Virtual Real Estate Makes a Come Back

I got my beta invite to PlayStation Home last night. Home, for those of you who don’t have a PS3, is Sony’s attempt to create a 3D environment where gamers can congregate and connect with each other. Much like Second Life, Home lets you create an Avatar, sets you up with you an apartment and then lets you begin to interact with others inside this virtual world.

While still in its infancy, Home definitely looks interesting. And there are some definite indications that Sony plans on monetizing this virtual real estate.

Here are a couple snaps I took.

In game advertising (IGA) is a nascent market, but one that is projected to hit $732 million by 2010. Just as an example, in the recent election, President-elect Obama reportedly spent $44K for billboard ads in the popular Burnout driving game (see Obama’s in-game ad bill).

Granted, this kind of spend probably doesn’t make sense for most real estate brands. But for the right company, looking for the right vehicle to reach the 18-34 male demographic, IGA may make sense.

Personally, I know that’s where I’m spending the majority of my free time these days. It’s not watching TV or reading the newspaper.

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