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Report - end game players spend the most on virtual goods

According to an internal study carried out by online gaming destination Kongregate, the majority of revenue from microtransactions is generated by end-game items. Although 30% of new players make purchases, their total spend only accounts for 3% of total revenue. The real money comes from the hardcore fans, who may be only 2-10% of total player base, but generate 3,000% more revenue per person. Kongregate shared the results of its research with Gamasutra.

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