It’s been almost a year since I’ve posted about virtual goods, but read Mike Gowen’s recap of the Virtual Good Summit that occurred recently. Here are some takeaways that are extremely important:
- Teens expressing themselves may take more to branded items as they like to align with them.
- People creating UGC are creating their OWN branded content. Others follow their brands as the would real world ones.
- If an item doesn’t promote status the price goes lower.
- We’re moving more towards activity. Goods should extend activity. Wave of the future
- Don’t just think about goods for you…think about gifting. There’s only so much you can have/wear
- You need ~$200,000 a month of primary sales before you can get into the secondary market.
- Secondary markets allow the trade of time and money.
- No demand for virtual items, only demand for games, then demand within context of game.