The development of video games and narrative metaverse experiences will receive 8 million euros ($8.5 million) from the Spanish Ministry of Culture and Sports. In 2023, the program which is a component of the Spanish “Recovery, Transformation, and Resilience Plan”will provide grants to initiatives that will serve as incubators for these areas.
Spain Directs 8 Million Euros to Help the Metaverse and Video Game Ecosystem
The cultural plans of various significant states throughout the world are starting to take video games and metaverse experiences into account. The Spanish Ministry of Culture has made the decision to allocate 8 million euros ($8.51 million) for the creation of video games and metaverse experiences, recognizing the importance of these sectors for the nation.
The program, which is presently in its second wave, has grown funding by 700% since its first wave when less than 1 million euros were allocated to support businesses in the industry. 25 projects were chosen, though, to receive these grants at the time.
As part of the “Recovery, Transformation, and Resilience Plan,” which aims to digitize and modernize every element of the Spanish economy, the monies to be granted by the European Union will be given as yearly or multi-yearly grants to enterprises in the industry. Other nations, like Korea, have already allocated money for investments in the metaverse.
Importance of Video Games and Metaverse
According to Spain’s Minister of Culture, Miquel Iceta, the video game industry is crucial to the change of the country’s economic structure. According to Iceta, these awards “will assist in promoting the projects of our SMEs [small and medium-sized enterprises] and our self-employed people, thus cementing the image of Spain as an audiovisual reference hub, including in the gaming sector”.
As part of this commitment, video games will henceforth be cultural works and metaverse experiences. To assure their preservation for future generations, the National Library of Spain will now need to preserve these as examples of Spanish heritage.
The market for immersive experiences is important in Spain since movies are no longer the most popular audiovisual entertainment choice. Because of this, Iceta intends to position Spain so that it can compete with other nations in the business and export its games abroad. The Spanish video game market is expected to exceed 2.3 billion euros ($2.44 billion) in 2024, with annual growth of 20%.