How to Launch Your Own Video Gaming Business in 5 Steps

The Booming Video Game Industry

The video game industry is a colossal global market, valued at over $159 billion in 2020 and projected to reach $200 billion by 2023 (Statista). With such immense demand, there's ample opportunity for new companies to thrive. However, breaking into this competitive field requires careful planning and execution. Here’s a detailed checklist to help you get started.

Step 1: Develop an Inspiring Idea

Crafting a Unique Game Concept

The cornerstone of any successful gaming company is a compelling game idea. This involves:

• Choosing a Genre: Decide whether your game will be an action-adventure, puzzle, RPG, or another genre.
• Character Development: Create memorable characters that players will connect with.
• Storyline: Develop an engaging plot that will keep players hooked.
• Game Mechanics: Think about the rules and systems that will make your game fun and challenging.

Market Research

Before diving into development, conduct thorough market research to understand current trends and identify gaps that your game could fill. According to a report by Newzoo, mobile games accounted for 49% of the global games market in 2021, indicating a significant opportunity in this segment.

Step 2: Research & Acquire Resources

Business Plan and Market Analysis

Create a detailed business plan that outlines your target audience, competitive landscape, and revenue model. This will serve as your roadmap and help attract potential investors.

Tools and Platforms

Decide on the platform for your game—PC, console, mobile, or web-based. Each platform has its own set of tools and development environments. For instance, Unity and Unreal Engine are popular choices for game development due to their robust features and cross-platform capabilities.

Step 3: Assemble a Talented Team

Hiring Experts

Developing a game is a collaborative effort that requires a diverse set of skills:

• Programmers: To write the code and develop game mechanics.
• Artists: For character design, environments, and animations.
• Sound Designers: To create immersive audio experiences.
• Testers: To identify and fix bugs before launch.

Freelancers vs. Full-Time Staff

You don't necessarily need a full-time team. Hiring freelancers for specific tasks can be a cost-effective way to bring in specialized skills without long-term commitments.

Step 4: Enter the Development Phase

Bringing Your Idea to Life

This is where your team will use the acquired tools to develop the game. The development phase includes:

• Prototyping: Creating a basic version of the game to test core mechanics.
• Alpha and Beta Testing: Iterative testing phases to refine gameplay and fix bugs.
• Final Testing: Ensuring the game is polished and ready for release.

Project Management

Effective project management is crucial during this phase. Tools like Trello or Jira can help keep your team organized and on track.

Step 5: Secure Funding & Launch Your Game

Funding Options

Securing funding is often a critical step. Options include:

• Venture Capital: Attracting investors who are willing to fund your project in exchange for equity.
• Crowdfunding: Platforms like Kickstarter can help you raise funds directly from future players.
• Grants and Competitions: Various organizations offer grants and host competitions for indie game developers.

Marketing and Distribution

Once your game is ready, focus on marketing and distribution:

• Publishers: Partner with game publishers to reach a wider audience.
• Digital Platforms: Release your game on platforms like Steam, PlayStation Store, or the App Store.
• Social Media and Influencers: Leverage social media and gaming influencers to create buzz around your game.

Interesting Stats

• Indie Games: Indie games accounted for 40% of the total games released on Steam in 2020 (SteamSpy).
• Mobile Gaming: Mobile gaming revenue is expected to surpass $100 billion by 2023 (Newzoo).
• Esports: The global esports audience is projected to reach 577 million by 2024 (Statista).

By following these steps and leveraging the booming market, you can successfully launch your own video gaming business. Good luck!