Gaming market holds one of the biggest share’s in the Global market. Now, if we talk about gaming it is something that is enjoyed by almost every single person. Gaming varies in different types like video games, sports games, Gambling games and people do spend a large part of interest and time and money on it.
Earlier games were in the form of CD’s and DVD’s and played on devices like PlayStation and Xbox but now video games are available in the form of mobile apps, PC’s etc with more advanced technologies. Traditional games still exist and holds about 31 percent market share and modern gaming holds 27 percent market share. As a whole both generates almost an revenue around $91 billion a year worldwide.
The face of gaming is changing day to day. A lot of game development is on the go with new graphics and demo’s. Let’s look at how gamin development is changing the world of marketing:
- Mobile: the major takeover of gaming industry is the shift to mobile gaming. Playing games on mobile have become so trendy that it is now a big money deal. This is why a huge amount is also invested in their advertising and commercials. In-fact purchase of high technology mobile has also increased. Gaming development has led to a impactful rise in marketing of smart phones.
- Virtual and Augmented Reality: the market for Virtual reality (VR) gaming has also increased. Virtual reality is now a major drive for gaming development. The market for VR has grown from $5.2 billion in 2016 to near more than $162 billion in 2020. Although the recently introduced game in 2016 “Pokemon Go” was based on augmented reality but, it led to a lot of controversy against augmented reality. People were so deep in holding phones and catching pokemon’s that they were unaware of their surrounding as result a lot of accidents or injuries were happening around. Still there are large brands like IKEA and Apple that are investing to bring out the potential of virtual and augmented reality. Virtual Infocom pvt.ltd is another organization that is dealing with virtual reality (VR) in gaming.
- Branding: companies are now investing on games to advertise and promote their brands and products. This is known as Advergames. They develop their own games and use it as a tool for audience engagement.
- In-game advertising: a lot of sponsorship is provided by companies on popular games to advertise their products.
- Boosting economy: the revenue collection of gaming is now not limited on just purchasing the base game. They are selling a lot of in game items that are helping gamers to increase their experience. As a result, this is generating more revenue and boosting the economy.
Gaming development has no doubt made marketing a lot easier and efficient. Gaming world is expected to change more in future with that marketing will also change to a great extent. It is difficult to predict what the future awaits for game development but some of the changes that are already undertaking are like the increase of virtual gaming market with the coming of new games, branded mobile phones partnering with the popular games and the introduction of franchise of the already existing games with more advance technology. Gaming is now a matter of multi-billion dollars and it will be more exciting to watch what drive in value it brings in future.