Amid the COVID-19 pandemic, people still find ways to pursue their passion while earning money. Just as gamers increasingly move forward in their real-world lives, viewing adversity as mere gamified challenges to overcome (and score points from).
As long as developers have a budget to code fictitious activity into a game, a universe of fancy avatars can do anything. And, in exchange, the doors are opening for entrepreneurs to monetize people ‘s passion for video games and virtual reality experiences. Here are a few tips on how you can get ahead of the curve:
Business Opportunities for Gaming Entrepreneurs
The demand for renting office space and large facilities for eSports events is rising at 14 percent a year, while companies like Tesla are taking advantage of integration and making games accessible on their vehicles’ wide touch screens.
Innovators can also build stronger hardware, such as headsets, consoles, and gamepads. Consider that Facebook bought Oculus VR years ago, which showed how serious Big Tech was about improving user experience in digital environments. The sale led to a spike in momentum in AI / AR, which hasn’t let up since then.
Entrepreneurs may also implement innovations in mobile gaming, including 5G, AI-powered coaching, and in-game advertisement. With gamers rapt in their fantasy world, attention span is highly profitable. The future will also be a digital one (a la Ready Player One) in which Coca-Cola or McDonald’s coupons will unexpectedly appear next to Super Mario on your front porch.
Entrepreneurs, however, can keep an extremely open mind. Those who are developing better mousetraps have potential markets beyond video games. These same gizmos and software may have applications in fields as diverse as training, education, health care, and the military.
Virtual and Augmented Reality
With revenues projected to hit $300 billion by 2025, there are two especially-promising areas in the gaming industry. One is virtual reality (VR), which allows players to experience games from a first-person viewpoint. Entrepreneurs can make a more immersive journey by innovating better headphones, hand controllers, sensor-equipped gloves, and other devices.
And the second area is augmented reality (AR), which incorporates graphics and audio into the natural world of the user. AR is practically blurring the line between interactive fiction and the real world. Captive is a business that seizes the moment by developing an immersive environment that allows you to win real prizes. There’s an AR game of scavenger hunting combined with blockchain and actual gift incentives (like a LeBron James signed shoe). The application helps drive real business traffic to brick and mortar shops via scavenger hunting while offering a unique experiential aspect that helps build brand loyalty.
Cross-Platform and Open-Source Development
The complexity and high costs of game production have contributed to a key trend: cross-platform access and a collaborative approach. Developers slowly switch away from silos or make a game accessible on a single platform. This can restrict monetization, whereas multiple platforms build exposure for a wider audience. Second, open-source initiatives allow ventures to leverage the talent pool of a broader global community.
Gamers play on a range of devices: consoles, PCs, tablets, smartphones, etc. So they’re even beginning to play on blockchain-powered platforms. In the case of BetProtocol, developers and entrepreneurs can launch their gaming platform in minutes and incorporate cryptocurrency capabilities. This type of innovation lowers entry barriers. Moreover, tokenization introduces financial incentives that didn’t exist a generation ago.
Finally, there’s 5G gaming. The ultra-wide network makes the internet incredibly powerful, and this will greatly boost the user experience when it comes to things such as quality graphics for mobile players playing on the cloud.
Create Gaming Guides and Tutorials
Professional gamers always start from scratch before they succeed. Novice gamers are still unfamiliar with gameplay, general rules, and effective techniques. So, they ‘re going to need a helpful guide in the game. To earn money while playing, why not create beginner-friendly gaming guides and tutorials while exploring your gaming platform?
The greatest challenge in making guides and tutorials is that you need to make them as detailed and as simple as possible. So make sure your guides and tutorials are special in comparison to other content and make up for their shortcomings. Narrate your experiences as a beginner and a few mistakes that beginners should avoid.
Game-play Live Stream
Build an audience in real-time from different regions across the globe by promoting a live stream of your games. Twitch is currently the largest live stream gaming platform with an estimated 1.2 million concurrent viewers. Other platforms like Facebook, YouTube, and Mixer, are also trying to keep pace with the latest in live game streaming.
You’ll need an account and a gaming setup consisting of your gaming console, a gaming headset, an external microphone, a fast internet connection, and your game title to get started. Keep your budget as tight as possible because you’re just starting this endeavor.
Keep in mind that you won’t get a thousand viewers overnight, particularly because there are so many live stream hosts today. The key is to be yourself, to unlock your gaming personality and levity, and to have patience.
Enter The World Of YouTube or Podcasts
Many online streamers may feel awkward and unnatural during a live stream. They can’t do as well on the game as they normally do. For these players, another way to make money while immersed in a gaming experience is to host a YouTube or podcast channel that is not intended for live streaming. The video or podcast channel can be an informative account for the gaming community.
