Money makes (virtual) world go 'round |
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The virtual world of MMOs is proving to be a profitable investment, and even Harvard Business School is taking notice. The Ivy League institution recently held a panel with six of the industry's most influential members to discuss the status quo, and just as important, the future of the virtual realms in gaming as a business market. Certainly, the consensus is that there still is a lot to be gained from such online opportunities, and that the current piece of the pie sliced and being enjoyed is not even significant enough to even just shave the tip of the iceberg.
For example, Philip Rosedal, founder of Second Life creator, Linden Labs, recognizes that there is "a lot of growth yet to happen. Probably a lot of change, consolidation -- all the companies that you're seeing will probably go through a lot of evolution."
And that just may be considered to be very good foresight. After all, something akin to what we identify as social norms and standards are already going through this phase of development and evolution, along with the games' rules and regulations. This phenomenon is in fact being recognized and adhered to by both gamers and creators alike, because they realize that while the worlds they are in may be virtual, there still exists a certain level of personal reality invested in it, be it in relationships formed, or assets acquired.
Now, given that there is no question about the plethora of opportunities, financial ones, specifically, found in the escapist world of the MMOs, what then are the barriers faced by this world, and how do the developers and those who want to do business in it deal with it?
Fittingly enough, on top of that "barriers list" would be money. It actually shouldn't come as a surprise anymore to hear (or in this case, read) that money is what makes the MMO world go 'round. Right from the conceptualization to the development, down to the time it actually lands in your own personal computer, money is always what matters. No matter the stage or process, one goal is never out of sight: return of investment.
The good thing, though, is that money also provides a good incentive for the creative think-tanks of the games to produce more gripping and compelling stuff for us to enjoy. For example, the highly-successful World of Warcraft from Blizzard just keeps rolling the money in because they are keeping the gamers locked to their games. True, there may always be something to fix, patches to update. But to a certain extent, this only garners more participation from the gamers, thereby keeping their interest further piqued.
The thing with MMOs is that as it offers interactive gaming at its finest, the experience is never static. There will always be something new to discover, something else to look forward to. And from here, consumer loyalty is bred, much to the delight of real world investors and corporations. The key, therefore, is to keep that action riveting.
As the development of these games do go hand in hand with the development of technology, then that shouldn't be too hard to accomplish. We've already seen people buying virtual properties and even going to court for them. We have big names like the NBA and MTV spreading out their franchise into the virtual territories. Terrorism is already taking full advantage of the virtual world's protection through its vast cloak of anonymity. Yes, anything and everything is possible in this wonderland, and all you need is a good PC and a good stash of virtual cash. The investment, from the part of the consumers is certainly much, much cheaper (practically free) compared to that of the corporations. But then of course, coming back to the concept of ROI, the corporations are expecting much, much more -- cold, hard cash, and not just the pleasure and enjoyment of having an alter-ego.
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