Report · January 1, 2024

The Game Industry of Finland Report 2024

Summary

The 2024 overview of Finland’s game sector presents a comprehensive assessment of an industry that remains a global technology leader while confronting a tightening financing environment. Employment reached roughly 4,300 individuals, equivalent to about 3,800 full‑time positions, underscoring the sector’s significance within the national economy. However, a pronounced drop in private risk capital and publisher backing has pushed many studios toward B2B subcontracting, co‑development agreements, and an expanding reliance on European Union and national public R&D programmes, especially after recent reductions in regional funding streams. Talent depth continues to drive innovation, with Finnish teams at the forefront of AI‑assisted development, proprietary engines, and cloud‑gaming solutions. Persistent shortages of senior developers and specialists in Unreal Engine, together with increasing regulatory complexity and geopolitical uncertainty, pose constraints on future growth. New public R&D instruments and targeted regional SME support aim to mitigate these pressures and sustain the ecosystem’s dynamism. Geographically, the industry is anchored by a network of regional hubs, notably Jyväskylä’s EXPA, which serves as a northern innovation cluster. The ecosystem is highly diversified, ranging from global powerhouses such as Supercell—employing over 800 staff and delivering seven worldwide hit titles—to agile indie studios like Snowhound, which hosts more than 120 employees from over twenty nationalities, and niche ventures such as Soihtu DTx, which secured a $4.2 million seed round for a clinically validated mental‑health game. Across the board, firms are expanding into cross‑platform and co‑development projects, exemplified by collaborations between Ubisoft RedLynx and Zaibatsu Interactive, reflecting a broader trend toward collaborative, multi‑disciplinary production.

From the report

INDEXofTHE GAME INDUSTRY OF FINLAND REPORT 2024 4 Introduction 6 The State of the Finnish Game Industry 8 Game Developer Studios on the Map 10 Platforms 12 Developers & Diversity 14 Financial Outlook { Front cover pictures } 16 Strengths and Challenges Fingersoft \\ Hill Climb Racing Lite Housemarque \\ SAROS 24 History Metacore \\ Merge Mansion Remedy Entertainment \\ Alan Wake 2 26 Financial Support and Funding Rovio Entertainment \\ Angry Birds Movie Small Giant Games \\ Empires & Puzzles 28 Game Industry Support Organizations Supercell \\ Squad Busters 38 Studio Profiles { Picture } Metacore \\ Merge Mansion THE GAME INDUSTRY OF FINLAND REPORT 2024 3

THE GAME INDUSTRY OF FINLAND 0 THE GAME INDUSTRY OF FINLAND - RESILIENCE AND RENEWAL - REPORT 2024 INTRODUCTION L SINCE 2004, Neogames has conducted ○ SINCE 2004, Neogames has conducted a study on the Finnish Game Industry almost every other year, and this 2024 study represents 20 years of coverage of the development of the Finnish Game Industry. Over the years, the Finnish Game Industry has experienced significant growth and has also proven its ability to adapt to an everchanging global game market. The ability to adapt has been tested, especially over the last couple of years, due to multiple changes in both the industry itself and the surrounding society and operational environment. In 2024, the Finnish Game Industry ranks among the top five largest national game industries in Europe by turnover and is a European leader in mobile game development. In this study, Neogames interviewed 71 game studios (26% of the studio base) that employed 3,160 employees (86% of the industry’s employees as of the end of 2024). We also gathered additional information from public business registers and other means of business intelligence. This study means of business intelligence. This study contains full or partial information on 141 contains full or partial information on 141 game studios (52% of the studio base) and should provide a comprehensive summary of the Finnish Game Industry at the end of 2024. A total of 50 game companies, all members of Suomen Pelinkehittäjät ry (Finnish Game Developer Studios Association), are introduced on the studio profile section. The most relevant local game industry hubs and public support organizations are also featured.

Finnish Game Industry at the end of 2024. A total of 50 game companies, all members of Suomen Pelinkehittäjät ry (Finnish Game Developer Studios Association), are introduced on the studio profile section. The most relevant local game industry hubs and public support organizations are also featured. We wish to thank everyone who has participated in this process. Special thanks to Suomen Pelinkehittäjät ry (Finnish Game Developer Studios Association) and Business Finland for their financial support and all the interviewed game studios for their time and invaluable insights. invaluable insights. TEAM NEOGAMES KooPee Hiltunen, Suvi Latva, J-P Kaleva, Elina Tyynelä, Siiri Hiidenvuori and Ari Kuusisto Ari Kuusisto 4 REPORT 2024 THE GAME INDUSTRY OF FINLAND

THE STATE OF THE FINNISH GAME INDUSTRY - FROM MOBILE WINTER TO NEW SPRING ○ THE PAST TWO YEARS, 2023 AND 2024, have been a mixed bag from the Finnish Game Industry’s point of view. On one hand, the global downturn in the game industry has also hit Finland. Some small and midsized studios have been forced to cut their workforce, and some studios have even been closed. The old mobile scale-up model is no longer functional for most of the companies due to a decline in investments and changes in Apple and Google policies (e.g., IDFA). The PC gaming market, particularly the major marketplace Steam, is increasingly crowded, and competition for players is fierce. On the other hand, some big and wellfunded studios with long-running games and known IPs have been able to grow, and the availability of skilled employees in the domestic market has been better than in previous years. In addition, companies with a proven track record in subcontracting have mostly been on the winning side when larger companies have decreased their employment risks by turning to subcontracting. These are all characteristics of a mature market. NEW STUDIOS EMERGE DESPITE THE CHALLENGES Controversially, hard times have led to an increase in the number of new game developer studios. At the end of 2022, there were 232 active studios, but the number increased to 270 studios by the end of 2024. This is partly a consequence of layoffs: for game industry professionals who have been dismissed by their former employer, setting up a studio of their own is a viable option. The relatively large number of new companies is a positive indicator of the vitality of the REPES

ios by the end of 2024. This is partly a consequence of layoffs: for game industry professionals who have been dismissed by their former employer, setting up a studio of their own is a viable option. The relatively large number of new companies is a positive indicator of the vitality of the REPES { Picture }Bugbear Entertainment \\ Wreckfest 2 6 REPORT 2024 THE GAME INDUSTRY OF FINLAND

Finnish Game Industry ecosystem. As seen before, second-round studios founded by individuals with previous experience in the game industry have a higher likelihood of long-term success compared to those established by first-time founders who lack prior experience in game development. This topic is covered more in detail in the section Game Developer Studios on the Map. Picture } Mainframe Industries ⅡI Pax Dei INVESTMENT DECLINE AND { Picture } Mainframe Industries \\ Pax Dei TURNOVER CONTRACTION Compared to the previous period (2021– 2022), there was a decline in investments in 2023–2024. During 2021–2022, Finnish studios received over €300 million in disclosed investments, including Metacore’s €150 million credit line from Supercell. In contrast, the total disclosed investments in 2023–2024 amounted to approximately €128 million. This reflects a broader global decrease in investments during the same period. Several factors have contributed to this decline, including the post-pandemic economic slowdown, inflation, rising interest rates, geopolitical tensions, and market saturation— particularly in the mobile game sector. Due to all the factors mentioned above, the turnover of the Finnish Game Industry decreased in 2024 compared to 2022. In 2022, the turnover was well over €3 Billion, but ”only” €2.85 Billion in 2024. However, calculating the actual yearly industry turnover has become increasingly challenging since, following acquisitions, some large companies have transitioned from fiscal reporting based on a calendar year to an uneven fiscal year that starts in April and ends at the end of March.

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