Center)
Arjan van Houwelingen
(SAGAnet, Hanze University)
EDUCATION
Henriet Eilander (Hanze Universi-
ty of Applied Sciences Groningen
& Dutch Games Association)
ENTERTAINMENT, GROWTH
& FINANCE, GENERATIVE AI
Round-table members
Ronnie Nelis (VerseUs Games)
Martijn van Zwieten (Business
Coach and Consultant)
Martine Spaans (FGL, Tamalaki
& Dutch Games Association)
Stephanie van Lith-van Geel
(GameDrive) Manuel Kerssemakers (Abbey
Games)
Laurens Rutten (CoolGames
& Dutch Games Association)
Tuur Hendrikx (Sonic Picnic)
Tomas Sala (solo dev of
Falconeer-franchise)
SUSTAINABILITY
Prof. dr. Joost Raessens
(Utrecht University)
Dr. Benjamin Abraham
(After climate.com)
DIVERSITY AND INCLUSION
Sacha Blom (Beatgrid, Women
in Games Ambassador)

GAMES
MONITOR
2024
THE NETHERLANDS

Tiny Terry’s Turbo Trip – Snekflat
TABLE OF CONTENTS

7
83 17
49 69 9
15
37
27
55 75 61
79
Foreword
Appendix
4. Applied games
7. Diversity and inclusion Management
summary
2. Finance & growth
5. Game education 8. Sustainability 6. Generative AI
9. The Dutch games industry in
European context Introduction
1. Facts & figures 3. Entertainment
games

Age of Wonders 4 – Triumph Studios
6

FOREWORD
The previous edition of the Games Monitor report on the Netherlands reflected
the state of the industry at the end of 2021, when the effects of COVID-19 were
still deeply felt in daily life. Much has changed since then. How has the Dutch
games industry responded to evolving international markets? In recent years,
discussions about the role of generative artificial intelligence in the industry have
intensified. However, there was limited insight into how companies are actually
using these technologies. With this edition, we aim to address that gap.
In late summer 2024, Dutch Game Garden, the initiator and project manager of
previous Games Monitor reports, unfortunately had to decide to cease operations
in 2025. The Dutch Games Association quickly stepped in to ensure the continua-
tion of data collection on the Dutch games industry, as well as the preservation of
knowledge and data from Dutch Game Garden. With substantial support from the
Ministry of Education, Culture and Science, we were able to develop and present
this new edition of the Games Monitor.
Unlike earlier reports, this edition contains a two-year interval between the key
economic data points. Employee numbers and industry revenue are reported as
of the end of 2023. Meanwhile, surveys were conducted at the beginning of 2025,
meaning some data also covers developments in 2024. Additionally, interviews
conducted for the report offer current perspectives. Readers should be aware
that different timeframes apply to different types of data.
The report opens with a general overview of global trends in the video game
industry. Chapter 1 presents key facts and figures about the Dutch games indus-
try. Chapter 2 explores financial growth, funding strategies, and the challenges
that game companies face in scaling. Chapter 3 highlights trends in entertain-
ment games, while chapter 4 focuses on applied or serious games. In chapter 5,
we examine Dutch game education, including programs, courses, and student
demographics. Chapter 6 delves into the use of generative AI in game develop-
ment. Chapter 7 addresses diversity and inclusion, and chapter 8 looks at sustain-
ability. Finally, chapter 9 compares developments in the Dutch games sector
with trends abroad..
This report is based on desk research, a comprehensive survey, interviews,
and a roundtable discussion. Over 150 respondents participated in the survey.
We extend our sincere thanks to all those who contributed their time and insights
through interviews and discussions. Your input was invaluable in shaping this
report.
On behalf of the Games Monitor team,
Christel van Grinsven – Project Coordinator
7

Underground Blossom – Rusty Lake
8

The Games Monitor 2024 presents a comprehensive overview of the Dutch
video games industry in the years 2022 – 2024. This is the fifth full edition
of the Monitor, developed to present relevant developments in the indus-
try. Data and insights were collected through surveys, roundtable sessions
with industry experts, desk research, and informal discussions with industry
peers.
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 organizations in the games industry (clients, educational
institutions, research institutes) were excluded from our analyses as the develop-
ment 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 saw modest growth between 2021 and 2023. Revenue
calculations show a total revenue of €763 million, marking an average annual
increase of 10.5%. For this report we identified 614 active companies, up from 589
in 2021. By the end of 2023, 4,291 people were employed in the industry. This
represents a decline of 269 jobs from 2021. Most of the change can be attributed
to changes in company focus: pivoting to products and services outside of
gaming impacts our industry job tally more than actual job losses.
Average company size has decreased from 7.7 to 7 employees. Companies with
11–25 employees experienced a large reduction after previously recording the
highest growth.
MANAGEMENT
SUMMARY
9

