What Recession? Virtual Goods Reach $1 Billion

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October 14, 2009 – You know it’s a good sign that the economy is rebounding when people find the extra cash to buy goods that don’t even exist in three dimensions. According to a new report in Mediapost, the market for virtual goods has doubled since last year and is set to hit the $1 billion mark before 2010.

Virtual goods are most commonly associated with social networking websites and online video games. Users can use real money to buy weapons or extras for online gaming, accessories for avatars, and other goods that are only used in the virtual realm of the Internet.

New companies that offer virtual goods like SuperRewards and Offerpal, are finding a lot of success through this new medium, and with yearly sales reaching a billion dollars with projections that next year will see numbers closer to $1.6 billion, it’s not hard to see why.

A lot of companies are using virtual goods as part of their online advertising and marketing strategies, and that idea is expanding into the world of actual retail as well. Facebook’s “gift shop” which allows their social network users to purchase real goods through buying “Facebook credits” on the Facebook website is expected to bring in $500 million this year alone.

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