Last Tuesday, KPMG in Malta organised a networking event, the first of its kind, for digital gaming developers operating on the island. The event was held at Xara Lodge, limits of Rabat, which served as the perfect backdrop for KPMG leadership to explore the initial and ongoing challenges within the digital gaming industry with key stakeholders.
The digital gaming industry has undergone substantial growth over the last 10 years. Major titles now eclipse blockbuster Hollywood films in relation to production costs and profits. A tangible reality that reports conclude will be worth more than $100 billion by 2017, with mobile gaming a major driving force.
Russell Mifsud, Gaming Specialist Manager at KPMG said: "At this stage of the industry's advancement, it is important to maximize on the impact of what it truly requires to nurture an attractive digital gaming hub and this comes from having a shared appreciation and common objective stemming from all key industry participants."
In fact, the event also provided a platform where business ties were forged and strengthened and success stories were capitalized on.
"You are key to the success of the industry and you are the individual pioneers, who will help lead the industry to where it needs to be,'" Mr Mifsud said in his address to the stakeholders. This would ultimately add value to "Malta's attractiveness and streamline the processes that come with setting up shop on the island".
As this prosperous industry continues to pick up at a steady pace, Malta is embracing this new reality by strategically designing and planning to cater for the required workforce. The government's strategic forward-looking approach is intertwined with the provision of an array of tax incentives and schemes that address the needs of digital gaming companies during initial conceptual stages, R&D and the internationalisation and marketing of the digital gaming product.
Malta is well placed to act as the jurisdiction of choice to address all facets of the digital gaming market. "It is through the united collaboration of industry stakeholders and a shared appreciation for its true potential, that an industry can be best placed to flourish," Mr Mifsud concluded.
KPMG in Malta is the largest provider of professional services on the island. The firm provides a complete range of inter-related services to a wide spectrum of local and international clients.
KPMG can play a vital role in the digital gaming industry as it works shoulder to shoulder with digital gaming stakeholders who are operating in a new digital era which is fast evolving and thus presents industry growth potential and a myriad of untapped opportunities.
For more information on the digital gaming industry log onto: www.kpmg.com/mt/gaming