The median age of a game company is cur-
rently nine years. Game companies can be
found throughout the Netherlands; the greater
Amsterdam, Utrecht, and Rotterdam areas
are its main hubs.
FINANCE AND GROWTH
Dutch game-related revenues have held up
despite the global slowdown. Two out of three
studios report stable or higher income than in
2021, yet the landscape is polarizing: almost
half now earn under one hundred thousand
euro, while a steady one in five still clears one
million. Small (micro) studios are becoming
more common.
Desire to grow is dropping: 65% of companies
plan to scale, down from almost 80% three
years ago, with entertainment studios the least
eager. Founders cite the energy drain of
managing larger teams and a skill gap in
business operations among new graduates.
Studios struggle to hire niche talent at Dutch
salary levels, face strict dismissal law that limits
workforce flexibility, and receive little state
support compared with neighbouring coun-
tries. Investors remain cautious, leaving many
teams reliant on friends-and-family seed
capital while later-stage funding is scarce.
Two thirds aim to self-finance future growth,
half rely on organic revenue. Applied game
companies combine this with government
grants and private investors, while entertain-
ment studios look to publishers, though
publisher interest has dipped from 37% to 30%
since 2021. Crowdfunding interest has fallen
to 6%.
Developers expect continued demand on PC,
consoles, mobile and premium segments,
modest faith in VR and AR, and limited pursuit
of emerging platforms such as Discord.
Investment momentum cooled after 2023, yet
the market saw some notable acquisitions and
investments.
ENTERTAINMENT GAMES
Though it is increasingly difficult to be suc –
cessful in the premium PC-market, this
remains the predominant model for Dutch
entertainment studios. Veteran developers
contest the doom-and-gloom: premium PC
games can still thrive if they serve a clear niche
and apply strong marketing.

Dutch web-game companies generate healthy
revenues through advertising, in-app purchas-
es and subscriptions. NFTs have all but disap-
peared from the Dutch games industry.
Engine use is shifting slowly. Unity retains its
leading position, but half of Dutch users are
evaluating a switch after last year’s pricing
uproar. Godot adoption jumped to 10%, Unreal
climbed to 30%, and proprietary engines fell
to 15%.

Market sentiment is mixed. High-profile
closures (Ronimo, Paladin, Keoken) and
Guerrilla’s cutbacks show the global downturn
reaching the Netherlands, while newcomers
like Galaxy Grove and new regional funds
signal fresh momentum.

Surveyed companies are more pessimistic than
three years ago: 16% say their own studio is
struggling, and 58% think the Dutch games
sector as a whole is not in good shape.
APPLIED GAMES
Close to a quarter of Dutch games companies
report being active in the applied or serious
games market, indicating the continuing
importance of this segment for the Dutch
games industry.
The number of applied games companies has
dropped, as has the number of full-time jobs:
we currently identify 128 companies and 1,056
jobs (full-time equivalent), down from 151
companies and 1,302 jobs in 2022. This drop
is largely due to adjustments in research
methodology.
10

FIGURE I
KEY FACTS & FIGURES DUTCH VIDEO GAME INDUSTRY
Source: Games Monitor 2024
4,291 JOBS
41 EDUCATIONAL
PROGRAMS
€ 763 MILLION
REVENUE
614 COMPANIES
11

The outlook for applied games is optimistic.
Serious games markets are expected to bloom,
largely due to a growing acceptance of
immersive, playful technologies, and the
increased use of gaming methods and soft-
and hardware.
Applied games companies are well equipped
to make the most of this trend, but face
increasing competition from non-gaming
companies involved in gamified e-learning
or training solutions, specifically in the field
of VR or XR applications.
GAME EDUCATION
There are currently 41 different game educa-
tion programs in the Netherlands, similar to
2022. Courses focus primarily on program-
ming or game art, and to a lesser extent on
game design, game audio/music, and busi-
ness/marketing. A majority of courses have
a dual focus on both entertainment and
applied games.

Student inflow numbers at these courses are
dwindling. The cause is not clear, but factors
like demographic changes and a general drop
in interest in ICT courses both play a part.
Finding internships at games companies is a
cause for concern, yet experts see a growing
appreciation of game students in non-gaming
industries, where their creative ‘game thinking’
is valued.
GENERATIVE AI
Uptake is swift and widely regarded as perma-
nent. Two-thirds of Dutch studios believe
generative AI creates new opportunities, and
less than a quarter are firmly opposed.
Almost half of teams that write their own code
already use tools such as Copilot or Cursor;
another fifth are evaluating them. Content
generation is mainly for prototyping, not final
assets. More than 40% create concept art or
draft text with AI, yet only one quarter create
AI art, audio or writing for in-game assets. Around 40% say they will never use AI for
finished assets.

Applied studios embrace the technology faster
than entertainment studios. A majority of
serious games companies are using or testing
genAI for localization, dialogue, training
content and audio, helped by clients who are
open to custom AI-enabled solutions.
Future adoption is expected to rise across
disciplines despite ongoing debate over ethics,
job impact and player backlash. Round-table
voices liken genAI to the mobile wave: studios
that ignore the tools now may struggle for
relevance within a year or two.
DIVERSITY AND INCLUSION
The percentage of female workers in the
Dutch games industry keeps rising. Currently
23.2% of workers identify as female, up from
13.5% in 2013. The percentage of transgender,
non-binary and gender-fluid identifying people
is up from 1% reported in 2022, to 3.6% in
2024.

The Dutch games industry skews young, but
is slowly maturing over time. Workers have a
median age of 35 years (up from 32 years in
2022), which compared to the median age of
all workers in the Netherlands (41 years of age)
is still young.
We estimate that up to 35% of employees may
have a non-Dutch passport, a number largely
due to the presence of large international
companies with studios in the Netherlands.
SUSTAINABILITY
Industry action on climate has stalled since
2021. Roughly one-third of studios now follow
a formal policy on waste, renewable energy or
carbon reduction, a share that shows no clear
growth compared with the previous survey.
Cutting travel is the most common measure.
More than 40% of studios try to limit trips to
trade events.
12

Applied studios that work for clients on
training or health projects engage with sus-
tainability at up to triple the rate of entertain-
ment-only teams.

