The domestic revenue of Sweden’s games industry rose to SEK 37 billion ($4 billion) in 2024, representing a 6.8% year-on-year increase.

That’s according to the latest Game Developer Index report from trade body Dataspelsbranschen, which noted that total revenue reached SEK 73 billion ($7.7 billion) when accounting for subsidiaries abroad.

Revenue from these subsidiaries fell from SEK 42 billion ($4.4 billion) to SEK 36 billion ($3.8 billion), which the trade body attributes to divestments and sales from companies such as the Embracer Group.

Domestically, the top five games firms in Sweden are King, Mojang, Paradox Interactive, Embracer, and EA Dice.

Ten of the largest companies reported revenues of over SEK 1 billion ($105.7 million) during 2024.

In terms of employees, Ubisoft Entertainment has the largest workforce in Sweden followed by EA Dice, King, Embracer, and Paradox Interactive.

Employment numbers remained “largely unchanged” during the period, with 9,130 people working full-time in the Swedish industry in 2024.

An estimated 2,150 positions (23.5%) were held by women, which also remained largely unchanged. The trade body noted that in companies with more than 100 employees, over a quarter were women while 15% were self-employed.

Layoffs continued to affect the Swedish industry during 2024, with between 400 to 500 people being affected as of October 2025. However, it was noted that at least 230 new hires occurred during the same period.

Elsewhere, the number of games companies increased by 9% last year to 1,101, with 105 new firms established in 2024.

Most studios are located in the Stockholm region (464 companies), followed by Skåne (146 companies), and Västra Götaland (156 companies).

The majority of firms are made up of solo enterprises (without employees) at 46%, followed by companies with fewer than five employees (36%).

“2024 was a year with many negative headlines about layoffs and closures,” said Dataspelsbranschen managing director Per Strömbäck. “Swedish game companies are not immune to economic cycles and rising interest rates.

“Those in need of capital face the challenge that investors are looking for profitability rather than growth, and do not have the same appetite for risk as they did just a few years ago. Despite this, revenue grew in 2024. Many companies performed well, even if this is not always reflected in the headlines.”

Dataspelsbranschen head of analytics Johanna Nylander added: “Sweden produces excellent games, loved by players all over the world.

“This is particularly evident now that we can take stock of 2024 and see that the figures are actually pointing upwards, despite the fact that it has been one of the toughest years for the industry in a long time.”