With an estimated annual revenue of over £139 billion, the gaming industry is one of the biggest and most successful in the world.
There are enough games out there to appeal to a wide range of people, from every background and walk of life and with so many genres of games to choose from, it makes sense that the industry should be so popular.
With this in mind, many prospective business owners in the UK are regularly examining the gaming industry and attempting to establish a foothold there. But in such a competitive sphere, how difficult is it to build a successful gaming business? In this article, we’ll explore just that.
Understanding the Gaming Industry
The gaming industry isn’t just one successful corporation, but rather countless variants, all with different skilled professionals working in tandem with one another. Among the most well-known and well-regarded gaming industries are the iGaming world, the video game industry, and the ever-growing realm of mobile gaming. In order to start your own gaming business, you’ll need to understand what the different forms of games are and use this to establish your niche.
Firstly, iGaming refers to any kind of online gaming that includes making real-money wagers. Starting a business in this area has all the same challenges that will be explored later in this article, with the added consideration of the extensive licensing and compliance requirements. The UK has some of the most advanced online casino regulatory bodies out there, and obtaining a license is highly competitive. With this in mind, many UK business owners turn instead to establish offshore casinos that are not restricted by GamStop. PokerStrategy’s non-Gamstop analysis delves into the multitude of benefits that come with creating these kinds of online casinos, but what it boils down to is allowing the platform to reach a larger audience and being able to provide that audience with gambling opportunities not seen on UK-based sites.
On the other hand, the main challenges that arise from starting a video game or mobile game business come from the sheer amount of content already in existence and the competitive market this creates. For your business to find success in this area, you will need to work hard during the game development stage to craft something new and exciting that can easily catch the eye of potential customers. On top of this, it is essential to have a team of skilled marketers who can help get the word out about your gaming business once the game has been launched.
An Ever-Changing Environment
By creating a gaming business, gaming owners will be placing themselves in the rapidly evolving world of modern technology. Although the tech we have at our disposal enables us to create games of a quality that previous generations couldn’t have dreamed of, it also means that games are much more complex to create, and a lot more work needs to be done in order for new games to stay relevant. It is essential that any prospective gaming business owner keeps up to date with the ever-evolving technological world and knows how to incorporate the latest tech into their content whenever it is appropriate to do so.
Building a Team
The prospective gaming business owner has likely been drawn to the gaming world through an individual passion. Perhaps you had an idea for a video game you desperately want to come to fruition, or have been quietly working on designing a mobile app. However, just because the idea started with the individual, it doesn’t mean it can stay that way. Game design, alongside game marketing, computer programming, art animation and storytelling cannot all be managed by one person. Most of the time, creating a gaming business involves taking on a team of highly skilled individuals and finding ways for them to all work together effectively.
Securing Funding
Building a gaming business is by no means a cheap feat. The more extravagant your gaming ideas are, the more expensive this will be. A lot of the time, the cost of building a gaming business and developing your first game costs significantly more than the amount that you’ll have lying around. With this in mind, one of the biggest challenges to seeing a gaming business thrive is securing the necessary funding. However, many people have turned to crowdfunding as a way to help their business find its feet. This is also a highly effective way of building a community.
Marketing
Your business could have the most impressive and revolutionary game in the world, but if no one is talking about it, no one will be playing it. Hiring a skilled marketing team and putting dedicated time into spreading the word about your business is one of the most highly effective ways to build a community and ensure people are engaging with your content. There are multiple tips and tricks, such as running competitions, keeping an active social media account and hosting launch events and celebrations, that can help new gaming businesses establish themselves in the ever-changing and highly competitive market.
Conclusion
As we have explored, multiple challenges face potential business owners in the gaming world. The gaming industry is one of the most technologically advanced and competitive out there, and new companies must really shine so as not to be lost in the crowd. That being said, gaming is also extremely popular across the globe, and a series of right decisions alongside the hiring of an excellent team can see new gaming businesses flourish. It won’t be easy, but it certainly is possible, and the success that comes with developing popular games is sure to make it all worthwhile.