Produce an account of why financial planning is so important within the games industry and what the current issues facing the industry are.
Financial Planning
Financial planning is a process that identifies the goals you want to achieve and devises a plan for your finances to help you achieve them.
The goal of financial planning may be to start your own company or to create a new generation game. Whatever the goal is, financial planning will help you reach it.
There are differences between Personal Financial Planning and Financial Planning within a company, it is not the same for you to set a financial plan because you are trying to buy a car and house or set a financial plan to develop a new generation game that can transform the industry.
Financial Trends
Financial trends can affect the industry financially in different ways whether if it a temporary or a permanent trend.
If is temporary the trend will last for a reasonable amount of time giving companies a good reputation (If is done good) and a reasonable profit.
But if it is permanent it can change the companies by transforming them, if a small company starts with a new trend and they specialize on that trend they will start being known by what they have done and created and this gives reputation as well as profit.
A permanent trend that can be explained with a picture is the trend of Indie Games. Indie games have earned a spot in the game industry and they can be awesome and industry changing or they can be forgotten forever in a pile of games that no one will ever play.
Examples of good Indie Games:
Examples of bad Indie Games:
Temporary trend could be:
Re-Mastering games
Episodic Games
Augmented reality
Industry Trends
A big trend in the Industry is Crunch Times
A brief explanation for crunch time will be: If a project is about to end and the deadline is coming up, that leads the work hours to go by 4 or more, studios that normally do 8-10 may do 12-16.
Crunch time can happen to any company at some point and this can be bad for the workers.
One developer which is known for the use of crunch time is EA.
‘I worked 72 hours a week, doing night shifts’
Financial Trends
Financial trends can affect the industry financially in different ways whether if it a temporary or a permanent trend.
If is temporary the trend will last for a reasonable amount of time giving companies a good reputation (If is done good) and a reasonable profit.
But if it is permanent it can change the companies by transforming them, if a small company starts with a new trend and they specialize on that trend they will start being known by what they have done and created and this gives reputation as well as profit.
A permanent trend that can be explained with a picture is the trend of Indie Games. Indie games have earned a spot in the game industry and they can be awesome and industry changing or they can be forgotten forever in a pile of games that no one will ever play.
Examples of good Indie Games:
Examples of bad Indie Games:
Temporary trend could be:
Re-Mastering games
Episodic Games
Augmented reality
Industry Trends
A big trend in the Industry is Crunch Times
A brief explanation for crunch time will be: If a project is about to end and the deadline is coming up, that leads the work hours to go by 4 or more, studios that normally do 8-10 may do 12-16.
Crunch time can happen to any company at some point and this can be bad for the workers.
One developer which is known for the use of crunch time is EA.
‘I worked 72 hours a week, doing night shifts’
“I’ve lost one relationship and currently spend a large amount of time dealing with balancing work requirements with my new wife,” says one ex-Rockstar worker. “It’s still a constant stress of ‘are you coming home on time tonight?’ We’re about to start a family, and I’m almost dreading having to deal with work’s crunch requirements and home life. It seriously makes you question why you do this when you foresee these things. You look around and think, I could get paid more to do a boring version of this job elsewhere and have a social life. Is it worth the stress?
This shows how crunch time is really bad for a worker but it will be worth the company.
Market Trends
Market Trends influence the game industry market, but the influence is basically settled by the consumer, depending how good the trend is and how well the product is sold. So, even if the product is good if the consumer don't buy it it wont last for a long time.
A good example of Market Trends will be DLC's.
DLC's can go from a really bad idea and creation to an awesome "feature" to your game.
Really bad DLC's:
In this DLC you have to pay so your horse can have an armor.
This DLC gives Nudity to the people who buys it.
Really good examples of DLC's:
Zombie Island of Dr.Ned (Borderlands 2)
Brave New World Civilization V.
Market Trends influence the game industry market, but the influence is basically settled by the consumer, depending how good the trend is and how well the product is sold. So, even if the product is good if the consumer don't buy it it wont last for a long time.
A good example of Market Trends will be DLC's.
DLC's can go from a really bad idea and creation to an awesome "feature" to your game.
Really bad DLC's:
In this DLC you have to pay so your horse can have an armor.
This DLC gives Nudity to the people who buys it.
Really good examples of DLC's:
Zombie Island of Dr.Ned (Borderlands 2)
Brave New World Civilization V.
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