Starting up has never been easier. Due to social media, promoting one’s company is as simple as acquiring a large following on Instagram, X.com, Facebook, or one of the numerous other internet services that serve to bring us closer together. It is also thanks to social media, that a lot of gamers are ready to engage in new challenges, and face off against top-tier players the world over.
There is no denying that the gaming industry is one of the biggest entertainment markets online right now. Not just your usual Triple A titles, but even online casinos and the indie market are thriving. For example, casino fans can casually access roulette online, as well as a series of other famous gambling games, like blackjack, poker, and more.
Monetization Strategies of Online Gaming Platforms for UK Startups
User Experience and Online Gaming
The success of the gaming market has gotten many young entrepreneurs to wonder, what can they learn from the industry? The truth is that any business-minded startup newbie should be ready to learn, not just from the people in their own field, but from those in other sectors. For example, gaming can teach us a lot about the user experience (UX), when dealing with a product.
Some may wonder what UX means? As it so happens, user experience refers to every single aspect of your customers’ time spent with the product. In the world of gaming, UX encompasses gameplay, mechanics, player engagement and retention, and so much more.
It seems that UX is tailor-made for the industry which is being discussed. However, even non-gaming companies can learn a lot about user experience from gaming.
For example, a key aspect of gaming is community engagement. Would the Call of Duty games, Counter-Strike: Global Offensive, or The World of Warcraft have been such major hits if not for the community that their respective publishers built around these games. They’ve managed to do so using online multiplayer mechanics, special in-game and out-of-game events, and of course, eSports.
Naturally, community engagement will not work the same way in every industry. But, there is a lot to be learned from the gaming, and even gambling markets, about keeping customers satisfied. Enhancing UX is every company’s first step towards success.
Gamification Seems to Be Working
The gaming industry’s success has certainly inspired markets outside of the sector. The phenomenon is so common, that experts have even given it a name. “Gamification” refers to the relatively new occurrence of business adopting game-like features.
But, what does it mean to have game-like features? Well, just think about the aspects of gaming that we most identify with the industry; level design, point-based progression, risk/reward mechanics, etc. All of these aspects are now being utilized in businesses outside of gaming.
The most obvious example of gamification is present in online casinos. Not only have these websites included level-based progression and leaderboards, but they also tend to feature old-school games, that very much don’t reflect the gambling industry that we’ve all come to know, and love.
Instead, they are much closer to Nintendo titles like Space Invader, or iconic PC games like Minesweeper. Believe it or not, the online gambling market is not the only one that has felt the effects of gamification.
An unlikely subject of gamification is the publishing industry. Particularly the fantasy genre has seen a rise in a category named “LitRPG.” As the name suggests, a LitRPG story follows a protagonist who levels up their skills, as one would in a video game. Though it may have started out as a relatively niche market, LitRPG has now become one of the most popular sub-genres of fantasy fiction, particularly when it comes to independent publishing.
Alternative Revenue Streams
The gaming industry has found ways to monetize every aspect of the sector. Of course, paying for the game is the first step. The gaming sector has come under a lot of fire from fans recently, for charging exorbitant sums for their games.
The average title is now worth between $60 and $80, with some reaching as much as $100. However, the success of even the more expensive games has shown that plenty of gamers are willing to pay as much for quality.
But, monetization does not end there. By now, even non-gamers have heard of DLCs and microtransactions. For those who may be unaware, DLC (downloadable content) is an upgrade to a game, that has already been purchased. A lot of companies release DLCs for free. However, there are plenty who charge for the privilege of playing them. A lot of gamers are split on the idea of DLCs, but, there is no denying that they are a massive hit.
As for microtransactions, they are exactly what they sound like. Transactions that players can make, in-game, in order to enhance their gaming experience. Microtransactions, for the most part, don’t add any new gameplay or story content.
Instead, they serve to help players customize and improve their character’s identity, leading to a more unique and interesting experience. Plenty of entrepreneurs are discovering new and exciting ways to incorporate microtransactions into their industry.
Alternative Payment Methods
Incorporating alternative payment methods into a business has worked swimmingly in the past. Credit and debit cards, for example, were once a totally new concept, that many were unsure about. However, at this point, they’ve fully replaced checks, and in some cases even supplanted cash-based payments. However, even credit cards have a pretty strong competitor today.
Bitcoin, and cryptocurrency in general, have become a huge hit. A lot of businesspeople are finding new and exciting ways to incorporate crypto-based payments, and even combining the new market with artificial intelligence, creating a new and exciting industry. There are still some who are anxious about using cryptocurrency, especially with the coins’ volatile reputation.
While many don’t understand the reason behind crypto’s volatile nature, there is no denying that that is the reality of the market. For that reason, there are many who prefer to use e-wallets and e-vouchers, which certainly have their own downsides, but are much less unpredictable.
