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Managing a Profitable Business Within Gaming
Gaming in 2023 is a hugely popular form of fun and relaxation, established from humble beginnings with titles like “Tennis for Two” in 1958, evolving through into arcade titles such as “Tetris” in 1985. In the modern era, games have bridged the gap from pure entertainment into something even more valuable, with complex and challenging storylines, immersive all-encompassing adventures and clever social dynamics all taking corners of the industry. We’re not only playing these games via the screen, but now also through sophisticated technological developments such as virtual reality, the use of eye trackers, and more that make the experience more advanced than before.
Based on data from bankmycell.com, "Video Game Industry Revenue", the gaming industry’s worth is estimated to reach $221.4 Billion in 2023 and it continues to grow on average (2021 aside!) based on forecasting with compound annual growth rate (CAGR) of 12.9%.
With such strong projected growth, the games industry offers many opportunities to new and existing business but conversely promises huge challenges ahead. Competition is fierce and with so many new titles launching each year, creating an excellent game is no guarantee of excellent sales. When running a business in this industry, in anything from development through to promotion, there are several important elements that must not be forgotten.
Game creators often way underestimate both budgets and time. These dangers can cause huge ripple effects in the industry, delaying marketing and production or even jeopardising the game’s quality itself by scaling back time on QA.
Developing a game is a hugely time-intensive undertaking. It involves spreading work across a number of distinctly disconnected disciplines and meeting many milestones on-schedule in order to qualify for funding or partner promotion. Acorn’s focus has always been to take the hard work out of marketing strategy and the legwork out of daily community and influencer interest. Take a look at our services if you’re eager to learn how we can affordably assist in bringing your game to a much larger audience.
Let us be a part of your growth journey!