By the end of 2020, experts predict that the gaming industry will have generated $124.8 billion in revenue. March 2020 saw the highest spending ever on games with the industry bringing in $10 billion, with digital revenue up 11% on the previous year. Consoles are also expected to generate a lot of revenue. With eagerly anticipated titles such as Pokémon: Sword and Shield and Animal Crossing: New Horizons proving successful on the Nintendo Switch, and Dungeon Fighter Online and League of Legends doing well for the PC.
With so many companies and forms of gaming aiming for a piece of the revenue pie, what can they do to fight for their share of customers? And how can they learn from the online casino industry?
One of gaming’s biggest threats is the lack of versatility it offers for busy lives. Mobile gaming has grown into such a goliath in the industry – with $68.5 billion in global investments. This is partly because players have no initial outlay and can play wherever they want. The Nintendo Switch has also gained popularity for the fact it is a console for the TV, yet also portable, allowing versatility for how players want to engage. Furthermore, the online casino industry has shown, through the optimization of much of its content for mobile devices, that it understands how players want to participate with their product. Being able to engage on mobile as well as another form of device, helps show potential customers that you have their best interests in mind.
One of the main areas of customer attainment and retention that online casino has mastered, and which could be transferred to other forms of gaming, is the enticing offer. Welcome bonuses are a staple of the online casino industry and provide a gentle way for new customers to get involved. For instance, a new bingo promotion shows that players could get 20 free spins for signing up, which could help a customer deciding between sites, to choose which one to play.
Other promotions offer no-deposit slots and even cash back for table games. Moreover, there are many review sites that actively showcase specific bonuses and offers – as they are also a useful tool that customers use to make a final decision. So, gaming could indeed implement some offers – especially for fans who might be spending upwards of $500 on a console and some titles.
One of the biggest feathers in the cap of the online casino industry is the vast amount of content it offers. There is there an abundance of slots, with themes ranging from Viking gods to the Vikings TV show. There are also table games such as poker and roulette, and even live versions that utilize real croupiers. Gaming could take influence here by offering more for each title. Take some of the biggest successes – Minecraft, Fortnite, Call of Duty – and they all offer many modes of gameplay and enough variety for players to spend a long time engaging with the product.
The online casino industry is thriving, with it expected to grow at a compound annual rate of 8.1% between 2019 and 2024, reaching a market capitalization of $94 billion. So, gaming could learn several lessons from here in order to maximize potential and gain customers – especially in such a saturated market. Online gaming trends, such as versatility, ways in customers engage with a product, methods of marketing that lead to greater engagement, and a wide range of products to choose from per console, can all influence the gaming industry.