Video games come with a distinctive appeal that attracts legions of followings. Proving its dominant drawing power, global gaming purchases reached a staggering 500 million in 2010. The industry continues to serve as one of most lucrative markets with gamers collectively spending 3 billion hours every week playing the said platform.
Investigative findings by way of the Association of Psychological Science reveal that gaming usually is considered as the optimal platform for players to take on the characteristics of their ?ideal self.? Video games offer gamers the possibility to play an ideal role or virtually adopt an alternative identity, introducing feelings of enjoyment in the massively social and interactive games experience and satisfaction at each victory.
A Formidable Industry
Within 2008, the gaming industry ? covering all games in all video formats ? made much more money than all Blu-ray together with DVD movie releases combined with regard to product sales. Video game sales were at $32 billion, up by 20 percent from 2007. The show biz industry sales dropped 6 percent, fixed at only $29 billion.
A case in point is Grand Theft Auto IV, which became a jaw-dropping success when it broke 2 entertainment industry records, hauling the largest sales on a single-day together with seven-day basis since the release on 04/29/2008. GTA IV sold 3.6 million copies or $310 million in equivalent sales within the first 24 hours of its availability. Relating to the first week, the sales figures subsequently skyrocketed to over six million units or an equivalent of $500 million.
The GTA IV first-week earnings are comparable to giant movie releases. In a report by Reuters, the British-produced video game has outperformed Harry Potter and the Half-Blood Prince from Warner Bros., which raked in $394 million during its opening week in 2009. GTA 4 also beat blockbuster Spider-Man 3 from Sony and Buena Vista?s Pirates of the Caribbean: At World?s End, which earned $382 million and $344 million, respectively, when they opened in cinemas in 2007.
On December 12, 2011, Modern Warfare 3 officially de-throned the most recognized movie of all time ? Avatar, as the fastest entertainment media to achieve the $1 billion mark. The former got its first billion dollar earnings 16 days after it was released while the other for 17 days.
Exemplifying robust international business marketing solutions, games have also amassed earnings from its European sector, decisively pulling the limelight faraway from the movie industry. Regarded as ?the most valuable purchased entertainment market,? video game sales are four times a lot more than cinema earnings, and also trumping music and DVD sales combined.
Shedding light on the phenomenal video game following, United Kingdom paper The Guardian notes how the gaming pushes itself to the mainstream consciousness by stimulating the consumer?s intelligence, attractive to their imagination and improving constancy in player involvement ? something that Hollywood may not be very successful at.
A Glimpse into the future
Market research firm Gartner, Inc. has shown that in 2011, global spending on the gaming ecosystem can reach over $74 billion, showing an increase of 10.4% from $67 billion in 2010. Vital transitions to gaming technology, company and software strategies are generally predicted to last further than 2015, and by then, spending will jump to a whopping $112 billion.
The gaming ecosystem covers gaming console manufacturers Nintendo, Sony and Microsoft; software for platforms or game consoles like PlayStation 2 and 3, Wii and Xbox 360 System; portable consoles Nintendo DS together with DSi, Game Boy Advance and Sony PSP; computer or notebook software; mobile gaming, together with online and social playing games.
Discussing the gaming business and software strategies in general, internet marketing firm Zebra Partners Perrin Kaplan tells Gaming Business Review that gamers will tend to respond to new products, in spite of how they are becoming packaged ? console, PC, handheld or Internet. With the new games mushrooming on different types of media, the challenge for vendors in the video game industry is to adapt to what insatiable gamers require: to become continuously surprised and interested by a new type of entertainment and new technology that come with video gaming.
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