If you’re a gamer in the year 2022, chances are you’re well aware of how much in-game purchases, microtransactions, and subscription payments have entered the gaming world. Whether you like them or not, they’re here to stay.
And as we continue to move forward with innovations in both gaming and the internet, it’s important to understand how important gaming payments are in the world of gaming and media as a whole.
That’s why, in this article, we’ll be talking about a few of the reasons why the game payments aspect of modern gaming should not only be given focus but be prioritized by both developers and consumers alike.
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Now, let’s start to take a look at the power of the gaming payments industry and why it should be an absolute point of emphasis for the gaming and media industry as a whole.
In-game payments are a proven money-maker for both game companies and media companies
To start, it’s important to face facts: in-game payments work. This is proven by the number of free-to-play titles that have grown in popularity as of late, which solely use in-game microtransactions and payments as their source of income. Games such as League of Legends, Fortnite, Call of Duty: Warzone, and many others games are completely free but have garnered massive financial success due to their built-in in-game microtransactions.
Players in these games can buy stuff ranging from skins and cosmetic items, animations, and e-motes, to abilities and skills. And many other game companies are following-suit with this business model, thus showing that this is a trend that’s here to stay.
In-game payments allow companies to cater to a broader audience
Banking off the free-to-play trend as of late, in-game payments allow for game companies to offer games that are lower in price or completely free to consumers while still making a profit. This, in turn, lowers the financial barrier to entry for possible customers and makes these games as accessible as possible given that they’re free to start.
With in-game payments, companies are able to offer their product to as many people as possible and to still make money at the same time!
In-game payments allow for a profit after the initial purchase or download of a game
One big reason why in-game payments are such a big deal is that they allow game companies to still make a profit even after the initial purchase or download of their game. This is important because developing a game is so expensive and knowing that it can continue to give them a profit is a big plus.
This also incentivizes companies to generate new content for the game and release it regularly, especially since there will be paying customers who are willing to buy such content even after they downloaded or bought the game.
In-game payments allow game developers to include other media in their games and make them cost-effective investments
In-game payments also allow game companies to include exclusive media or content in their games and make sure they’re worthy investments! This can be seen in games that have integrated content from celebrities (such as exclusive animations), special skins, or even unlockable characters that could only be attained through an in-game payment.
As one can see, this business model has opened a big opportunity for various forms of media in games.
Cash payments are moving more and more into the online realm
Another important reason why in-game payments should be prioritized in the modern state of gaming is that cash payments have rapidly moved over to digital and more online versions as of late. This is important because game developers should see the massive opportunity for games to be a place where customers can spend their hard-earned digital money on!
That’s why you can see many gaming companies spending massive amounts of money developing their online stores and online marketplaces, precisely because many forms of payment are more online than not.
And there we have it, some of the most important reasons why we think that gaming and media should really prioritize the gaming payments industry as a whole. As video games continue to evolve in the digital age, one thing’s for certain: in-game payments are here to stay and it’s going to be a matter of how companies take advantage or work with this clear fact!