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15:45 26th October 2009
A new report has suggested demand for virtual goods is beginning to have a major influence on the global economy.
According to figures compiled by Inside Virtual Goods, the 2009-10 market for virtual goods in the US is projected to be worth around $1 billion (£603 million).
Much of this growth is being driven by demand for applications on mobile communication devices, such as the iPhone, or plug-ins for popular social media websites, like Facebook, the survey found.
Ally Millar, editor-in-chief of geeks.co.uk, has suggested that the UK market is set to become increasingly important in the future.
"The UK has its part to play in assessing early products, if a strong product has come from Europe, the UK can act as an English speaking portal to get the USA involved and interested," he explained.
Social media has had a huge impact on the IT industry in the past few years and its popularity continues to dominate the future direction of the sector.
Current social media statistics for the US show that Facebook has 41.80 per cent of total social media traffic, with MySpace (21.29 per cent) and Youtube (14.12 per cent) in second and third place respectively.
Written by Derek Oldman
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