The Game Industry of Finland Report 2024
The Finnish game industry in 2024 remains a mature, yet resilient sector that has adapted to shifting market dynamics. Turnover fell modestly from €3 billion in 2022 to €2.85 billion, while investment levels dropped sharply from over €300 million in 2021‑22 to roughly €128 million in 2023‑24. Despite these financial headwinds, the workforce grew by about 200 people to 4,300 employees and the number of active studios rose from 232 to 270, largely driven by second‑round founders. The output of commercial titles stayed robust with 120 releases in the year, and a notable shift from mobile dominance to an even PC/mobile split (≈61% each) reflects a broader multi‑platform strategy.
Finnish developers increasingly target multiple platforms: 58 % work on two, 23 % on three or more, while 42 % remain single‑platform, mainly mobile. Web/browser development has doubled in popularity, and new distribution channels such as HTML5 are gaining traction. However, the global investment downturn has forced studios to prioritize profitability or risk closure; high‑risk projects in blockchain, AI, and serious games struggle for private capital. Co‑development and B2B subcontracting have become survival tactics, though they dampen IP creation. Public funding—especially EU R&D grants and national programs like Business Finland’s Immersive Creative Experiences—has become vital, yet it cannot cover marketing costs. Talent shortages persist despite remote work options, and regulatory uncertainty adds further risk.
Finland’s funding ecosystem is multi‑layered. Business Finland offers R&D grants, loan guarantees and a 25 % cash rebate for audiovisual production, while Finnvera, DigiDemo and the Finnish Cultural Foundation provide guarantees, product‑development loans and artistic grants. Private capital flows through veteran‑led venture funds such as Play Ventures, Sisu Game Ventures and Supercell Ventures, complemented by angel investors via FiBAN. National associations (Neogames Finland, Suomen Pelinkehittäjät ry, IGDA Finland) coordinate advocacy and DEI initiatives, whereas Work in Finland and Invest in Finland attract international talent and foreign investment. This layered support fuels R&D, expansion and talent development across the sector.
Regional hubs reinforce Finland’s ecosystem. Espoo Game Lab (EGL) offers studio‑simulation mentorship, Jyväskylä’s Expa provides full‑stack education and Unreal Engine training, Kajaani’s #Gamecity accelerator focuses on student‑to‑entrepreneur pathways, and larger hubs in Oulu, Tampere, Turku and Kymenlaakso deliver incubators, networking and industry‑specific services. Together they support over 60 participants, spawn new companies and foster cross‑industry collaboration throughout the capital region and beyond.
The industry’s portfolio remains diversified. Mid‑sized studios such as Dodreams, FakeFish and Housemarque deliver cross‑platform titles and co‑development services, with FakeFish reporting €22.4 million in turnover and over 200 million mobile downloads worldwide. Prominent AAA players like Remedy Entertainment (NASDAQ‑listed) and Rovio (SEGA‑owned) continue to dominate with story‑driven titles and mobile IPs, respectively. Indie and mid‑size studios—Seepia Games, Small Giant Games, Supercell’s Traplight—add VR and socially‑focused titles to the mix. Together, these entities illustrate Finland’s capacity to balance high‑profile AAA production with niche innovation and service‑oriented development, sustaining a robust yet adaptable game industry across the country.