Many developers seem unsure which actions
matter or doubt their effect, highlighting the
value of initiatives such as Playing for the
Planet and the Sustainable Games Alliance,
whose experts stress that early efficiency gains
and near-term emission targets are essential if
the sector is to align with the Paris goals.
EU COMPARISON
The European Games Developer Federation
puts the Netherlands in a group of ‘Moderate
Capacity Game Development countries.’
Challenges for countries in this group are
found in building a thriving start-up ecosys-
tem, a lack of incubators, access to experi-
enced senior talent, and access to local risk
capital.

The Netherlands currently boasts 614 game
development studios and service providers,
from a total of 5,300 game companies in all European countries. While this puts the total
number of companies in Europe’s top-5 tier,
the Netherlands are mid-tier when it comes to
employment numbers: the Dutch headcount
of 4,300 is dwarfed by those of Poland and
France, who each boast 15,000 staff.
New Heights – Wikkl Works
13

The Tale of Bistun – Black Cube Games
Notes
1 https://publish.obsidian.md/vg-layoffs/Archive/2024
https://www.gameshub.com/news/news/igda-game-
developer-layoffs-2023-2639855/
2 https://investgame.net/news/global-gaming-deals-
activity-report-2020-2022/
3 https://dl.acm.org/doi/full/10.1145/3651280
4 The EGDF talks of a historical game industry talent exodus
from Ukraine and Belarus, causing a “significant influx of
game industry war refugees into the EU,” impacting other
industries in terms of talent saturation.
See: https://www.egdf.eu/wp-content/uploads/2024/06/
2022-European-video-games-industry-insight-report.pdf 5 https://newzoo.com/resources/trend-reports/newzoos-
global-games-market-report-2024-free-version
6 Figures compiled from market reports by
https://www.mordorintelligence.com,
https://www.skyquestt.com,
https://www.alliedmarketresearch.com,
and https://www.imarcgroup.com
14

INTRODUCTION
In this report we look at developments in the Dutch video games industry.
But before we do, we need to look at the international context. For many
in the global industry, the main challenge for the year 2024 was to ‘Survive
’til ‘25,’ as a popular slogan ran. In the West (US, Canada, the UK, and
Europe) post-COVID trends in the capital markets sparked a wave of
studio consolidations and closures, which led to an unprecedented number
of layoffs. Close to 15,000 people lost their jobs in Western video game
companies in 2023 and 2024.
1

The blame for this crisis is often laid at the door of capital: interest rates were low
during the COVID years, leading to ‘free money’ or ‘cheap debt’, fueling growth,
mergers, takeovers and other investments, to the tune of $115.3 billion, according
to one source.
2 After COVID, however, as people went back to non-gaming
activities, declining revenue led to a huge and necessary correction.
3
While this boom-and-bust narrative certainly accounts for some of the big stories
of 2024 (with the rise and fall of the Embracer Group as the main attraction), a
change in how consumers spend their hours does not explain the games ind\
ustry
crisis in full. Rising development costs, changing player behavior (people sticking
to a few older favorites, instead of picking up more and newer titles), and knock-
on effects from global events all play their part in the story. The Ukraine war
especially impacted the industry in many ways, upending studio strategies and
talent distribution in Eastern Europe and beyond.
4 These and other factors all
contributed to a year of ‘modest growth,’ as reported by Newzoo: in 2024,
revenue from entertainment games increased globally by 2%, to $187.8 billion.
5
For applied or serious games, traditionally a strong segment of the Dutch video
game industry, the story is very different. Where entertainment markets suffered,
global markets for serious games kept expanding. Analysts saw global revenue
grow from $6 billion in 2020, to $9.5 billion in 2023, and to $11 billion in 2024,
with a projected growth rate of 16 to 25 percent for the coming years.
6 Growth
drivers include an increase in global adoption of VR and AR in training and
development applications, and a growing demand for interactive learning in
general.
These international developments have been a big part of the conversation in the
Dutch industry in recent years, as the crisis in entertainment games was expected
to have ripple effects that would impact the Netherlands. This Games Monitor
shows that, yes, some developments did affect the Dutch industry, but no, not to
the extent that was sometimes feared.
We did ‘survive ‘til ‘25’, mostly intact and – modestly –\
thriving.

15

News Tower – Sparrow Night
16

This chapter provides an overview of recent developments in the size,
segmentation, and growth of the Dutch video games industry. For this
edition of the Games Monitor, the methodology for calculating the revenue
for the Dutch games industry has been thoroughly revised, leading to a
correction for previous years. A short explanation is given below, a more
detailed description of the data collection and research methodology is
provided in the Appendix.
This chapter looks at developments up until the end of 2023, as this is the
latest point for which national data were available at the time of writing.
A short preview for 2024 is included, based on industry survey data
collected at the start of 2025.

