Deal Further Underscores Preference Among Virtual World Operators & Developers for Solution Provided by the Live Gamer Exchange
20 October, 2008 – Live Gamer, developer of the world's first publisher-supported marketplace for player-to-player exchange of virtual goods, today announced that Singapore-based Magma Studios (www.magma-studios.com), has chosen the Live Gamer Exchange as the exclusive virtual trading marketplace for its virtual world properties.
The Live Gamer Exchange (http://exchange.livegamer.com) is the world's leading player-to-player real money trading (RMT) marketplace for the exchange of characters, coin and items within virtual games. Because the Live Gamer Exchange is sanctioned by game publishers and within their terms of service / end-user license agreements, it offers users a safe and secure solution for the buying and selling of virtual items for real-world money.
"We're pleased to partner with Live Gamer to offer an exclusive, secure and structured player-to-player marketplace for our customers," said Aroon Tan, managing director and co-founder of Magma Studios. "The Live Gamer Exchange helps us protect our residents and offer them a great user experience while we increase our revenue and reduce customer support costs. Our customers reap the full benefits of a thriving virtual marketplace, and so do we."
Consumer demand has created a $2 billion virtual goods economy that previously was channeled primarily toward black and grey market operators, outside of game publishers' control or consent. This often resulted in a poor experience for both players and publishers.
"Magma Studios' selection of Live Gamer is testament to the demand for legitimate, sanctioned player-to-player trading," said Andrew Schneider, president and co-founder of Live Gamer. "For virtual world operators, The Live Gamer Exchange provides a secure platform and revenue opportunity that benefits the operator/developer and users alike. Once users invest in a digital representation of themselves, the personal touches, items, and achievements that evolve from their passion and creativity in the virtual world, increasingly they are attributed real-world value."
Schneider will take part in a panel at the Virtual Worlds London Conference on the subject of 'Virtual Goods: The Next Big Business Model,' Tuesday, Oct. 21, 2008 at the Queen Elizabeth II Conference Center in London, UK. Schneider's presentation will provide insight into successful itemization strategies and how a strong RMT marketplace can not only provide significant incremental revenue, but also help build a vibrant primary market and combat churn.
It was recently reported by Fortune magazine that the virtual goods business is larger than the online advertising market in China. With the surge of free-to-play and microtransaction-based games and online worlds, providing new and vibrant revenue opportunities to meet consumer demand is core to Live Gamer's business model.
About Magma Studios
Magma Studios' mission is to help major media and retail brands capture the online multitasking youth market by creating one-stop digital destinations for online gaming, 3D immersive social networking and digital media consumption. A core team composed of online gaming professionals and former traditional and new media executives are currently developing fully-branded 3D web and online entertainment solutions on behalf of several major media companies and traditional broadcasters.
About Live Gamer
Live Gamer is leading the way in legitimizing player-to-player virtual economies, working in partnership with publishers and developers to realize the growth and impact RMT of virtual goods has on game design, player experience and online communities. Live Gamer's Wall Street-developed platform, combined with its proprietary trading technology, is trusted by top publishers worldwide. The Company makes it possible for MMOG and virtual world operators to provide a legitimate marketplace within their titles or via the Web, facilitating a safe and fair online environment for players and publishers alike. Based in New York, NY, the company was founded by industry veterans and backed with $24 million in venture funding from Charles River Ventures, Kodiak Venture Partners, and FirstMark Capital. For more information, visit www.livegamer.com.