As a result, the influencer market has grown from $1.7 billion in 2016 to its projected size of $24 billion in 2024, and within the gaming industry, it will reach $4.6 billion in 2025, a 29% increase from the previous year.
To capitalize on the effectiveness of influencer marketing, companies of all sizes—about 59.4%—now invest in influencer marketing as part of their overall marketing budget and strategy. These same companies often utilize new artificial intelligence and machine learning tools to choose which creators to work with and generate content to reduce the rising costs of user acquisitions and build a community of loyal online and offline consumers.
Community building with influencer collaboration
Community building is one of the most important things a company can do to ensure continued growth and sustainability. These days, community building occurs mainly online through social media platforms in our increasingly digital world. It is no longer enough to have a good game, players want to feel that they belong to a group where their voices are heard and trust is one of the core values. This is especially prominent and seen the most in the video game industry, where die-hard players turn out for their favorite studios every time a new version or game is released. Gaming influencers play a huge role in targeting the right audience, generating content for their followers who they’ve already established a trusting relationship with. This built up trust can be leveraged to promote games.
The benefits of having an established community tied to your studio is tremendous. A loyal community can generate free marketing for your company when members spread the word about you through social media or word-of-mouth marketing. This can generate new users, leveraging the trust and credibility that your existing community has in your company. It can also lead to higher retention and engagement rates when your community regularly engages with your studio, meaning more revenue for your company. A loyal community also provides your company with a wealth of consumer data, helping you understand your audience's needs and wants more effectively and how to quickly drive product changes and growth.
While the benefits of fostering a community are a no-brainer, there are some challenges. A community is more than just an audience; it is a relationship between the company and its consumers. Building and maintaining a community takes time and resources. Like any relationship, engagement is also a challenge. Community members need to engage with each other as much as they engage with a company, so occasional social posts won't cut it to avoid low engagement numbers. This means having an internal team or a third party to monitor and develop your community to deal with negative feedback, trolls, and conflict among your members. It also means creating content outside your company's main product to maintain relevance in your member's lives.
Building your own community
As you build your online community, consider these pillars: understanding your audience, choosing the right platform, providing value, fostering engagement, and creating effective influencer campaigns. The chart below will help guide you through what it takes to not only build a cost-effective community but how to ensure it thrives.
An established community can:
By utilizing both Xsolla Partner Network and Xsolla Mall, gain access to 127K+ influencers across YouTube, Twitch, Twitter, and TikTok, as well as the following features:
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