1.1 KEY ECONOMIC INDICATORS
By the end of 2023, 614 companies were counted as part of the video games
industry in the Netherlands.
1 The total number of companies doing “something”
with games, game techniques, or game technologies is much larger, but they fall
outside the scope of the definition. The number of companies has slightly
declined since 2021, mainly due to methodological adjustments. Based on \
adjusted
figures of preceding years, the industry has seen a modest growth in
the number of companies.
2

FACTS &
FIGURES
17

Figure 1.1 shows the evolution of the growth
cycle over the past seven years. Previous
editions of the Games Monitor have shown
a volatile growth pattern. The growth of the
industry in earlier years was characterized by
the net growth of entering and exiting compa-
nies. The Games Monitor 2015 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.
This growth pattern within existing game
companies is even more prominent between
2018 and 2021. Growth in employment (5.5%)
and revenue (7.7%) is far exceeding company
growth (see Table 1.1). Over the most recent
period 2021-2023, this trend has continued.
The number of companies increased slightly,
averaging 1.4% per year, the lowest rate
compared to all previous editions. Employ-
ment decreased by 3% per year between 2021
and 2023. Revenue increased with an average
annual rate of 10.5% to a total of €763 million.
The significance of this high growth rate is
limited, due to the hike in inflation after 2021.
3

1.2 RESTRUCTURING OF COMPANIES
AND EMPLOYMENT
Signs of the worldwide crisis in the games
industry, as described in the introduction, first
became visible in the Dutch games industry in 2023. The first bankruptcy caused by interna-
tional developments was reported in Fall 2023.
Other ripple effects were seen in 2024.
By the end of 2023, the Dutch games industry
offered employment to 4,291 people. This is
a decline of 269 persons compared to 2021. A
small part of this decline was caused by layoffs,
but most of this decline was due to changes in
company focus. To clarify: those jobs weren’t
lost, but fell outside of our current definitions
of the Dutch video games industry.
4 If we look
at the employment trends in the Dutch video
games industry, we notice the impact of the
international crisis, but on a vastly different
scale than what was reported in the US or UK.
In 2024, several Dutch companies announced
layoffs or closures, though the scale was much
smaller than in other countries.
Overall, following the pre-pandemic boom
and COVID-19-driven demand surge, the
Dutch games industry entered a phase of
moderate growth and consolidation after
2021, characterized by fewer new entrants
and the expansion of larger firms through
economies of scale and scope.
The average size of a company in the Dutch
games industry decreased from 7.7 to 7
employees. The sector remains characterized
by a high proportion of self-employed individ-
18
TABLE 1.1
KEY NUMBERS OF THE DUTCH GAMES INDUSTRY: COMPANIES, EMPLOYMENT
AND REVENUE IN MILLION € (REVISED), 2018, 2021, AND 2023
Source: NEO Observatory, based on data from Dutch Game Garden/Dutch Games Association/LISA/
CBS and Games Monitor 2015, 2018, 2022, 2024. Revenue in the period 2018-2021 revised
*per 31-12-2024
2018 20212018-202120232021-2023
Companies number5015895.5%614*1.4%*
Employment number383445606.0%4291-3.0%
Jobs/company average7. 77. 70.4%7.0-5.0%
Revenue € x million5016257. 7 %76310.5%
18

19
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, 2018, and 2022
FIGURE 1.1
GROWTH OF THE DUTCH GAMES INDUSTRY
COMPANIES, JOBS, AND REVENUE (2011-2015, 2015-2018, 2018-2021,
2021-2023), GROWTH IN AVERAGE PERCENT PER YEAR.
Source: NEO Observatory, based on data from Dutch Game Garden/Dutch
Games Association/LISA/CBS and Games Monitor 2015, 2018, and 2022
Revenue in the periods 2018-2021 revised
2011-2015
2015-2018
2018-2021
2021-2023
9.3%
5%5.5%
1.4%
Companies
2.6% 10.1%
6%
-3%
Employment
0.3% 11.5%
7. 7 %10.5%
Revenue
2015
2018
2021
2023
157
188
284 570
279
327
358 670
497
344
539619655 832
695
725
811854
915
907
449
445
415 453
958
477
501 788
0-1
employees 2-5
employees 6-10
employees 11-25
employees 26-50
employees 51-100
employees 100+
employees
19

20
uals and small enterprises, alongside a limited
number of larger firms. An analysis of employ-
ment distribution (see Figure 1.2), shows
growth among larger companies (25–100
employees) and solo enterprises, while the
number of employees in companies with 2–25
employees declined. In particular, the 11–25
employee category, which had previously
recorded the highest growth rates, experi-
enced a reduction of over 300 employees in
2023, marking it as the most volatile segment.
Employment growth in companies with over
100 employees, by contrast, has stagnated.
The number of companies classified as
scale-ups (those employing more than 50
persons) remained unchanged between 2021
and 2023. Although these companies often
expand following external investment, em-
ployment growth in this group was modest
post-2021, increasing from 1,726 to 1,761
employees (+35). In comparison, between
2018 and 2021, employment in these compa-
nies rose by 733 employees. The group of
freelancers and solo developers continued to
grow (+48 employees), although at a slower
rate than between 2018 and 2021 (+91).
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 and a decline
in the average number of employees per
company. Job growth for most of the creative
sectors between 2021 and 2023 was almost
entirely realized by micro-sized companies.
For the ICT-sector, growth was also realized in
companies in the category of 50-100 employ-
ees. In 2022, creative industries averaged fewer
than two employees per company (1.7), ICT
companies averaged four, and the overall
Dutch economy averaged 4.7. In contrast, the
games industry maintained a significantly
higher average of seven employees per
company.
5 So, scale economies do occur in
the games industry.

