The Ministry of Culture and Sports of Spain has decided to direct 8 million euros ($8.5 million) toward the development of video games and narrative metaverse experiences. The program, part of the Spanish “Recovery, Transformation, and Resilience Plan” will give grants directed to incubate projects in these areas in 2023.

Spain Directs 8 Million Euros to Help the Metaverse and Video Game Ecosystem

Video games and metaverse experiences are starting to be considered in the cultural plans of some key states around the world. The Ministry of Culture of Spain has decided to direct 8 million euros ($8.51 million) for the development of video games and metaverse experiences, as the organization recognizes the value of these industries for the country.

The program, which is currently in its second wave, increased the funds by 700% compared to its first wave when little more than 1 million euros were destined to help companies in the sector. However, 25 projects were selected to enjoy these grants at that time.

The funds, to be provided by the European Union, will be delivered in the form of yearly or multi-yearly grants to companies in the sector as a part of the “Recovery, Transformation, and Resilience Plan” that seeks the digitization and modernization of all aspects of the Spanish economy. Other countries, such as Korea, have already directed funds for metaverse investments.

Importance of Video Games and Metaverse

To the minister of culture of Spain, Miquel Iceta, the video game industry has a big part to play in the transformation of the Spanish productive model. About these grants, Iceta stated they “will contribute to promoting the projects of our SMEs [small and medium-sized enterprises] and our self-employed workers, thus consolidating the image of Spain as a reference audiovisual hub, also in the videogame sector.”

As part of this commitment, video games, as metaverse experiences, will now be considered cultural creations. This means that now the National Library of Spain will have to conserve these as Spanish heritage, and they will be collected to ensure preservation for future generations.

The immersive experiences sector is significant in the country, where video games are the most popular audiovisual entertainment option in Spain, leaving movies behind. This is why Iceta wants to put Spain in a spot where it can compete with other countries in the industry and export its games to other nations. The Spanish video game market is also expected to grow 20% yearly, so its size might cross the 2.3 billion euro ($2.44 billion) mark in 2024.

What do you think about the grant programs offered to the metaverse and the video game industry by Spain? Tell us in the comments section below.

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Filed under: News - @ December 21, 2022 12:30 pm