Face Up Entertainment Group, Inc. Sees Its Subscription Based Model as a Solution to Monetization Issues Challenging the Social Gaming Market
VALLEY STREAM, N.Y., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Face Up Entertainment Group, Inc. (OTCBB:FUEG), a Reality Gaming Social Network company, today announced that according to a report released by the Casual Games Association (http://www.industrygamers.com/news/social-games-market-to-hit-864-billion-in-2014/), monetization remains a critical issue. According to the report, monetization vs. virtual goods remains the critical issue for the social gaming industry.
Face Up offers what it believes is the first online social gaming product which will deliver video, audio and texting functionality along with the ability to allow users to create their own private tables and host their own private tournaments. This same platform will be available for many other online games.
Commenting on the report, Felix Elinson, the Company's CEO stated "We believe that our subscription based model, where gold members will pay a monthly tournament entrance fee, is timely and addresses a critical sector of the social gaming marketplace. Moreover, our own studies have shown that conversion rates from free play to members willing to pay a monthly fee is approximately 8%. We believe that with adequate funding and advertising that we can achieve these numbers on a sustained basis."
The Company's game proprietary platform (www.FaceUpGaming.com) is being used in creating a vast global gaming network consisting of games from every region of the globe, supporting native languages as well as cross language functionality. Logical additions to the platform include global staples in gaming such as Backgammon, Poker, Chess and Checkers and many others. Face Up Gaming is a legal non-wagering online gaming platform (www.FaceUpGaming.com).
Face Up Entertainment Group, Inc is committed to responsible game-play and is not a gambling site. "Our goal is to maintain the thrill of online games while keeping it safe for everyone. Our social networking functionality provides the user base with the ability to grow their circle of friends beyond those they physically reach day to day. Our users sit down to play a game and more often than not leave making a connection with a stranger which is then maintained via our social network functionalities," stated Mr. Elinson.
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