The mayor of London, Sadiq Khan, has committed £1.2 million ($1.7 million) to Games London to boost the games sector in an effort to generate more revenue for London and the UK.
As noted by British games industry trade body UKIE, the new funding from the Greater London Authority guarantees a further three-year program of game-related events and activities, meaning the annual London Games Festival has secured its immediate future.
Founded in 2016, the Games London initiative is trying to turn the big smoke into the "games capital of the world." As it stands, the UK is the 5th largest video game market in terms of consumer revenue, but the overall market is currently worth over £100 billion ($141 billion) per annum.
Last year, UK video game sales generated a record £3.35 billion ($4.72 billion) -- an increase of 9.6 percent on the previous year -- and London plays host to more games companies than anywhere else in the UK.
"The mayor’s continued support for the Games London program is critical in maintaining and building on our global reputation as the capital for games and interactive entertainment," commented UKIE chief executive, Dr. Jo Twist.
"As an important part of the mayor's cultural strategy, the festival celebrates the significance games play in an inclusive, diverse culture for all, and the investment program is crucial in driving economic success for our innovative businesses making cutting edge experiences and technologies."