So you’re a game developer and you want to make money from your hobby? It might be time to consider turning your passion into a profession. The video game industry is a global economy valued at around $136 billion per year and growing.
Despite the industry’s growing popularity, finding the money to fund your next project can be difficult. Luckily, you can make some serious cash playing online games. Here we’ll run down the ways in which online games are valued and how you can make money from playing them.
The Industry Value
Firstly, let’s talk value. It’s estimated that the market value of a good game (excluding accessories) is around $20. Some of the more popular and highly-regarded games on the market now are:
- League of Legends – $15.99
- Genshin Impact – $15.99
- FIFA 19 – $14.99
- Grand Theft Auto – $14.99
- Rocket League – $14.99
These games are among the most popular on the market, and for a good reason. They’re usually incredibly fun to play and can be highly lucrative if you know how to master them. Additionally, the industry as a whole is always looking for new ways to make money. Therefore, if you can develop an innovative game, you could find yourself rich beyond your wildest dreams.
How Do People Earn Money From Playing Video Games?
Nowadays, playing video games isn’t only a hobby; it’s a way of life for many people. The market research company, Statista, reports that 48 million American adults and 65 million Europeans play video games regularly. This makes them one of the most popular pastimes globally. While it’s true that many people play games for fun, there are also opportunities to get paid for playing.
The most popular ways people earn money from playing video games include:
- Monetisation – Through various types of monetisation, games publishers can integrate real world money transactions into their digital products. This allows players to purchase virtual goods with real money.
- Microtransactions – Similar to monetisation, microtransactions allow players to purchase in-game items with real money.
- Advertising – Companies can integrate ads into their games to generate revenue. While this might not seem like a direct form of monetisation, it provides an audience for companies to promote products and services.
- Tournaments – Gamers can enter tournaments, either online or through mobile apps, and compete for prizes. By doing this you could potentially win a large sum of money!
- Subscription Fees – Some games require a yearly fee to play. If you’re playing on a subscription basis, you’ll need to renew your subscription to continue playing. But if you get a sudden shock and find yourself unable to pay for your subscription, it’s time to stop playing completely!
- Consulting – Some gaming companies, such as Ubisoft, Need for Speed, and Electronic Arts, offer a variety of job positions within the industry. If you’re particularly skilled at game design, you could end up working for one of the world’s most prominent game companies.
- Freelancing – Many big name companies, such as Riot Games, Hello Games, and Ubisoft, employ freelancers to work on their games. If you’ve got a specific skill, like programming or art, you could end up getting in touch with one of these companies.
- Sale of Virtual Goods – Finally, some games (like Fortnite and Steam’s annual sales) allow players to purchase virtual goods with real money. These goods can then be traded, shipped, or utilized in-game.
To give you an idea of the sort of money you could earn from playing, here are some of the highest-earning video games according to the Forbes rich list. The rankings take into account the estimated worth of a company at the end of the previous financial year. So if you’ve got a PlayStation 4, you could download the game and start playing today. Once you’ve mastered the game you can start raking in the big bucks!
Some of the most popular games on the market today are incredibly lucrative. If you can become good at them, you could seriously increase your net worth. Naturally, this doesn’t mean that every game will pay off. It just means that if you try out a variety of games, you stand a chance of striking gold somewhere.
Playing To Win Or Playing For Fun?
Nowadays, many games are designed with either fun or winning conditions. Some popular titles, such as Hearthstone and Overwatch, are all about having fun and helping the player progress through the game’s boards or galleries by completing tasks. While others, such as Counter-Strike and Dota 2, are all about winning and being the best at what you do. Sometimes games mix the two together, with both fun and winning conditions. If you’re looking to make money from playing video games, it’s important to know the difference because you might want to play one of the winning games. But don’t worry – there’s still plenty of room for fun games in the industry.
Games like Hearthstone and Overwatch, which are free to play and supported through in-game currencies and microtransactions, are perfect for people who want to simply have some fun and don’t need a competitive edge.
The Future Of Online Gaming
The video game industry is always expanding and changing. While many games are released and forgotten about, a select few become legendary. This usually happens when a game achieves mainstream popularity but is highly innovative or adds a whole new dimension to gameplay. It’s always exciting to see how games evolve over time and how old favorites emerge from obscurity to become renowned again.
To conclude, if you’re looking to make money from playing video games, there are plenty of ways to do so. The industry is growing, popular games are becoming ever more profitable, and new methods of making money are emerging as companies try to find a way to fund the development of new titles.