1.3 COMPANY AGE DISTRIBUTION AND
BUSINESS CYCLE DYNAMICS
Figure 1.3 presents the distribution of Dutch
game companies by year of founding. For all
companies active in 2024, the foundation year
of the original entity has been recorded.
Companies that changed their legal structure
— such as transitioning from a sole proprietor –
ship (“eenmanszaak”) to a private limited
company (“BV”)—but continue to operate
under the same name or portfolio are treated
as a single continuous entity. Similarly, compa-
nies that changed ownership while maintaining
operational independence have been classified
based on the year of their first establishment.
In general, it is assumed that the age distribu-
tion of companies remains relatively stable
over time, reflecting a constant rate of new
start-ups, company aging, and business
closures. However, Figure 1.3 shows a notable
shift in the age distribution between 2021 and
2024. In 2021, following a peak in the business
cycle and the surge in demand during the
COVID-19 pandemic, there was a high number
of start-ups and young companies. In contrast,
the subsequent period—characterized by
inflation, high energy prices, and an economic
downturn—resulted in fewer new entrants and
a general aging of the industry population.
Most companies that were more than 13 years
old in 2021 are still active in 2024, and there
are now five companies that have existed for
over 30 years. This aging trend reflects the
combined effects of the business cycle and the
temporary disruption caused by COVID-19.
The median age of a game company is cur –
rently nine years. Approximately half of the
companies are nine years old or younger,
while the other half are older. Going forward,
the age distribution is expected to become
more balanced, with a gradual increase in
mid-aged companies and relatively fewer
start-ups. This reflects the sector’s maturation
within the industry life cycle. Early signs of
industry consolidation are already evident, with
large companies likely gaining greater market
access as well as market share through
economies of scale, scope, production-chain
integration, and digital globalization.
20

The number of companies younger than nine
years has declined since the previous edition
of the Games Monitor (2022). This trend is
particularly relevant to game developers, who
often face critical decisions after publishing
their first or second game. In many cases,
revenues from initial releases are insufficient
to fully fund subsequent projects. Over the
past two years, securing additional financing
has become increasingly difficult, contributing
to a higher volatility among early-stage
companies.
Nevertheless, the continued presence of
start-ups remains an important indicator of
the sector’s vitality. A sustained number of
early-stage companies and entrants is essen-
tial; a significant decline would be a cause for
concern regarding the long-term dynamism
of the Dutch games industry. 1.4 SPECIALIZATION
By the end of 2023, a total of 210 companies
in the Netherlands were primarily focused on
the development of entertainment games (See
Table 1.2). An additional 10 companies both
developed their own games and published
titles from other developers. Together, these
220 companies employed 1,863 individuals,
confirming that entertainment game compa-
nies remain the largest employer within the
Dutch games industry. The number of compa-
nies specializing in entertainment games has
remained relatively stable between 2018 and
2023. The number of companies active in both
entertainment and applied games has gradual-
ly declined over the years (see Figure 1.4). This
trend appears to be the result of a more
focused business strategy, with companies
increasingly specializing in one segment. The
number of dedicated applied games compa-
nies fell from 145 in 2021 to 128 in 2023.
201520182021
2012
FIGURE 1.3
NUMBER OF COMPANIES PER AGE GROUP, 2021 AND 2024
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 21-30 years 30+ years7-9 years
99
67
83 116
63 72
39 67
41 52
5 139
114
127
121
2021
2024
21

TABLE 1.2
NUMBER OF GAME COMPANIES AND JOBS BY SPECIALIZATION
Source: Dutch Game Garden
CompaniesJobsEmployment
per company
Applied 1281056 8.3
Applied & Entertainment 20743.7
Entertainment 2101621 7. 7
Entertainment & Publishing 10242 24.2
Publishing 31456 14.7
Service 53656 13.4
Specialized subcontractor 162186 1.1
Total 6144291 7
2015
2018
2021
2023
2012
207210
217
160
83
Entertainment 40
36
28
24 20
Both
151
128
Applied 114
119
95
FIGURE 1.4
NUMBER OF GAME DEVELOPERS BY SPECIALIZATION,

2012, 2015, 2018, 2021, AND 2023
Source: Dutch Game Garden/Dutch Games Association
22

Reflecting this decline, employment within
applied games companies decreased from
1,260 to 1,056 jobs over the same period. This
shift is partly due to the blurring boundaries
between specialized applied games companies
and companies offering applied games as part
of a broader portfolio of services (further
discussed in Chapter 4).
There has also been significant growth in the
number of specialized subcontractors, pre-
dominantly consisting of self-employed
freelancers. This development aligns with the
broader increase in the number of micro-sized
companies across the industry.
Finally, employment within publishing compa-
nies has risen, largely due to foreign compa-
nies establishing publishing and marketing
operations in the Netherlands. However, the
number of independent, domestically-owned
publishing companies remains limited.
1.5 REGIONAL HIGHLIGHTS
By the end of 2023, the Greater Amsterdam
urban region remained the primary hub for the
Dutch games industry, offering nearly 1,800
jobs (see Figure 1.5). Several of the Nether –
lands’ largest game companies are based in this area, such as Guerrilla, Azerion, and
international companies like Krafton, Player
Unknown Productions, My.games, and Pearl
Abyss. Notably, despite an overall decline in
industry employment since 2021, employment
in Greater Amsterdam continued to grow over
the 2021–2023 period.
Employment growth was even stronger in
Greater Rotterdam, while employment levels
declined in the Utrecht and The Hague urban
regions. As a result, there has been both an
absolute and relative shift in employment
toward the Netherlands’ two largest cities.
Greater Amsterdam’s share of total games
industry employment increased from 38
percent to 42 percent, while the share of
Greater Rotterdam rose from 8 percent to
11 percent. Rotterdam houses companies like
Vertigo Games, i3D.net, Behaviour Interactive
(formerly Codeglue), &Ranj, and Total Mayhem
Games. Despite the growth in Rotterdam,
Utrecht remains the second-largest games
industry hub in terms of absolute employment
numbers. Utrecht houses mainly small and
mid-sized companies. Larger companies in
this city are Nixxes, Tover, and Hero Center
(formerly Flavour). Overall, the combined share
of employment across the four largest urban
Kayak VR: Mirage – Better Than Life
23

