New research from Bain & Company shows that younger gamers are spending more time and money in the metaverse. This opens the door to the possibility of fun.
BOSTON, July 26, 2022 (PRNewswire) — A recent study by Bain & Company found that video games are the most popular form of entertainment for people between the ages of 13 and 17. They are more popular than social media, TV, music, and other forms of media. From the US to Brazil, China to Japan, these young gamers already spend more time and money in the metaverse than more experienced gamers, and they plan to spend even more time there.
Andre James, the global head of Bain & Company’s Media & Entertainment Exercise, said that there has been a lot of buzz and confusion among small business owners about what the metaverse is and how it will change commerce and lifestyle in the digital world. In the mean time, young gamers have been helping to shape the future of the metaverse. They have gotten used to online games that work like the metaverse and often prefer to talk to their friends through video games rather than in real life. People are getting more used to virtual reality, so even those who don’t use it now might start doing so in the future.
Young players are most interested in metaverse games that are completely immersive, social, let players contribute as creators, let them buy things inside the game, and can be played on any device. Also, half of young gamers would rather play games online with their friends than hang out with them in person. This is just one example of how gamers’ tastes are changing as the line between virtual and real-world experiences becomes less clear and video games become the basis for a growing number of fun activities.
Average profits per consumer have gone up since “totally free-to-play” online games and new payment methods like monthly subscriptions to game libraries became popular. This trend may speed up as more paid entertainment experiences are built on top of movie video games. But businesses in the metaverse will have to meet the needs of people from different groups. For example, compared to many older players, 56% of young gamers said they were comfortable paying to unlock game features that help them do better. Bain’s research shows that younger players are more likely to play online games to compete with friends, family, and strangers. Adult players, on the other hand, usually play for fun and are more likely to play alone.
The growing interest in the metaverse fits with what young gamers like to do both in and out of games. A little more than half of younger gamers said they would rather go to school events in the metaverse than in real life, and about half said they would rather play with their friends online than in person. Social interactions in video games lay the groundwork for other online activities like concerts, sporting events, and even work and commerce. The growing number of people who want to do things in groups will probably speed up the creation of a bigger metaverse.
Bain’s research shows that young gamers’ motivations and preferences vary by region, but there are also more similarities, which makes it more likely that global results will happen. Builders and publishers will have to keep listening to what young gamers have to say if they want to reach their full potential. This will require making fun, interactive experiences that can be used on different platforms and can be changed. Long-term player engagement will be led by games that can grow and have a world and community that exist outside of the main online game.
The first half of 2022 was a busy time for mergers and acquisitions (M&A) in the gaming industry. However, this may only be the beginning. Based on what has happened in other media industries, it seems likely that more consolidation will happen.
Also, game developers have to compete with other tech companies for highly skilled programmers. However, Bain’s study of salaries shows that game developers pay much less than their competitors. If gaming companies want to make the best written content for the metaverse that young gamers want, they need to change how they find and keep good people. This will be clear from the traditional over-market pay and benefits, as well as the fact that jobs are available at organizations that are more virtual, less hierarchical, leaner, and more flexible.
Regarding Bain & Company
Bain & Company is a global consulting firm that helps the most ambitious people in the world plan for the future.
” Across 65 towns in 40 nations around the world, we get the job done together with our purchasers as a single team with a shared ambition to attain amazing outcomes, outperform the competitiveness, and redefine industries. We complement our tailor-made, integrated know-how with a lively ecosystem of digital innovators to supply superior, quicker, and a lot more enduring results. Our 10-calendar year motivation to invest additional than $1 billion in pro bono solutions provides our talent, know-how, and perception to corporations tackling today’s urgent problems in education, racial fairness, social justice, economic progress, and the natural environment. We acquired a gold ranking from EcoVadis, the major system for environmental, social, and moral functionality rankings for global provide chains, placing us in the major 2% of all businesses. Considering the fact that our founding in 1973, we have measured our results by the achievement of our clients, and we proudly maintain the highest level of customer advocacy in the marketplace.”
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