It is no doubt that a lot of people spend their time playing games online and other platforms. More and more are looking forward to an opportunity where they can have fun and also earn money. Due to this, the digital space has experienced an increase in the development of various gaming platforms.
The online gaming industry gives an opportunity for online game developers to increase their income. However, not all gaming platforms can bring income, you’ll need to rethink your gaming monetization strategy so you can reap the benefits of this lucrative industry.
Every game developer is looking forward to increasing their income. By increasing their revenue, they’ll be able to invest even more in developing new games.
Why Diversification is Paramount
Diversification in business isn’t something new. For many years, people in business have been looking for new ways to invest and increase their revenue without experiencing high risks. For instance, Nobel winner Harry Markowitz, an economist once said that he would never involve himself in 100 percent stocks, or in bonds or cash.
The main idea behind diversification is to minimize risks.
Though diversification, you’ll be exposed to low risk as opposed to when you involve yourself with only one type of monetization. For instance, it can minimize the unexpected loss that could come if you used only one type of monetization on your business.
Besides, applying different strategies during monetization can offer new ways of monetizing a large user base portion. Ultimately, this will give users more options to make payments in a game.
Think About Why People Like Visiting Malls
People visit malls for different reasons, shopping, playing, watching movies, etc. A lot of people find this convenient because there is a variety of things to engage in under one roof.
Now, look at it from a different angle. Why do brands set up their shops in the malls? They do so because malls offer a ready-made customer base. Also, malls offer great advertising opportunities as well as maintained real estate and packing facilities among other features that users find convenient.
A gaming arcade resembles a mall. There, users will find a lot of games to enjoy and compete. The best part is that new games are added to the arcade regularly, giving users a wide variety of choices for entertainment.
Gaming arcades give game developers an opportunity to earn money beyond app stores, especially in this digital era.
The idea is very simple. You’ll have an umbrella mobile app where players can find multiple games. Winnings accumulate across the user’s gameplay and are credited to them.
Before smartphones became popular, game development was mainly done through PCs. To build an ecosystem with multiple games, you had to bring gaming titles separately.
Gaming platforms have emerged over the last couple of years. The major factor leading to this trend has been the increased usage of mobile devices like mobile phones.
Today game lovers can play their favorite games using smartphones. Whether it’s poker games, rummy games, solitaire or any other card game, users can access them using their Smartphones on sites such as ComeOn and play them securely.
New Game Monetization Strategies
The first way to diversify your gaming revenue is through subscriptions. Today many developers are trying subscriptions in an attempt to offer premium experiences to their users on top of in-app purchases. Developers who have applied this strategy have reported huge benefits.
Rewarded ads are another way to play a monetization game. While rewarded ads have been used for many years, some developers have in the past relied mostly on in-app purchases. However, most of them are rethinking their monetization strategy and are considering using rewarded ads.
Rewarded ads come with a lot of benefits. First, they can help monetize non-paying consumers by giving them the option of choosing the currency they’d want to use for payment.
Also, it boosts user retention by encouraging them to play for longer sessions and come back more frequently.
The last strategy is in-app purchases. In-app purchases offer a great way to monetize your game. Just like the rewarded ads, in-app purchases aren’t something new. However, it is only in the last two years that we have experienced many developers shift from using ads only to also include in-app purchases as a monetization strategy.