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Young gamers are spending more time and money in virtual worlds, paving the way for the future of entertainment, according to a new study by Bain & Company.
Video games are now the preferred form of entertainment for 13- to 17-year-olds, ranking higher than social media, TV, music or any other form of media. These younger players are currently spending more time and money in virtual worlds than older players, and they expect that time spent in virtual worlds will increase in the future.
“The business world has been discussing what the metaverse is and how it will transform business and life into the digital realm,” said Andre James, global head of Bain & Company’s Media and Entertainment Practice.
Metaverse style game
“At the same time, young gamers have been paving the way for the future of virtual worlds. They have become accustomed to virtual world-style games and often prefer to interact with friends in-game rather than in person. They are increasingly comfortable with virtual reality , so even those who are not currently playing in virtual worlds may be doing so in the future.”
“Gamer preferences and needs are changing, especially as the fine line between the digital and real worlds fades away. Metaverse attracts many young gamers looking for an immersive experience that allows them to socialize and Be an active creator in games. In fact, half of young gamers prefer spending time with friends virtually in games rather than meeting in person,” said Samer Bohsali, Middle East partner at Bain & Company.
“The importance of this virtual space is of interest not only to young gamers, but also to international governments. So cities like Dubai have recently announced their Metaverse strategy, predicting that by 2030, their economy will Add $4 billion and 42,000 virtual jobs.”
new payment model
The rise of new payment models, such as monthly subscriptions to game libraries, and the adoption of “free to play” games, have boosted average revenue per user. This trend is likely to accelerate as video games become the foundation for other paid entertainment experiences. However, Metaverse needs to cater to the preferences of different groups of people.
For example, 56% of younger gamers say they are willing to pay to unlock features that improve game performance, while many older gamers are not. Bain’s research also found that young gamers are more likely to play online games to compete with friends, family and strangers than adult gamers who like to play games and prefer single-player games.
The growing interest in the metaverse aligns with younger gamers’ preferences both in and out of games. About half of young gamers said they would prefer to participate in school activities in a virtual world, and half said they would prefer to play online with friends rather than in person. Social experiences in play spaces set the stage for other online activities such as concerts, sporting events and other aspects of life, including work and business. We might see this growing need for community experiences as a catalyst for the wider metaverse.
motivation
Bain’s research shows that while there are some differences in the motivations and preferences of young gamers in different regions, similarities are increasing, leading to more opportunities for global success. To maximize potential, developers and publishers need to continue to listen to the preferences of younger gamers.
This will include building fun and immersive experiences that are social, multi-platform and customizable. Long-term player engagement will be dominated by games that can expand and have worlds and communities beyond the original video games.
The frenzy of M&A activity that will define the gaming industry in the first half of 2022 may just be the beginning. Experience in other media industries suggests that more consolidation is likely.
competition
Also, game developers compete with other tech companies for top coding talent, but Bain’s research on compensation shows that game companies are paid less than their competitors. To deliver the top virtual world content young gamers crave, gaming companies need to adjust their talent strategies in order to attract and retain the right people. We’ll see this through traditional above-market pay and benefits and the opportunity to work in a more virtual, less hierarchical, leaner and more agile company. arab trade news agency
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