The gaming industry of 2017 has been booming, and according to experts, the $15 billion industry is set to expand even more over the next few years. So, if you are a game developer who is thinking of putting up the next online casino or coming up with the next big virtual reality, how do you go about it? Just what are your options when it comes to funding the execution of your idea? In this feature, we’ll look at a few ways game developers can give life to their creations.
Funding Options
Depending on your location and the brilliance of your ideas, here are a few options you might want to consider:
Crowdfunding
This has been the easiest method for game developers to source funds to bring their products to life. After all, developers can get funds from the vast network of video game players eager to see their products. However, this option has one major drawback. Numerous developers are relying on the same market to fund their games. The more developers come up with virtual and alternate reality digital games, the harder it becomes to hit crowdfunding targets on sites like Kickstarter.
Seeking Government Sponsorship
Game developers have the backing of their governments in some countries. Therefore, developers looking for funding for a potentially profitable game should do their homework and find out whether they’re one of the lucky few who can qualify for government sponsorship. And in some instances, waiting could also be an option. For instance, Australia is currently debating whether or not to reinstate the $20 million game development funding. A game developer in the country could benefit from awaiting the outcome of such a decision.
Bringing Investors on Board
Gaming, like many other forms of entertainment, is a business. There is a reason business people put their money into online casinos and betting sites such adventure games like the Battlegrounds. They see it as an investment. Video games are favorite products among consumers because they're a great way to pass the time and well, these days they can make money off playing the games. All they would need to do is redeem virtual items for cold cash. The popularity of digital gaming makes it an attractive investment for investors such as the Florida Angels Nexus. All developers have to do is find and identify them, and prove that their game is potentially profitable.
Using Blockchain
Blockchain technology has gone way beyond cryptocurrency. Today, people use blockchain for everything from keeping medical records safe to transacting. Game developers can take advantage of this trend by using platforms such as Game Machine to fund their ventures. Game Machine is a relatively new blockchain technology that allows game developers to initiate ICOs and host them without paying large transaction fees.
These are just a few avenues game developers can pursue when launching their game apps. Funding is a critical part of every game's development, and it is essential for developers to understand where they can get money from to pursue their dreams.