As you might know from my Last years start-up reflection and what's to come at my new company Quick Lookup post I'm knee deep into working on my startup Quick Lookup within the Startup SuperNova startup accelerator.
We are almost to the end of that journey since we are 8 weeks in and only 2 left. And in these 8 weeks we have done a great job of sharpening all of our corners (product vision,business plans,stories, decks etc. etc.) where one is honing in on our starting customer segment, and that is what this post is about!
Quick Lookup a Swiss Army knife?
We feel that Quick Lookup is a broad, easy to use tool for everyone interested in cleaning and enriching their internal data with external world data!
"So I need VP permission and a large budget?"
No, we believe not!
Our goal is to be very easy to use and install and super affordable and even free for open data!
Well, free up to a point of course 😉. Free meaning some usages cap so you don't set our systems on fire (but trust me you will need to pull ALLOT of data to do that 😎).
The user will be able to use QL in the tools they are custom to, be it R, Zapier, Excel, API just to name few.
It has never before been as easy accessing and using world data!
Our beachhead market
That is all good and fine, it works for everyone, where they need it!
But how do you talk to everybody at once and get them to see the value of trying us out?
No not that is not it 😄!
A beachhead market can be defined as a small market with specific characteristics that make it an ideal target to sell a new product or service. The choice of the market is based on the compatibility between the resources available, the product, and the market itself.
Not long after beginning to think about what market segment to go after first, we got a feeling that the gaming sector was it.
The reason was tree fold
- The founder team has over two dozen connections into large, global game studios 🎮🕹️👾.
- The market (measured in just about any number perceivable) is ginormous!
- The segment is unutilized with an enormous growth rate potential.
- And last but not least, the gaming industry is one of the most datadriven indstry there is. The amounts of data collected is staggering.
The gaming sector in numbers
OK now to the interesting part!
I got the job (didn't feel like a job though) to dig a little into the gaming segment and here are some of my findings.
Here are few facts that are indirectly connected to the gaming sector but I found highly interesting. I just offer it here to give you a perspective of the state of affair.
How much data is out there?
By the end of 2020, 44 zettabytes (1 zettabyte = 1 trillion gigabytes 😱) will make up the entire digital universe .
Will there be more data?
463 exabytes of data will be generated each day by humans as of 2025 [1:1].
The analytic tools market
Investment in Big Data and business analytics tools was predicted to reach the 💲187 billion mark by 2019 .
Millions of new jobs in AI in the next couple of years
Worldwide, artificial intelligence could generate 133 million new jobs by 2022 [2:1].
Organizations that are data-driven are 23x more likely to acquire new leads than those without a data-driven strategy [2:2].
There is a great need to handle structured data
71% of companies find it difficult to protect and manage unstructured data [2:3].
Executives believe that the business needs AI and ML
71% of executives believe that artificial intelligence and machine learning are game-changers for businesses [2:4].
The e-commerce (our next segment?) is HUGE (and growing because of covid-19 like never before)
The global e-commerce market could hit 💲6.54 Trillion by 2022 [2:5].
Almost everybody has access to a mobile phone
May 2020 4.8 billion people own a mobile phone [2:6].
Size and revenue
How many gamers worldwide?
There are 2.7 billion gamers worldwide in 2020 (or about 30.7% of the world’s population)
How much will they spend on games?
The global gaming market could be worth 💲159.3 billion by the end of 2020. This indicates a 9.3% year-on-year growth from the figures recorded in 2019 ($152.1 billion) .
How many games are created each year?
I did not find that information directly but found that every day 25 new games are released on Steam, where the average price is for a game was $9 in 2019 .
And in 2016 500 new games were submitted daily to the iOS store .
Lots of jobs
Almost four years ago, in 2017 the U.S video game industry alone consisted of c.a 2500 companies with 220,000 jobs .
How much will the gaming sector be worth in 2025?
The global gaming market is set to reach 💲256.97 billion by 2025 [4:1].
Big earnings for the top games
The top earner in the free-to-play market, Fortnite, made its creators $2.4 billion. The second-place award goes to Dungeon Fighter Online – the Nexon RPG has earned $1.5 billion with League of Legends by Riot Games with $1.5 billion as well [5:1].
More revenue than a countries GDP!
Mobile gaming industry revenue is higher than the GDP of Costa Rica !
Over ten billion 💲 per month
Video game spending in April broke records, exceeding 💲10.5 billion globally .
Now lets look at the numbers for advertisement in general and directly for the gaming industry.
Global ad spending
Global ad spend could reach 💲600 billion in 2020. With the global ad spend expected to increase, even more will get spent on marketing across the globe .
Location based marketing
More users are looking for local content online. In response, businesses are using location-based content to reach their target markets. In addition to focusing on geographical regions, companies are spending more on catering for ‘near me’ search terms [10:1].
Huge amounts are spent to get players to install new games
User acquisition (UA) spending is projected to hit 💲48.5 billion in 2022 .
Game ad market >💲5 billion market (before covid-19)
Even before the coronavirus helped catapult the video game market to heighten popularity, video game ad spend was forecasted to exceed 💲5 billion by the end of 2020 .
Research has shown that ad spending doubled, in the US, to 💲46 billion in April compared to January [12:1].
There was a lot of other interesting data we have gathered about lot of different industry sectors.
But no room for it all in here, it would just drown the reader in data!
But that's the problem! Right?
Data is being created in such huge volumns today that we are having hard time keeping up consuming and converting it to real value.
There is a growing need for tools and methods like the one Quick Lookup offers to make sense of it all.
Just imagine being able to take actions based off of your accumulated data can be immensely valuable.
Now set your data to work and increase your value, and begin subscribing to our email list below 😉!
I hope you enjoyed reading this as much as I had researching and writing it ❤️
Subsribe to the journey!
And just to let you know, you could start your journey today by subscribing to our email list and be notified when we have the tool you now know you need 😉.
I promise that we will NOT send you often or give your email away!
If you are a data enthusiast (or just interested) I recommend that you sign up 👇
I hope you signed up 👆 so I can send you some inside information on what we are doing 😉