More than 10 billion social networking and online world (SNOW) accounts now exist on the internet, with nearly half of those accounts being active.
That’s according to digital marketing analysts In-Stat, who say that these impressive figures are partly due to a rise in interest in the way games, retail and social networking are linked to each other these days.
Until recently, consumers wishing to play online games had to visit dedicated sites where they would pay a monthly subscription fee or a series of one-off costs.
These days, things are markedly different, with many games available via social networking sites.
The research shows how providing games as part of your social networking strategy could help to drive traffic to your site and build revenue in the long-term.
Vahid Dejwakh, analyst at In-Stat, says: “The virtual goods model is one of several mediums that SNOWs use to general revenue. The basic premise is to allow everyone to create an account and play for free and then offer users the option of purchasing virtual goods to be able to move up and advance in the game or just to have more fun.”
Banners, adverts and competitions are also used by social networking sites to build revenue, according to In-Stat.