24
FIGURE 1.5
NUMBER OF JOBS BY REGION, 2023
REGIONS WITH MORE THAN 100 JOBS
Source: Dutch Game Garden/Dutch Game Association, based on data
from Chamber of Commerce
UTRECHT
579
GREATER ROTTERDAM
462
WESTERN NORTH-BRABANT
139
SOUTHEAST NORTH-BRABANT
230
THE HAGUE URBAN AREA
282
DELFT AND WESTLAND
157
GREATER AMSTERDAM
1,790
NETHERLANDS, OTHER
652
24

areas (Amsterdam, Rotterdam, Utrecht, and
The Hague) remained stable at 68 percent
between 2021 and 2023. These regional shifts
are expected to continue into 2024, as several
large companies in the major urban centers
have been affected by the recent industry
downturn.
Outside the major cities, southeast North
Brabant experienced a notable decline, with
the number of jobs falling from 324 in 2021 to
230 in 2023. Smaller clusters of games industry
employment continue to exist in Hilversum
(Gooi & Vecht area), the Alkmaar region, the
Delft region, West North Brabant (Breda,
Etten-Leur, and Tilburg), and North Friesland
(Leeuwarden). The Twente region, previously
included in the top 8, is no longer among the
leading areas in this edition. Because the number of companies in many
of these regions is relatively small, individual
developments — such as company expansions,
relocations, or closures — can have a substan-
tial impact on a region’s overall position within
the national industry landscape. For that
reason, we have chosen to display only the
regions with more than one hundred jobs.

25
Notes
1 In order to determine if a company can be classified as a
games company, their strategy/positioning, products, client
base, presence at game industry events, and other factors
are taken into account.
2 The database of companies used for this Games Monitor
report is constantly updated and scrutinized. Over the years,
companies have been added or discarded from the main list
of the database for many reasons. For this edition, we have
used several updates in the methodology as well. For a
further explanation, see the appendix.
3 The revenue in the subsequent years is in current prices.
Before 2022 inflation was not an issue, since inflation was
very low over many years. In constant prices the growth rate
of revenue over the 2021-2023 period would have been
lower than in the 2018-2021 period (7.7%) if inflation would
have been taken into account. This is consistent with the
slightly higher number of companies of firms and somewhat
lower number of jobs in the sector in 2023, the first
decrease in employment in the games sector. 4
Sometimes a company ceases to exist, but more often they
don’t fit the definition of a games company anymore, when
their portfolio shifts to other projects than game-related
ones. At the same time, a growing range of companies from
adjacent industries increasingly use games or game
methods in their offerings, making them eligible for our list.
This is especially true of companies using serious or applied
games methods, but there are many examples of non-ga-
ming companies building entertainment games as well,
especially in marketing.
5 Media Perspectives (2021), Monitor Creatieve Industrie 2023,
Hilversum: Media Perspectives. Can be retrieved from:
https://mediacampus.nl/initiatieven/monitor-creatieve-
industrie/
25

7th Guest VR – Vertigo Games
2.
26

FACTS &
FIGURES
In this chapter we’ll take a look at the most common models and platforms
in the Dutch games industry. A lot of data is derived from the survey we ran
at the beginning of 2025, which we amended with conversations with
industry professionals, including a round-table.
2.1 REVENUES
The global downturn as described in the introduction did not immediately
translate into a huge shift in revenues within the Netherlands. Exactly two-thirds
of respondents claim their game-related revenues have either increased (41%)
or remained stable (25%), compared to 2021. The biggest difference is a clear
upward trend in companies reporting revenue between 50,000 and 100,000
euros.
If we take a step back, we see that almost half of surveyed companies report
revenues below 100,000 euros: 49% in 2024, compared to 40% in 2021 (see
Figure 2.1). Small companies, at least in terms of revenue, seem to be increasingly
overrepresented in the Dutch games industry. However, some nuance should be
applied in this case. When filtering out the respondents without employees, the
division becomes less skewed towards the lower end in revenues.
Looking at the high-end side of the spectrum we see a small decrease in compa-
nies reporting revenues of over 1 million euros: 24% in 2021 to 22% in 2024. Still,
this section seems to be relatively stable, perhaps more so than is to be expected
FINANCE &
GROWTH
27

