$1Billion Annual Spending on Virtual Currencies
“Castronova says people transfer at least $1 billion into the virtual currencies each year, with most of that money going into online games. The actual amount could be much higher, he said, but the market is hard to quantify.” — John D. Sutter, CNN
Virtual currencies are a popular feature of many online gaming and networking sites, but even I was surprised at the amount of annual spending devoted to virtual currencies as disclosed by CNN. If you’re new to the social media space, the article also provides a strong overview on the traditional features of virtual currencies on many sites. Virtual currency utilization is not a primary revenue means for most sites, however the $1Billion+ in annual spending validates that youth and adults are willing to spend their real-life-dollars for virtual products and services.
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Entry filed under: Business, Marketing, News, Social Media, Social Networks, Technology, Youth. Tags: $1Billion, CNN, John Sutter, social currencies, social currency, Social Networks, virtual spending, virtual worlds.