If you’re a start-up business looking for tips about how to get started, the chances are you’ve come across the advice: less is always more.
But while this saying has weight in some situations and sectors, it doesn’t always correlate to the world we’re living in right now.
As of 2023, the entertainment industry is one of the largest and fastest-growing industries in the world. In that industry, one of the quaternary sectors is the gaming industry, which dominates the landscape as the highest-grossing and fastest-growing sector of all.
Right now, the gaming market is sitting at $334 billion, with an expected CAGR of 8.74% – which would bring it to $467 billion in just four years.
If we are to draw any notable trends from this industry, one of the largest would be the variety that it offers consumers.
Content For Gamers
Looking specifically at the iGaming market, the foundations of success have grown from the fact that people want more games, in a convenient way, and with as much variety as possible. If a user comes across expansive variations of Roulette, then they are being given options.
And this has been a way to distinguish one platform from another. For instance, if a player is given those options for one of their favourite games, then they are going to choose that platform over one that does not give them those options.
Bringing this back around to your own start-up business, there is a lesson to be gleaned from this. Consumers don’t have to ask for content, but receiving it will widen the net, engage your existing users, and continually eradicate reasons to drift.
The Question Of Quality
That being said, there is a trap that can be easy to fall into. There have been several instances where businesses – both inside and outside of the entertainment industry – have opted for more options and variety for customers and in doing so have allowed the quality to suffer.
Quality control, in this instance, becomes even more difficult. As the production line churns out more products and content, an organisation cannot keep track of its quality. This is bad because each product will still have the brand name on it, which means it represents you as a company.
As well as this, if an organisation is opting for more to appease and maintain certain customers, then they can similarly lose their identity and efficiency that they have worked hard to procure when building a customer base. This is why many entrepreneurs strip down their company to the essentials, as by doing so, a customer can have a clear idea of who they are and what they offer, while also removing all unnecessary time consumption on non-essential tasks.
Why It Works For The Entertainment Industry
As ever, it is important to look at your company and understand exactly what customers will want, and whether you need to stay focused on one road. That is to say, if it works for the entertainment industry, that doesn’t necessarily mean it will work for you.
When it comes to gaming, you have to remember how big the industry is – there are now 3 billion smartphone gamers worldwide – and what every company is catering for. With so many gamers, there are going to be so many avenues to play games, so in order to stand out and keep those users happy, it’s essential to offer all those avenues in one, neat, convenient package. If the user has that, then they have no reason to divert their attention to another organisation.
For businesses in the entertainment industry, and specifically the gaming sector of the industry, this is a crucial point to remember. For your own organisation, it’s important to distinguish what your own customers are looking for, and make decisions based on that.
Read Also: Technology Disruption: How It Is Changing The Gaming Landscape