considering the state of the international
games industry. It’s interesting to see if this
upper echelon in revenue will hold steady in
the coming years, or if the hit in revenues is
still to come.
2.2 AMBITION
Looking at the survey results, it seems that the
Dutch games industry as a whole has become
less ambitious, if we define ‘ambition’ as ‘a
desire to grow.’ In previous surveys we found
that about 78 percent of responding compa-
nies are aiming to grow their enterprise.
1
This time around that number dropped over
12 percentage points to 65 percent.
Primarily responsible for this drop are compa-
nies whose revenues stem from the entertain-
ment sector. Just 56 percent of them respond-
ed they were looking to grow their company.
In the applied sector this was over 73 percent,
significantly higher, but still less than we used
to find for the Dutch games industry as a
whole.
The survey results do not provide a clear
insight as to why the ambition levels dropped,
but it’s not much of a stretch to think that in a
turbulent market surviving takes precedence over company growth. However, when we
shared these findings with the members of our
entertainment focused round-table, they had
different ideas.
2 Two participants with scale-up
experience were decidedly negative. One
observed, “[Growing a company] simply isn’t
enjoyable, you suddenly find yourself training
people and doing nothing but management.
This drains your energy rather than replenish-
ing it.” Another added: “We really got burned
by growth; it was far harder than we expected.
We now focus on expanding through collabo-
ration – working with more partners, not by
enlarging the company itself.”
As described in our chapter on entertainment
games, we see this reluctance for growth
translating into a preference for platforms and
business models suited to comparatively small
teams. Furthermore, not knowing how to grow
a business obviously doesn’t inspire a lot of
ambition in that direction. As one of the
round-table members noted: “Recent gradu-
ates [from game studies] possess little to no
understanding of business operations; aca-
demic programmes devote insufficient atten-
tion to these topics, leaving them short on
commercial savvy.”

FIGURE 2.1
ANNUAL REPORTED REVENUE OF DUTCH GAME DEVELOPERS,
COMPARING 2015, 2018, 2021, 2023, AND 2024
Source: Games Monitor surveys 2016, 2019, 2022, and 2025
2015
2018
2021
2024
2023
36%
14%
17%
9% 11% 38%
13%
13%
12%
9%
9%
10%
10% 26%
25%
25%
24%
22%
22%
14%
14%
14% 21%
24%
19%
18%
8%
8%
8%
7%
under € 50,000 € 50,000 –
€ 100,000 € 100,000 –
€ 250,000 € 250,000 –
€ 500,000 € 500,000 –
€ 1,000,000 over € 1,000,000
28

2.3 CHALLENGES TO GROWTH
When asked for obstacles to growth, survey
respondents agreed and disagreed approxi-
mately in equal measure with the idea that
finding suitable personnel is hampering their
progression (see Figure 2.2).
Since Dutch companies apply a variety of
different monetization models, their need for
specific people is equally varied. As noted by
the CEO of a large Dutch free-to-play studio:
“In the Netherlands, there’s currently plenty
of creative, commercial and technical talent available, but certain specialized roles in this
[free-to-play] space are hard to find. We
nowadays attract such specialists from over –
seas or other European countries that have a
stronger developed F2P-ecosystem. But hiring
a ‘highly-skilled’ migrant from outside the EU
requires a lot of paperwork to get a work
permit, and demands a minimum salary level
of almost €4,700 a month for anyone who’s
30 years or older. For a very senior role that’s
maybe okay, but for a medior or lower role,
that’s too high in the games industry.”
FIGURE 2.2
PERCEIVED CHALLENGES IN GROWTH
Source: Games Monitor survey 2025
INSUFFICIENT ACCESS TO INTERNATIONAL MARKETS
FINDING A SUFFICIENT AMOUNT OF FINANCE
INSUFFICIENT ENTREPRENEURIAL SKILLS
FINDING A PUBLISHER FOR MY GAME
INSUFFICIENT KNOWLEDGE ABOUT INTERNATIONAL MARKETS
strongly agree
agree
neutral
disagree
strongly disagree
20% 25%
31% 8%
15%
23% 41%
12%
25%
ACQUIRING ENOUGH PLAYERS/SALES
38% 9%
30%
21% 2
32% 29%
11%
7%
22%
THE CURRENT STATE OF THE GAMES INDUSTRY
28% 11%
27%
23% 11%
COMPLICATED VALIDATION PROCESS FOR APPLIED GAMES
50%18%
18%
7% 7%
35%
15%
11%
20%
16%
FINDING SUITABLE PERSONNEL
16% 25%
30%
10% 19%
33%
22%
26%
16%
3%
QUICKLY CHANGING REVENUE MODELS FOR GAMES
32% 24%
23%
3% 18%
29

