PlaySide Studios Limited (ASX: PLY) (“PlaySide”), Australia’s largest publicly listed video games developer, is pleased to announce it will open a studio on the Gold Coast in Queensland to boost its growth capability and capitalise on the surge in demand for video games, with endorsement from the Queensland Government.
Game developers in Australia have previously raised concerns about the cost of doing business compared to overseas. In response, Queensland has widened its Post-Production, Digital and Visual Effects (PDV) incentives to create the most generous state incentive available in Australia to businesses such as PlaySide.
PlaySide, which has work-for-hire agreements in place with well-known brands including Facebook and 2K Games, in addition to over 20 original IP titles, and a deep pipeline of new titles is excited to establish a new Gold Coast studio, which it expects to open in Q3 FY22 and create dozens of new jobs.
Queensland Premier Annastacia Palaszczuk tweeted:
“Last month I announced our 15% rebate incentive, to help bring more game developers and studios to Queensland. I am happy to report we have enticed Australia’s largest publicly listed video games company PlaySide Studios to set up shop in Queensland.“
PlaySide CEO Gerry Sakkas said:
“With Queensland’s expanded Post-Production, Digital and Visual Effects (PDV) incentives, it makes perfect sense for our first expansion to be in the state of Queensland, where we can benefit from the availability of local talent as we continue working with some of the world’s leading brands in the gaming industry and further demonstrate our world-class development capabilities.”
Interactive Games and Entertainment Association (IGEA) CEO Ron Curry said:
“It’s not surprising that PlaySide Studios, as a leading game developer in Australia, has made the bold decision to open a studio on the Gold Coast, expanding their current studio in Melbourne. PlaySide’s move is a sign of the strength of the local game development industry and their ability to take advantage of growing global demand for games. As a member of IGEA, we look to them as an example of the great potential that exists for a creative, tech driven and digital export focussed businesses in Australia.”