Gamers in Generation Z are set to reshape the media and entertainment industries
Our thoughts gravitate to the movies with award season in full gear, but some folks aren’t fans. It’s gaming season for the younger generation 365 days a year.
Gaming appeals to people of all generations: 87 percent of Generation Z, 83 percent of millennials, and 79 percent of Generation X play video games on their cellphones, gaming consoles, and PCs on a weekly, if not daily basis. Although the majority of consumers still prefer to watch TV and movies at home, Generation Z, those born between 1997 and 2006, consider gaming to be their favorite media and leisure activity. They place listening to music, browsing the Internet, and engaging on social media platforms ahead of viewing TV and movies at home.
If current trends continue, gaming may entice more people away from watching streaming TV and movies. The worldwide video game industry is enormous, with an estimated $162 billion in revenue and a 10% yearly growth rate.
Are we ready for a future influenced by the gaming-obsessed Generation Z?
Traditional media and entertainment do not compare to the experience that video games provide. Games are engaging, provide rewarding challenges, and are becoming increasingly social. According to a survey, a majority of Generation Z, millennials, and Generation X feel that video games have helped them stay happy and connected to others during the COVID-19 epidemic.
Gamers are increasingly able to experience the same engrossing storytelling and jaw-dropping special effects as moviegoers. People have been able to solve riddles, defeat fearsome enemies, collaborate with allies, and compete against foes while under lockdown. However, the gamers not only get to play as charismatic heroes, but they also get to share their experiences with others.
Gaming has been enhanced during the epidemic, despite its already rapid growth. As streaming video services compete for viewers, video games and the social and streaming networks that surround them provide opportunities for media and entertainment organizations to reach out to more people and stay in the conversation. Indeed, more than half of Generation Z, millennials, and Generation X think that video games have taken away from other forms of entertainment. How much of this will be carried on after COVID-19?
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What you should know about the current gaming craze
Media and entertainment companies should examine the following factors to properly approach the gaming market:
There are a few more subscriptions to consider. Gamers are limited in terms of both time and money. Despite the fact that 78 percent of customers questioned define themselves as frequent or occasional gamers, 45 percent currently subscribe to a paid gaming service. Will consumers prioritize their gaming subscriptions when juggling their basket of leisure services? If younger generations prefer gaming to watch TV and movies, they may be less willing to pay higher streaming media costs.
Blockchain Gaming platforms are well-versed in their target demographic. Games have a lot of information about user behavior. They can see what games you play and how often you play them and how much expertise you’ve gained and what games you’re likely to play next. They offer beta programs and launch parties and social media and live streaming to keep players involved. More companies are using their own virtual storefronts to track digital content sales. Traditional media and entertainment organizations may yearn for this kind of insight into their audiences.
Blockchain Gaming is a very personal experience. Smartphone games differ significantly from those played on consoles or computers. Action and adventure appeal to certain players, while sports, role-playing, simulations, and digital board games appeal to others. Companies in the media and entertainment industry should be aware of the subtleties of each gaming genre, customizing business strategies to specific groups and preferences.
Blockchain Gaming is a social activity. Despite the fact that traditional social media can serve as a gateway to gaming, many of the most popular multiplayer games are developing their own significant and extensive social networks without the help of standard social media platforms. Beyond blockchain gaming, they’re increasingly sponsoring their own worldwide media events. Social streaming and chat services have also been successfully integrated into the gaming industry.
Blockchain Gaming is a multi-platform environment. Video games have become spectator sports thanks to social streaming. Top streamers who have built their own enormous audiences around gaming content are becoming increasingly valuable to media and entertainment firms. It’s a very different interaction model. Media and entertainment firms should explore social streaming to interact with audiences who may be closer to independent streamers than video celebrities and franchises, whether they want to access social streaming audiences or experiment with social features on their own services.
Advertising is still not fully integrated into gaming systems. Advertisers often buy space near games based on a knowledge of their target demographic, but they don’t have access to the same degree of data as game firms. This knowledge gap could present a chance for media and entertainment corporations to find the optimal blend of channels, content, and ad tolerance. Ads in games may be more challenging to come by. Be aware that a load screen ad on a mobile app may elicit less rage than an ad placed within a popular gaming environment. Brands should think about where they can reach the right consumers with suitable ad tolerance in the blockchain gaming environment.
It’s your turn, media, and entertainment companies.
With gaming becoming more competitive, media and entertainment firms may build stronger partnerships by combining the correct mix of content, advertising, and social impact across video, music, and gaming, as long as they grasp the differences between channels, genres, and demographics.
An excellent beginning step would be to research Generation Z’s diverse and multidimensional entertainment habits and create unique, individualized experiences to appeal to them. While supporting relationships that better handle mounting data privacy and transparency concerns, brands and companies may need to move fluidly between diverse media, social aggregators, and hot subjects.
Leading media and entertainment corporations will almost certainly continue at the center of our entertainment lives if they recognize video gaming’s rising reach and importance.