Our survey did not specifically ask if salary-
levels are perceived as a hindrance, but some
round-table members pointed at this being an
issue. The aforementioned CEO is slightly
more bullish on this subject. “Salary levels in
Amsterdam or the Netherlands, are among the
highest in the EU. Unfortunately output level
and productivity are not necessarily higher
than in lower wage EU regions, let alone when
compared to further away but well developed
game markets. As staff expenses are by far the
premier cost factor for any game studio, this
puts us at a significant disadvantage compared
to other EU-regions.”
The CEO as well as some round-table mem-
bers called out two more typical Dutch issues
that impede growth. As one round-table
participant noted: “The Netherlands is one of
the most difficult countries in the world to fire
people.” In fact, the Netherlands is #2 in this
field.
3 “When your staff has fixed labor con-
tracts, it’s very difficult to -temporarily- scale
down your team size.”
The second issue named by several interview-
ees is the lack of government funding (see also
chapter 9). As noted by one interviewee:
“There is virtually no government support here.
In the countries directly surrounding us, a
variety of subsidy programmes exist. Of
course, building a full ecosystem on such
incentives carries risks, yet it can give an
industry a decisive kick-start. That is precisely
what the Netherlands is missing: there is no
gentle push to propel studios forward. Neigh-
boring countries do provide that support, and
consequently the Netherlands is beginning to
lag behind.” This sentiment is shared by almost
80% of all respondents, who feel the Dutch
government is not doing enough to support
this industry.
The survey results show most companies
perceiving ‘the current state of the industry’ a
handicap as well as ‘finding a sufficient amount
of finance’. According to at least one inter –
viewee, the Dutch investment culture is one
of risk aversion. “Compared to the US and
most EU countries, there’s very little profes- sional investment appetite in tech start-ups
and scale-ups, and that’s probably even more
true for game companies. Start-up studios do
usually manage to get off the ground with
some seed investments from ‘friends, fools and
family’ and working on a ‘shoestring’ cost level,
but investment capital for further growth or to
scale-up, is hardly available in the Nether –
lands.”
‘Acquiring enough players and/or sales’ is
regarded as the biggest obstacle when it
comes to the ability to achieve growth. This
may be a hurdle indeed, but it is hardly unique
to games; attracting and retaining customers is
a universal business task. On the flipside, most
respondents feel they do not lack entrepre-
neurial skills, nor knowledge about interna-
tional markets. (We should note that some of
our round-table participants vehemently
disagreed with these notions.)
2.4 ASPIRATIONS & FUNDING
Of the companies that do want to grow, over
half of them want to increase their headcount
and work on bigger projects (see Figure 2.3).
Mostly, however, they want to increase
revenue (85%) and profit (80%). In short, these
game companies would like to work on bigger
projects, with more people and take home
more profit.
We also asked the companies how they think
they can realize these expansions. Within a
subset of respondents, namely companies that
have employees, we find that about a quarter
of them would like to be acquired or merge
into a bigger entity. Among all respondents 30
to 40 percent name the following three
options as a path to growth: entering new
markets, realizing more projects, and collabo-
rating with other companies (such as sales and
marketing agencies). The options that stand
out are finding investment opportunities (46%,
more on this in a moment) and organic growth
in the current market (66%).
Most respondents would like to self-fund their
aspired growth (67%), alongside an organic
increase in revenue (54%). Of all current 30

FIGURE 2.3
TYPE OF FUNDING TO FINANCE GROWTH
(MULTIPLE ANSWERS POSSIBLE)
Source: Games Monitor surveys 2016, 2019, 2022, and 2025
Via own means
Organic growth
of revenue
Subsidies
Crowdfunding Private loan
(e.g. Midgame Fund)
Friends, fools and family
Bank loan
Other
Publisher
Private Investor (VC
or angel investor)
20%
0% 40%60%80%100%
2015
2018
2021
2024
projects 54% is self-funded, which tracks
closely with the international results from this
year’s GDC survey: 56%.
4
Government grants are considered as an
integral part of project financing by respon-
dents who developed applied games. 42% of
them are planning to apply for a grant, 33%
successfully applied for one for their current
project. Almost equally popular among serious
game companies are private investors, with
over 40% looking for VCs and angel investors,
and 21% already having such an investor
onboard.
Looking at the entertainment sector we see
significantly different numbers. Both private investors and government grants seem to be
much less of a consideration (under 20% in our
survey). Entertainment games have traditional-
ly been brought to market by publishers. So,
it’s little surprising that respondents in this field
are much more likely to try to get their project
signed by a publisher: 32% in entertainment
versus 13% in applied. For their current proj-
ects, 22% of respondents in the entertainment
branch say they have a publisher. (Among
creators of applied solutions this is zero
percent.)
Across all respondents, the popularity of
publishers dropped from 37% in 2021 to 30%
this year. Once more, we see a strong similarity
with the international GDC-survey, where the
same question resulted in 28% of respondents
31

saying they’d like to have their next project
financed by a publisher.
5
Although these results may seem to point at a
continuing downward trend, other research
suggests publishers’ low-point is already in the
past. A recent industry report notes that
“independent developers are increasingly
turning to publishers to help bring their games
to market.”
6
Despite some recent Kickstarter successes (see
the next chapter), crowdfunding is losing
ground rapidly among Dutch developers. After
dropping from 21% to 11% between 2018 and
2021, now just 6% of respondents consider
pursuing this line of financing (more on this in
chapter 3).
Numbers that did hold steady, are the required
investment amounts. We see a pretty strong
trend towards amounts of €500,000 and over,
with the percentage of companies looking for
more than 1 million euros staying roughly the
same (see Figure 2.4).
2.5 OPPORTUNITIES FOR GROWTH
We asked our respondents for which parts of
the games industry they expect a growing
demand in the near future (see Figure 2.5).
Dutch developers strongly believe traditional
platforms will continue to grow: PC, Console,
Mobile and Premium games end up in the top
5 of categories expected to expand the most.
Respondents expect the largest increase in
demand in emerging platforms such as
Discord and Telegram (though not many
respondents are actively pursuing projects
in these areas).
The growth of VR and AR seems to decelerate,
according to our respondents, with over 40
percent of respondents not seeing any upward
movement for these platforms and another 30
percent remaining neutral. However, there is a
notable difference between entertainment and
applied focused companies, with the latter
having more faith in a continued growth of VR
and AR platforms.
FIGURE 2.4
REQUIRED INVESTMENT AMOUNT
Source: Games Monitor surveys 2019, 2022, a