In this method, you won’t have to film yourself while playing, but create a series of videos or audio clips that will help players improve their gaming experience. You can make various playlists of tips and strategies in a particular game title, interview top players, make product reviews of gaming peripherals, and have an informative conversation about recent gaming news and updates. This gaming format requires a lot of viewers and supporters before you can start getting ads and sponsorships.
Compete in Tournaments For Sponsorships
Become a professional gamer to extend your gaming skills and get more thrill. To play in large-scale tournaments. Although this strategy isn’t your safest bet, winnings are going to be incredibly worth it.
Tournaments typically consist of two types of games: Player vs. Player (PvP) and Multiplayer Games. Multiplayer Online Battle Arena (MOBA) games are the most common type of multiplayer games. The more popular the titles of the game, such as the League of Legends (LoL), the larger the prize pools.
Yet not every player has the potential to make a mark in such tournaments. You ‘re going to have to undergo thorough training and team up with the right people if you’re playing a MOBA game.
To get you more pumped up, here are some young entrepreneurs who are raking in that gaming cash.
Top Successful Gaming Entrepreneurs
Tyler Blevins (Ninja)
The star gamer was everywhere in 2019, from Red Bull cans in grocery stores to Walmart bedding to NFL commercials starring roles. Although Ninja’s viewership dropped, his influence didn’t, with endorsements from Adidas, Red Bull, and the underwear designer PSD. His exclusivity with Microsoft is helping to reshape the live-streaming environment. And the good times seem to be going on.
Felix Kjellberg (PewDiePie)
The most prolific creator of YouTube videos is Felix Kjellberg, best known as PewDiePie. He has a record of 14.3 BILLION views on YouTube and 52.3 million subscribers. The 27-year-old YouTuber has been making videos since 2010 and is reported to have a net worth of about USD 90 million. His recent antics have gained him even more money and fame.
Preston Arsement (Preston)
Both a famous Minecraft player and a vlogger, Preston also brings in seven figures per year hosting custom versions of Minecraft with in-game purchases.
Palmer Luckey will always be on the list. You may not recognize his name, but chances are: you will recognize what he’s famous for, the Oculus Rift. Luckey is the founder of Oculus VR (which he recently sold to Facebook for a 2 billion dollar deal) and a multimillionaire. His net worth was estimated at $700 million in 2015. # 22 on Forbes’ 2016 list of America ‘s richest entrepreneurs under the age of 40 and # 1 on Forbes Gaming 30 under the age of 30.
The founder of Kiip, Brian Wong, is another young millionaire who has made his fortune in the gaming industry. Kiip is a mobile advertising network that focuses on gaming. Wong came up with the concept after seeing other passengers play games on their iPads, screens cluttered with totally ignored advertisements. Wong came up with the idea then and that may be advertising at a point where gamers are most active. Kiip also enables companies to advertise through tangible rewards. He is one of the youngest entrepreneurs to raise venture capital at age 19.
Markiplier is one of the most successful YouTubers in the world. Similar to PewDiePie, Markiplier ‘s channel mainly revolves around videos where he plays a game and makes humorous comments like Amnesia: The Dark Descent and released a choose-your-own-adventure YouTube Original film last fall called A Heist with Markiplier.
Shroud (Michael Grzesiek)
Not being tied to a single game has made Michael Grzesiek a favorite of major game publishers including Electronic Arts, Ubisoft, and Activision Blizzard. The former pro also has a wide collection of apparel with the gaming brand Jinx.
Daniel Middleton (DanTDM)
Daniel Middleton is a worldwide sensation due to his famous Minecraft videos, amassing 22.4 million subscribers. In 2019, he went on a tour of an immersive film experience called The Contest.
Evan Fong (VanossGaming)
Fong’s satirical play-throughs gained 24.9 million viewers and had 1.6 billion views on YouTube in 2019. He’s been popular for some time now, starring as a monster hunter in the Paranormal Action Squad, a 2016 premium cartoon show on the same platform.
Seán “Jacksepticeye” McLoughlin
With 23.2 million subscribers, McLoughlin is Ireland’s most popular YouTuber, uploading videos to a range of games. Late in 2018, Mark launched a clothing company with his fellow YouTube gamer, Mark “Markiplier” Fischbach.
TimTheTatman or Timothy Betar’s funny, good-natured Fortnite streams have made him a favorite with brands, from Reese to Bud Light. He’s still broadcasting and commenting on NFL Thursday Night Football games on Twitch. At the end of the year, he signed an exclusive streaming deal with the platform.
