Video games contain a distinctive appeal that pulls legions of followings. Proving its dominant drawing power, global gaming purchases reached a staggering 500 million in 2010. Video games continues to serve as one of most lucrative markets where gamers are collectively spending 3 billion hours each week playing the said platform.
Investigative findings by way of the Association of Psychological Science reveal that gaming usually is considered as the ideal platform for players to take on the characteristics of their “ideal self.” Video games offer gamers the opportunity to play an ideal role or virtually adopt a new identity, bringing about feelings of enjoyment in the massively social and interactive gaming experience and satisfaction at each victory.
Some Sort Of Formidable Industry
Just in 2008, the gaming industry – covering all video games in all video formats – made much more money than all Blu-ray together with DVD movie releases combined with regard to product sales. Gaming sales were at $32 billion, up by 20 percent from 2007. Hollywood film sales dropped 6%, fixed at only $29 billion.
Good example is Grand Theft Auto IV, which became a jaw-dropping achievement when it broke two entertainment industry records, hauling the largest sales on a single-day and also seven-day basis since its release on April 29, 2008. GTA 4 sold 3.6 million copies or $310 million in equivalent sales within the first 24 hours of its availability. On 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 the 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 IV 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, once they opened in cinemas in the year 2007.
On December 12, 2011, Modern Warfare 3 officially de-throned the most recognized movie of all time – Avatar, as being the fastest entertainment media to reach 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 effective international business marketing solutions, games have also amassed earnings from its European sector, decisively pulling the limelight faraway from the movie industry. Deemed “the most valuable purchased entertainment market,” video game sales are four times more than cinema earnings, also trumping music and DVD sales combined.
Shedding light over 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 enhancing constancy in player involvement – something that Hollywood definitely isn’t very successful at.
A Glimpse of the future
Industry research firm Gartner, Inc. has estimated that in 2011, global spending on the gaming ecosystem will reach over $74 billion, showing an increase of 10.4 percent from $67 billion in 2010. Key transitions to gaming technological know-how, business and software strategies are predicted to last beyond 2015, and at that time, spending will jump to a whopping $112 billion.
The gaming ecosystem covers the game console manufacturers Nintendo, Sony together with Microsoft; software for platforms or gameplay consoles like PlayStation 2 and 3, Wii and Xbox 360 System; lightweight consoles Nintendo DS and DSi, Game Boy Advance and Sony PSP; computer or notebook software; cellular gaming, together with online and social games.
Commenting on the gaming business and software strategies in general, internet marketing firm Zebra Partners Perrin Kaplan tells Gaming Business Review that gamers will usually tend to respond to new products, irrespective of how they are becoming packaged – console, PC, handheld or Internet. With new games mushrooming on different kinds of media, the real challenge for vendors in the gaming industry is to adjust to what insatiable gamers want: being continuously surprised and interested by a new type of fun and new technology that come with video gaming.
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