Reports suggest that the online gaming sector reached a cumulative value of $182.8 billion at the end of 2015. These figures suggest an incredible market growth and indicates the market has evolved at a shocking rate over the last five years.
Mobile gaming is a key factor in this growth and, thanks to Apple and Google, it will continue to grow exponentially. You need only look at Google and Apple’s store platforms to see a clear reason for this success – there are an estimated 1.55 million apps in the Android store alone with many as pay to download or pay to play instead of the more common Freemium model.
The Freemium model could teach many businesses a lot of lessons in terms of capitalising on a market and long term profitability. Social outlets in online gaming, targeting players that like to change pace with bingo online or casino games, had been linked with sign up fees and gambling addictions in the past but now Freemium gaming gives the illusion of free gameplay for minimal cost. Microtransactions are now a huge part of online gaming and a source of incredible levels of revenue across many platforms.
The rise of online gaming has also seen online advertising enter the fray as a compromise on free-to-play games ensuring the developers still receive revenue despite their offerings costing the end user nothing at all. Selling advertising space is nothing new but the inclusion of video adverts and live banners during gameplay has been a monumental triumph for the advertising industry.
Businesses can learn a lot from the online gaming sector as people are now utilising apps for far more than updating their Facebook statuses or playing online bingo. Websites such as eBay and Just Eat have seen huge revenue increases since they made their businesses accessible via apps and it is easy enough for even small businesses to join the revolution.
Online gaming offers many innovations to smaller businesses and a little research goes a long way. The illusion of free usage and live interaction stimulates growth in businesses across all sectors and it would go a long way to develop any business to adopt similar tactics.