Mar 1, 2012

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Study Says Virtual Goods Market Grows to $2.3 Billion

Study Says Virtual Goods Market Grows to $2.3 Billion

Over the last few years virtual goods sales have increased up to over $2.3 billion since 2011. A study from Magid Advisors says that consumers are more willing to purchase intangible items from social networks (Facebook), media sources and online games. “Purchasing virtual goods is truly becoming a mainstream activity as far as consumer entertainment behaviors are concerned.” says Mike Vorhaus of Magid.

According to the study, one in four persons in the United States purchased a virtual good last year. That number is apparently double the amount recorded in 2009, according to Magid. Further breaking down the numbers, the study focuses on consumers around the ages of 15 to 24 and has shown that male gamers were more receptive to online goods over other demographics. Over 35% of gamers reported spending money on a virtual good in 2011 (a 50% increase since 2010) and that average sales of virtual goods were reportedly $64 per person. Men under the age of 24 represent just under half of all online purchasing with Women in the same group following at around 15%.

Of course with the increase of Tablets, iDevices, and ease of making purchases online, it’s not hard to see why the number has seen such a dramatic increase. Microtransactions are readily available in nearly every major game today and many developers make a living on users addicted to these smaller purchases. Companies like Zynga have created an empire on “freemium” titles offering many in-game bonuses to entice players to spend real money. Either way the number looks to steadily increase throughout 2012 and the numbers will likely continue to grow.

[Source: Industry Gamers]