How Easy Is It to Start a Video Game Company in 2023?

Owning a video game company and creating enjoyable games is the dream of many, but getting into the business can be challenging. The industry is continuing to grow at an astonishing rate and is worth $221.4 billion in 2023. The amazing thing is that it is expected to grow to $583.69 billion by the end of the decade, meaning that there are plenty of opportunities for business owners to get in on the action.

For anyone considering starting a game studio, there are plenty of factors to weigh up. Aside from developing a strong brand, there’s also the question of where to set up shop and what niche to get into. Analyzing the success of some of the world’s greatest brands could help inspire people to get started.

Your Brand is Hugely Important

Some of the most famous game developers in the world have achieved global success thanks to developing a strong brand identity that resonates with players. With the best-known names like Naughty Dog and Rockstar Games, players know exactly what they are getting when they purchase a game. Their titles have the common features found in past offerings and also reflect the companies’ values and personalities.

Before you get started in opening a game development studio, think about how to make your brand original so it stands out in a saturated marketplace. If you can clearly define your company’s mission and vision, it will assist in the name-creation process.

There are handy tools that help you come up with a name for your gaming company using AI. All you have to do is input some keywords that align with your company’s vision, and it will generate a suitable name. Once you have a name, you can start building your brand identity. This should involve an eye-catching logo and streamlined visuals across your products and websites.

Setting up Shop and Growing a Team

Estimates suggest that only around 25% of companies survive beyond three years. To give yourself the best chance of success, you need a solid business plan with plenty of investment to get started. Many video game companies start off by creating a fun-looking game and then turning to crowdsourcing for investment. Minecraft, for example, is the biggest video game in history, and that all started from a Kickstarter campaign.

Starting up in a thriving location could also be a huge factor towards achieving your dreams as a video game studio. Some cities are much better than others for companies in the industry. Toronto in Canada, for example, has numerous gaming brands and is the most thriving spot in the country. This is because the city has favorable government schemes for businesses in the sector and produces a lot of top digital talent from its universities. If you rent offices in the right location, it will be easy to build a winning team and grow from there.

Starting a video game company won’t be easy, but there’s no doubt that it’s possible. It would take a lot of hard work and dedication, and it is important to develop a strong brand identity. However, businesses that establish themselves now could take advantage of the growth expected for the industry over the rest of the decade and beyond.