December 21, 2010 Michael Bickerton
If you still need evidence that Facebook is not a fad, and is a real marketing & advertising opportunity, look no further than the virtual goods business.
According to the Inside Network, the market for virtual goods is expected to reach $2.1 Billion in 2011, in the US alone. This is up $500 Million from 2010.
Virtual goods are seriously impacting business across social media. Big business is taking note, Disney purchased a game called Playdom for $750 Million and Electronic arts acquired a game called Playfish for approximate $400 Million recently.
Facebook games sold for $835 Million last year and games on Facebook were the fastest growing segment of the virtual good market. Games like Farmville, Mafia Wars and Sorority Life are the biggest seller.
These virtual goods are purchased by virtual currency; all processed using Facebook credits, purchased with REAL money. Facebook happens to take 30% of the real money, which has become a fast growing revenue stream.
Fad, not likely, as your digital agency, we’d recommend that you update your profile and build your corporate page. Your clients and prospects are on Facebook and transacting business. Virtual business maybe, but Millions and Billions in real money is changing hands.
It’s imperative for you to build your online and social media presence. The impact of Facebook and its reach in business is yet to be determined. If you need assistance with a Facebook marketing program, or a website, or any Internet marketing or online advertising activity, we can help get your business mobilized.
Michael Bickerton, Raven5 Ltd, December 2010