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On this occasion, we share a statement from Bain.
- A new study from Bain & Company reveals that young gamers spend more time and money in the metaverse than older gamers, and expect to spend more time playing video games in the future.
- The rise of new payment models, such as monthly subscriptions to game libraries, and the adoption of free-to-play games have increased average revenue per user.
- To deliver top-tier metaverse content that young gamers want, video game companies will need to adjust their talent strategies to attract and retain the right people.
BOSTON, July 27, 2022 – Video games are now the number one entertainment option for 13- to 17-year-olds, ahead of social media, television, music or any other medium, according to a new study from Bain & Company. These young gamers, from the United States to Brazil and from China to Japan, currently spend more time and money in the metaverse than older gamers, and they anticipate increasing their time playing video games in the future.
“There has been a lot of buzz and confusion among the business community regarding what the metaverse is and how it will change commerce and life in the digital environment,” said Andre James, Global Head of Bain & Company’s Media and Entertainment Practice. Meanwhile, young gamers have been preparing the future of the metaverse. They have embraced metaverse-style gaming and often prefer to socialize with their friends through games rather than in person. They’re getting more and more comfortable with VR, so even those who don’t currently play in the metaverse are likely to do so in the future.”
Young gamers are more attracted to metaverses that are fully immersive and social, as they include the ability for players to be active creators in the game, offer in-game purchases, and are available on any device. Furthermore, half of young gamers prefer to interact with their friends in video games than in person. This is just one example of how gamer preferences are changing as the lines between digital and real-world experiences blur, and video games become the foundation for a much broader collection of entertainment experiences.
The rise of new payment models, such as monthly subscriptions to game libraries, and the adoption of free-to-play games have increased average revenue per user. This trend is likely to accelerate as video games become the foundation for other paid entertainment experiences. However, companies in the metaverse will have to adapt to the preferences of different demographic groups. For example, 56% of young gamers said they were comfortable paying to unlock features that would improve their performance in a game, while many older gamers disagreed on this point. Bain’s research also revealed that younger gamers are more likely to play online to compete with friends, family and strangers, compared to adult gamers who prefer to play for fun and are more likely to play solo.
The growing interest in the metaverse is consistent with the preferences of young gamers inside and outside the game. About half of the younger players said they prefer to attend school events in the metaverse. Social experiences in gaming spaces lay the foundation for other online activities, such as concerts, sporting events, and other aspects of life, such as work and commerce. This growing demand for community experiences is likely to be the trigger for a larger metaverse.
Bain’s report indicates that, although there are some differences between the motivations and preferences of young gamers in different geographical areas, the similarities are increasing, which means a greater opportunity for global success. To maximize potential, developers and publishers will need to continue to listen to the preferences of younger gamers. This will include creating fun and immersive experiences that are social, cross-platform and customizable. Long-term player interest will be dominated by games that can scale and have a world and community that exists beyond the initial game.
The frenetic M&A activity that defined the first half of 2022 in the gaming industry may just be the beginning. Experience from other entertainment industries suggests that further consolidation in terms of mergers and acquisitions is likely.
In addition, game developers compete with other tech companies for the best programming talent, but according to Bain research on salaries, it shows that video game companies pay less than their competitors. To deliver top-tier metaverse content that young gamers want, video game companies will need to adjust their talent strategies to attract and retain the right people. This will be reflected through the remuneration and benefits that are offered above the market, as well as providing opportunities to work in companies that are more virtual, less hierarchical, simpler and more agile.
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Source: Press Release
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