Nick Kolcheff A.K.A Nickmercs made a name for himself by playing Fortnite using a controller, which is considered more difficult than using a keyboard and mouse. It helped him to become the 10th most-watched streamer in 2019, according to StreamElements and Arsenal.gg. Twitch took notice, signing an initial two-year, $2 million exclusivity contract.
Tips from the Pros
Just like what Walt Disney said, “If you can dream it, you can do it.” Here are some helpful tips to start winning the biggest game of your life.
Gather Extensive Knowledge
When you get to choose the game that you want to play, learning the ins and outs of the game is your primary objective. Same as when you start your business, make sure you first gain enough information about the industry. Read as many news stories, analyst reports, revenue statistics, magazines, target research and market analysis as you can. Be sure to read about the type of gaming equipment on the market, either to buy them for your business, or to know what you’re up against.
Once you have all this knowledge, you can determine your target audience and on what platform you ‘re going to use and the methods you will take.
Plan for the Business
Every successful business begins with proper planning. It is therefore essential to draw up a business plan for your company instead of jumping straight into the gaming business. In the project, outline the skills you have, the target audience, the market gap and the approaches to be used to fulfill the needs of your clients and draw more customers in. Include both the source of funding and any other aspect of your business.
A clearly outlined strategic plan will guide you through decision-making, helping to avoid potential risks, and sourcing finance. It will also help to recognize and correct mistakes in the day-to-day operation of the gaming business. A good business plan will give you more control over your gaming business.
Create Your Brand Awareness
After setting up a company, it’s time to let people know about your product. If the game generates payouts through subscription fees, you can decide to give your clients a free trial at first, or offer training tutorials. You can also build your brand image by building an online presence using social media platforms. A strong online presence will give the brand global access to consumers as they can find online gaming products and services.
In addition, you can build a website that will allow you to gather information about your customer needs and educate them more about your game. Such approaches will help increase revenue and, as a result, accelerate the realization of returns to investment.
Join/Create Business Networks
Any gaming business can thrive well in a competitive environment if it is well connected. Connecting to individuals or groups in your profession would provide you with the latest opportunities, developments and information on any other facets in your industry.
You may also compare your game business to similar businesses and improve your weak areas. If you can’t find that kind of network, you can create yours on social media sites. Start with your high school , college alumni, church groups, and so on.
Share a link for your brand to all groups to widen your scope. You can also extend your network by providing people with your business cards during social gatherings. Business networks would further boost sales by leads.
Get a Competitive Edge
Like any other business, you need to make your company stand out from the rest. To do this, make sure you have the latest gaming equipment, up-to – date applications and a clear user interface. They must ensure the smooth running of the game. By doing so, you are most likely to win back customers and future clients by recommendations.
Never Give Up
In this life, great things don’t always come fast. There are times when you will struggle and lose the fight. When you’re becoming a tech entrepreneur, try to realize that developing a successful project takes a massive amount of time, and you have to be very patient and persistent when it comes to reaching the results you want.
Remember what Jane McGonigal said, “Gamers always believe that an epic win is possible and that it’s always worth trying and trying now.”
Prepare to Learn
Starting out as an entrepreneur feels like running up a hill where, after a while, that hill becomes a mountain. Ignorance can also be a gift when it comes to overcoming tough challenges. Don’t let knowing that an event is tough stop you from putting yourself into situations that allow you to grow.
Being a technology entrepreneur needs you not only to know how to create new products and services, but also to understand how people work. You ‘re going to need to learn how to inspire people, sell to people, and even create good relationships with people. You will need to know how to track and handle your time as effectively as possible.
You’ll need to learn how to develop a brand, sell a vision, and take time to build a business organization. You ‘re going to have to think about difficult choices and tackle problems that you might not be used to solving. Knowing how to learn efficiently is a big part of becoming a technology entrepreneur.
Don’t Forget To Have Fun
If you’re not loving the journey of life, you ‘re really missing out on life. I’ve found that some people fall in love with the thought of being an entrepreneur rather than the actual work that comes with becoming an entrepreneur. Becoming an entrepreneur is a choice that is open to most people.
You don’t need to be a particular type of individual or a particular type of business to become an entrepreneur. Individuals of various interests and experiences can become entrepreneurs. Becoming an entrepreneur should be enjoyable, particularly if you’re trying to make a good career out of it.
Changing your love for gaming into a career is not easy. It’s not that complicated, either. What you need is to identify your profession, identify the target audience, and formulate strategies to meet their needs and stay on the market. If you cannot draw up a plan for your business, you can opt for assistance from a third party or seek advice from an expert.
Don’t be afraid to take risks because after all, you’ve been conquering different types of challenges in every game you play. Why not give your best shot and start NOW.