Reports reveal that during the first quarter of 2017, as many as 25 gaming companies (public), together generated as much as USD$42 billion. So, the figure that you get to see here is an increase of 22% as compared to the revenue that was generated during the same period a year before.
Interestingly, 42% of the revenue was generated by the mobile gaming industry alone. It has been observed that the toys and gaming industry is usually dominated by only a small number of companies.
However, there is good news for the so-called “solopreneurs.” If you are one and intend to explore your luck in the so-called “Toys-to-Life” gaming industry, there may be excellent opportunities waiting for you. Ever since Activision launched Skylanders in 2011, the gaming industry has shown steady growth, recording USD$8 billion as revenue in 2013 alone.
Similarly, Disney and Lego moved in the same direction. As such, if you prefer to start a business in the gaming industry, you stand an excellent chance to establish yourself as a brand in due course of time. However, you will not get success overnight as there are no quick fixes.
Online gaming business as a startup – How reasonable is it?
In the United States, the video game industry is a multi-billion dollar industry. You will come across more than a few dozen companies that are developing and launching a new game every other day. Moreover, this holds true not just in one state but several states together. So, how will these companies survive the fierce competition?
Undoubtedly, innovation is one avenue you can turn to as an entrepreneur. You have to strive hard to stay abreast of the latest trends and developments that are taking place in the industry.
Continuous innovation and highly skilled professionals are the need of the hour if you want to see your gaming startup attain a certain height or reach the zenith over a period of time.
What are the chances of succeeding in this market as a startup entrepreneur?
Since it is a highly competitive market, you have to be on your toes always. Hiring skilled professionals who are well versed in animation, graphics, software, and coding is a must for your survival.
One good news is that in 2016, the gaming industry contributed as much as USD$11 billion towards the GDP of the US. So, you can expect to see a rise in this figure with every passing day. As such, your prospects in the gaming industry are bright provided you take the right measures, and all your decisions are directed to the right…