Virtual goods making money for Zynga, but $50 million a year?
Social networking applications generally aren’t known for making tens of millions of dollars. But Zynga, a company that makes casual games for sites like Facebook and MySpace as well as Apple’s iPhone, is making somewhere between $30 million and $50 million, according to reports. It’s one of the larger companies to take advantage of virtual goods - a revenue stream that’s looked increasingly promising over the last half a year.
We’re hearing these numbers may be on the high side, although not entirely off.
"Social gaming site Zynga is another [promising app company]," investor Tim Chang tells paidContent. "They’re making something like $30 million to $40 million per year mostly from people buying Texas Hold ‘Em chips on Facebook.” Chang and his firm, Norwest Venture Partners, didn’t invested in Zynga so he presumably talked to someone who knew more.
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