The virtual world is creating lucrative companies with new online business models that demonstrate that advertising is not the only way to generate online revenues.
From Zynga's experience selling virtual goods, other online industries have tried to do the same, even if their goods are not related to online games. Ecommerce is no exception and some celebrities and brand leaders are beginning to realize the opportunities for sales and marketing available in the virtual world. MTV, H&M, Volvo, Snoop Dogg, and Paris Hilton are some of the brands pushing products in the virtual world, or offering online tokens redeemable in the real world.
Imagine a new ecommerce experience: an online fashion store that sells a fancy tshirt from Ed Hardy for $60, and near the online product you can purchase the virtual version of this style for $1 and add it to one of your real or virtual profiles in Facebook or Farmville. Or if you are playing an online game, you can buy the virtual Ed Hardy tshirt and wear it on your avatar.
Currently, as reported in The New York Times, the US market for virtual goods is estimated at $2 billion a year, with projections of a possible $2.6 billion in 2011. I believe that this market will grow at a fast pace, with a significant portion coming from fashion and branded virtual goods.
From Zynga's experience selling virtual goods, other online industries have tried to do the same, even if their goods are not related to online games. Ecommerce is no exception and some celebrities and brand leaders are beginning to realize the opportunities for sales and marketing available in the virtual world. MTV, H&M, Volvo, Snoop Dogg, and Paris Hilton are some of the brands pushing products in the virtual world, or offering online tokens redeemable in the real world.
Imagine a new ecommerce experience: an online fashion store that sells a fancy tshirt from Ed Hardy for $60, and near the online product you can purchase the virtual version of this style for $1 and add it to one of your real or virtual profiles in Facebook or Farmville. Or if you are playing an online game, you can buy the virtual Ed Hardy tshirt and wear it on your avatar.
Currently, as reported in The New York Times, the US market for virtual goods is estimated at $2 billion a year, with projections of a possible $2.6 billion in 2011. I believe that this market will grow at a fast pace, with a significant portion coming from fashion and branded virtual goods.
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