The Internet changed the way the world does many things, and it saw major companies having to change their way they conduct business, as it quickly became evident that they either adapted or would be left behind. There are several examples that come to mind such as how the music industry was influenced by Apple’s iTunes that forced CD’s and albums to become available via download and seeing prices decrease as a result. While some developments increased job opportunities, others assisted in the reduction of expenses and forced consumers to rethink of how they spend their hard earned cash. Netflix and other sites offering video-streaming services eliminated the existence of video rental outlets, and online brokers reshaped the way stocks are sold and bought via the Internet.
From a consumer’s perspective, the arrival of Internet holds an endless list of benefits from saving cash to enjoying a wider variety as well as seeing an increasing amount of retail options. Online travel companies such as Orbitz provided travelers with more flight options, a larger variety of car rentals and selection of hotels or other overnight or holiday accommodation solutions. With a larger variety came more compatibility and for the consumer, it meant the best prices or rates offered at all times.
Several industries had a late start in embracing the Internet, one of those was the gaming sector surprisingly enough. iGaming grew into multi-billion dollar business and in its early days mostly attracted younger males, however, that demographic group expanded to include both older males, and females by 2004, this is when female users aged 16 up to 74, especially in Europe started using the internet, and at the same time online usage increased globally by 80%. It also saw a 60% increase for males during the same time period.
Online gaming is seen by some as taking away employment from land-based companies due to its ease of use and access. The impact has been felt more so towards the younger generation than those who were cemented in their ways. The ability to easily register with a site that offers games of interest simply cannot be denied and will continue, yet for those forward thinking companies in the genre of entertainment, the ability to adjust and offer their entertainment business online has been a challenge, but not one that hasn’t been achieved. While there have been substantial changes to the laws that govern this form of entertainment, which will continue to evolve, its global impact for many has been positive, especially with those of the older generation as it allows for them to exercise their minds and increase their dexterity. This is a practice that has been used for several decades in senior’s homes to help the elderly be more active.
Worldwide Employment Creation
In 2014 the number of jobs created by one of UK’s most established gaming companies, BET365 was 2,300, and that was expected to grow. The Vice President, Thomas Winter stated that all NJ Operators and 3rd party vendors such as payment processors, marketing as well as customer services and online regulatory agencies generate around 600 to 700 jobs of which up to 50% was NJ-based in 2014. If this is what gaming can do for the state New Jersey, imagine how it affects the rest of the world was his question.
Currently, there are no accurate figures of exactly how many people are employed by this emerging industry, however looking at statistical gaming trends, there were 120,000 people employed across 34 states in 2014, although according to BusinessWire, the global market for the online sector will show a significant increase by 2020. Predictions indicate that the expected market is to exceed 60 billion USD and the five trends driving this massive increase is the increasing number of active participating females, the growing penetration of debit and credit cards, consumers changing habits, using alternative options to cash and the marketing strategy changes.
The biggest challenge relates to the ability to reach people via techniques that will attract potential customers via using social media and mobile application in a way that is non-intrusive, which most see as advertising that is interesting, informative and entertaining while appealing to a broad spectrum of consumers. The overall impact has been positive in respect to employment and tax revenue generated. This has helped see much-needed support towards social services for those countries who have recognized this new realm in entertainment and realized its potential to see positive aspect come as a result.