Gaming is one of the fastest growing industries in the world and there are many statistics to prove it. According to Accenture, the industry size now exceeds $300 billion. Also, the year-on-year viewership growth is more than 11%. With many gaming companies being developed every day, regulatory bodies being involved, and money flowing in, it is no surprise that everyone wants a piece of this action!.
Here are the four challenges that gaming companies face holding them back from achieving rapid future growth.
Just as each game has different rules, so do different rules apply to different gaming companies. Coverage by the mainstream media has taken the gaming and gambling industry to new heights and its popularity has risen over the past few years.
One challenge that many gaming companies can expect to face are the changes in rules and regulations about company operations and games themselves. The increasing popularity of the gaming industry has left regulatory bodies coming up with dozens of new rules to ensure safe, secure, and compliant operations without disrupting the industry’s growth.
Gaming companies should pay close attention to the newest rules and regulations and how they are impacting business operations. A lot of thought has to be put into compliance since some gaming companies have to simultaneously consider gambling laws, sports laws, and even laws on prize promotions.
It is a challenge to get the new generation to be involved in the gaming industry, even though the figures mentioned earlier are showing huge growth in the industry size. Of course, there are plenty of 20- and 30-year olds interested in gambling and gaming, but the challenges and questions center around whether they will be interested in classic games like Pokemon that have been the center of the community for years or whether they will look for new and different games.
Combining the gaming aspects with today’s popular games will prove to be an issue that many companies will struggle with. Moreover, the next generation of players are also more informed about financial literacy, so gaming companies face the challenge of finding the right balance between pay-to-win and gameplay.
What many fail to understand is that one small error, bug, or graphical inconvenience is all it takes for an individual to stop playing a particular game or even visiting the website. For example, Cyberpunk 2077 which was expected to be the biggest game of the year turned out to be a disaster as the game was full of bugs and millions of players demanded a refund.
Gaming companies have to make sure that the graphics and user interface are always running seamlessly. Gaming companies should always look to create rich, connected, and personalised experiences that users will love to play and share with others as the community factor is what makes gaming special. To understand the main issues from a player’s perseverance point, gaming companies also release “early access” or the so called “Beta” versions to collect feedback and finish the game with the players before the final release.
Acquisition and retention
A problem that is always presented when owning a business, no matter what industry it operates in, is attracting new users and retaining them. As the gaming industry pools together individuals from all over the world, new laws and regulations may disrupt accessibility to some extent. Online gaming companies need to have a strategy in place to ensure new player acquisition and retention when new rules are introduced.
As previously identified, the market is saturated, which creates accessibility issues for gaming companies. Due to legal restrictions, some gaming companies might not have the access to be able to service individuals from all over the world. One of the solutions to ensure that your users stay with you is to find a website with payment options that cater to everyone’s needs. For example, some people might not like to have their bank account associated with the gaming company. Alternative methods like e-wallets, debit and prepaid cards are much in demand to solve this problem. PayPugs has developed solutions to allow gaming companies to offer custom branded cards to their players.