Spurred on by a thriving community of users, games today are far from isolating. Games have become a social experience where a new breed of creators have changed the way games are made, played and monetized.
Growth in the gaming market
The gaming industry is riding a growth wave. By 2022, global consumer spending revenue is likely to reach $ 203.1 billion, an increase of 5.4 percent over the previous year. The number of players is rising and could break the three-billion mark by the end of the year.
Moreover, gambling is no longer a solitary pursuit. Users today not only play video games but also interact with each other. Although socialization opportunities have been around for a while, the pandemic shutdowns gave them a timely boost.
Trapped at home, people discovered that they could get in touch with like-minded people through their favorite video games. The virtual interactions became a habit that stuck.
Dedicated users drive the creative economy
Players do more than just play games: Users participate in or follow game streams.
They talk to other gaming enthusiasts on forums. They also create games, avatars, gifts and entire virtual worlds. User Generated Content (UGC) is a place worth seeing and gaining ground among enthusiasts.
In the traditional business model, gaming companies exercised full control over new game releases, from content and production to the final distribution phase. But the advent of UGC has opened up the creative process, and large older publishers are no longer holding the reins.
Consider the case of indie games. Indie games developed by smaller game studios and individual creators have no major funding from major publishers and almost no marketing expenses.
Still, despite their low budgets, the indies have a moment. The year 2020 witnessed the release of 9,722 indie games, an increase of 25.6 percent over the 7,740 games announced in 2019.
Professional game designers and developers are only part of the creative economy. Also in the mix are regular users who play and share games, sell virtual products like avatars and skins, host and moderate game tournaments and develop vibrant creative communities.
All this commitment goes beyond the mere passive consumption of a video game. And game publishers and platforms reward these users by offering revenue generation opportunities.
The role of gaming platforms
Game platforms are where enthusiasts go to play. In addition, these platforms provide creation tools that allow users to build themes, games, and game elements for sale. Any revenue is shared between the developer, creator and gaming platform.
Recent innovations include the use of blockchain-based digital currencies such as Bitcoin and non-fungible tokens (NFTs).
Also read: All hands on deck: How Iron Sail strengthens the blockchain gaming ecosystem through collaboration
It is worth noting that fans have been creating games and game elements for many years, usually without the expectation of financial gain. But lately, game publishers have realized the value of rewarding UGC with cash.
Talent has long been a bottleneck for gaming companies. But the outsourcing opportunities provided by the creative economy minimize the need to find the right people for the job. The people they need are here already.
Creators in the gaming industry generate content that creates value for their followers. Although they are not looking for a nine-to-five position, they certainly appreciate the chance to make money through their love of gambling. Platforms like ours at EsportsXO help them achieve this goal.
To support the creative economy, we collaborate with two types of creators: First, the creators who are already doing well and with a large following across social media; secondly, the creators with smaller followers, who have a great sense of content. EsportsXO currently manages over 100 creators.
When we work with creators, we provide comprehensive hardware support as well as guidance to shape their channels and expand their fanbase in the best possible way. Some of our creators have gained over a million followers in a very short period of time.
The creative economy is finding its footing
Game industry creators perform many important functions: they compile lists of popular games, recommend new releases, share their experiences, and make it easier for users to discover and play multiple games.
Developers can connect directly with players and adjust their products to generate more revenue. Influencers can build communities and groups where fans can meet to play and socialize.
Since gaming professionals and fans are eager to create, gaming platforms need to give them the tools and the opportunity to make money doing so. This would open up the gaming market to a committed community of creators and enable scaling of the design process.
Who wins here? Everyone does. Gambling companies and creators get a new revenue stream as the creator economy expands. And this also works perfectly for players who get access to a much wider range of games.
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