Recently market research firm Newzoo estimated that the global video game market would reach revenues of around $86 billion by 2016, but Wargaming CEO Victor Kislyi believes that the industry can reach $200 billion in revenue by then. Speaking at DICE Europe 2013 today (as reported by Gamasutra), the CEO of the company responsible for the hit free-to-play game World of Tanks said that reaching $200 billion would not be an easy thing for the industry to do, but it is within the realm of possibility.
"As an industry, we are creative and innovative — but we have to actually understand what kind of business we are," said Kislyi. He went on to suggest that the most important currency we should be chasing is time.
"Take the multi-billion dollar alcohol industry, for example. If you measure a person's drinking in time, saying that they spend around $10 an hour on alcohol, you can consider much more easily how best to expand their spending," Kislyi said.
"These industries are also after our time and money," he noted. "We have to find our own place in this world… Time is the currency here – it is the most important currency people have. We are paying for the time we are willing to spend."
Kislyi went on to say that the interactive entertainment industry has a lot in common with other businesses in the world, because "we are all in the time-killing business."
He estimated that around $2 trillion is spent globally by people each year on simply "killing time," and that the video games industry should try harder to take a larger piece of this figure.
"If we managed to carve just a few extra percent out of this time-killing pie, and monetize this extra time, we can easily reach this $200 billion goal," he added. "There's already a generation of people used to this cyber-consumerism" — in online chat platform Habbo, for example, kids think it's cool to pay money for decorations to impress their friends.