The video games market has been through several ups and downs, much like the AI industry, and continues to perform despite the doubters much like AI will need to do. AI itself has come under public fire on numerous occasions as fears over the greater implications of its implementation still linger.
However, if anything, we have seen that the AI market is an incredibly beneficial industry that makes life easier and cheaper for most of the world.
1. Keep steady as the market stumbles
Video game companies have taught tech companies around the world that market swings are natural and that when they happen it’s best to avoid quick cash grabs and go for value over time products.
Users enjoy engaging with technologies when their budgets can afford it and they have the time. When things slow down and neither of those is true any longer then it will be time to keep steady and develop for the best outcome.
Fears and doubts over AI have unintentionally affected the market many times over and sentiments are guaranteed to continue to change as time goes on. However, many of these doubts can be triumphed over by focusing on building quality software that earns its profits through quality programming.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
2. Invest in quality
The video games market shows us that quality doesn’t necessarily need time, but it does need copious amounts of respect and collaboration. Cooperation and communication are the cornerstones of effective businesses and successful relationships. It is only through collective talent can a company create a truly transformative product that stands the test of time.
The video games market also shows us that important work is created through endless amounts of teamwork and camaraderie that culminate into a pristine product worthy of adoration. Additionally, while earning a profit from these apps is important, it is also worthwhile to use a bit of discretion when dealing with revenue streams.
3. Reputation matters more than the bottom line
While the profit matters, a young business with a bright future should focus more on reputation initially. The video games industry has also made its fair share of blunders and the AI industry can learn from their multiple mistakes. Consumers are savvier than most businesses can anticipate and therefore should be treated with a modicum of respect.
Companies should not try to avoid issues in the public conscious or hide their inequities through pseudo apologies or lackadaisical remittance. Instead, these video game companies should be analyzed in-depth for their numerous mistakes and how they still managed to thrive. Savvier consumers also mean better pricing knowledge which can be the difference between life and death.
4. Respect your customer
During the announcement cycle for the PS3, it was revealed that it would be a staggering $599 and consumers, who were better studied than presumed by Sony, guffawed at the egregious error.
The lesson for AI developers is that you should always assume the audience knows the market enough to understand its relative value. However, these gaming companies persevered through the promise and delivery of iterative development which gives users a better product with each update.
5. Promise iterative progress
The same process can be used by AI developers who want to convince users to join your team on the journey of AI development. Promote and utilize iterative development to keep products valuable and interesting even if the launch is a dud. AI developers should also take after the video games industry and maximize their use of the beta market.
Conclusion
Investor sentiment has fluctuated somewhat irregularly over the topic of AI as doubt and communication remains an issue. Explaining the industry and its potential is much like explaining the video games market not long ago.
Early access and beta access allow users to test the product and provide invaluable feedback which will give your team the knowledge to make the app better. Ultimately, the video games market showed us how to keep active attention alive and provide value to your customers through products that can change with your customer base.
AI development can benefit tremendously by studying the ups and downs of the video games market and applying those same principles to the development of successful AI apps.
Get the TNW newsletter
Get the most important tech news in your inbox each week.