PayPal’s latest reports highlight that gaming is now a mainstream issue
Everyone knows that video games are big business by now – but the true extent of their move into mainstream culture has just been elaborated by reports from online payment facilitator PayPal. According to the company, gaming accounts for “over $12 billion” of its total worldwide payment volume. That’s a staggering amount, equal to almost half of the total music industry worldwide!
PayPal’s share price has increased by 15% so far this year
SOURCE: Yahoo Finance
While the sheer scale of the payment volumes PayPal processes in regards to gaming is impressive, the speed at which it is growing is equally so: it’s a 23% increase, year over year. And it comes from an enormous mount of different storefronts (26 in the U.S., 27 in Russia, and 28 in Australia and Canada both).
According to PayPal, gaming might be going down the digital download route – but it’s not quite there yet. 45% of U.S. gamers still patronize brick and mortar retailer GameStop. Additionally, almost half of the customers in the video game market (44%) were willing to walk away from Ecommerce sales if their preferred payment method wasn’t available.
What do all these impressive numbers add up to? Well, for one thing, PayPal definitely has yet another powerful income stream to capitalise on in a post-eBay world. For another, gaming is clearly a huge industry that nonetheless has some obvious room to grow (45% of all gamers in the U.S. use a single brick and mortar retail chain? Really? That’s great news for digital download pioneers, who will look to convert them).
It’s also a great time for PayPal to have released these figures – the video game industry showcase, E3, is just over the horizon. Of course, we’ll be filling you in on the relevant news as soon as it hits.
Dominion holds PayPal, Activision Blizzard, Electronic Arts, and other companies involved in the payments and video game sectors.
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