Video Game Sales (1980 - 2019)
Completion Date:
Project Overview
In the constantly evolving world of gaming, the battle for dominance rages on as titles compete for the top position. To determine which games are currently selling the most, we must first examine the different gaming platforms, each with its unique library of games and dedicated fanbase. Recent statistics reveal that the top-selling gaming platform is currently Sony Platforms, closely followed by Nintendo Platforms. As for genres, action games are currently leading the way, with strategy, puzzle, and simulation games struggling to keep up. While the reason for this phenomenon is not entirely clear, it could be that players are attracted to the fast-paced, adrenaline-fueled excitement of action games. Nevertheless, it\\\\\\\'s too early to dismiss other genres entirely. The future of video game sales remains uncertain, and only time will tell whether action games will continue to dominate or if other genres will rise to the challenge. This analysis can be a useful tool for industry stakeholders, including developers, publishers, policymakers, and researchers, to make informed decisions about the future of the video game industry.
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Problem Statement
The video game industry needs help with sales declining. Sales increased to $5 billion from 2000-2009, but declined to $2 billion in 2010. In 2017, the industry lost $60 million in sales compared to the previous year. Sales decline varies by platform and genre, with some companies seeing growth while others decline. Analyzing sales data and creating a targeted marketing strategy is crucial to revive the industry.
Executive Summary
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Key Takeaways
Next Steps
Suggestions/Recommendations:
To increase video game sales, there are several solutions that can be implemented. Here are some recommendations on what to pursue:
1. Create engaging content: According to a study conducted by Newzoo, 71% of gamers worldwide look for engaging and high-quality content when choosing which games to play. Therefore, game developers should prioritize creating such content to attract more customers.
2. Embrace new technology: As technology advances, game developers should embrace new technologies to improve their products. For instance, they can develop games that are compatible with virtual reality or augmented reality.
3. Expand the target audience: Game developers can expand their target audience by developing games that cater to a broader audience, such as older individuals or people with disabilities. Expanding the target audience can result in a significant sales increase of up to 20%, according to industry reports. This could help to increase the customer base and boost sales.
4. Market the games effectively: Game developers should invest in effective marketing strategies to promote their games. They can use social media, influencer marketing, and other digital marketing channels to reach their target audience.
5. Offer competitive pricing: Game developers can offer competitive pricing to attract customers. They can also consider providing discounts or special offers to incentivize purchases.
6. Improve customer support: According to a report by Hubspot, businesses that provide excellent customer support see an increase in customer retention by 74%. Additionally, a study by Zendesk found that 42% of customers who had a good customer service experience made a purchase again. Game developers can leverage these statistics by offering 24/7 support, responding to customer queries promptly, and providing solutions to any technical issues to improve customer satisfaction and potentially increase sales.
