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Hwang says that looking back, the team was extremely lucky, as even a small detour could have cost a huge amount of time and money. In 20, Fantage received strategic investments from a large game company to expand vertically and horizontally and is not seeking any more funding at this time these investments will be enough for Fantage to achieve its short- and long-term goals. Fantage was a founder-family-friend funded company until 2008. The budget for development, which took about one year, was about $250,000. Revenues are about $4 million. Fantage started with Hwang’s and Bae’s savings and credit cards. Family and friends supported the company until it launched commercially. Under this hybrid model, premium members still enjoy special status (even when they buy e-Coins) and regular free members have a chance to buy premium items. The company is planning to include a micro-transaction system called e-Coin, a virtual goods currency that users can buy and then use on the site. Fantage has since included many different types of premium memberships, from as little as one day. Premium members have access to premium items and medals, among other features. The company also has premium memberships for a monthly subscription of $5.99 per month and $54.99 per year. The site gained traction through early adoption of Google AdWords and by delivering the right content prior to summer vacation: Between the first June and August after launch, growth increased rapidly as parents let their children spend more time online.įantage’s basic model is free-to-play. The site operates in English and in Japanese, through Nexon Corp.
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The top target segments are boys and girls 6–14 years old who live in a household with Internet access and who speak English or want to learn English. Fantage aims to differentiate itself through its content and by providing site that 1) parents trust and kids love 2) a site that anyone can enjoy, whether by playing games, chatting, or shopping 3) a site where parents can ask their kids and friends about new ideas and future projects and 4) a site that understand parents and what they expect of a site that their children spend an hour a day visiting. Large companies such as Sony have also entered, but specialized stand-alone game companies seem to be performing better recently. However, some early games have already started to disappear. The company also considered flash game portals and MMOs (massively multiplayer online games) as potential competition. Following the success of Club Penguin and Webkinz, the online game market for kids has become increasingly crowded, with significant funds coming in. Whyville and Neopets were especially strong at that time. In 2006, Club Penguin wasn’t as big as it is today. Today, with the explosion of the number of virtual world sites, market acceptance of virtual goods sales, and Facebook social games, Fantage believes that the market has grown about tenfold, if not more. When it started in 2007, the online free-to-play market was estimated to be around $30 million. The company counted 14 new virtual worlds in 2008 and about 9 more in 2009. Since 2007, Fantage seen quite an explosion in virtual world sites. They met Frank, a friend of Cindy’s, in early 2007 and the four of them started to build. They spent the night discussing the kid’s online game idea, quit their old jobs next morning, and started to design their own virtual world. Bae was still involved in startup businesses and knew more about current IT technologies. In the summer of 2006, Hwang visited Peter Bae, his business school buddy, and they talked about the game idea again. The Hwangs hoped to develop an online virtual playground for their daughter and her friends, but they assumed it was very difficult and expensive to do. She missed her friends from Silicon Valley and wanted play dates with them. Hwang and his wife Cindy had a problem with their first child, Alyssa, who was then three years old. In early 2002, cofounder David Hwang started a new business on the East Coast, and his family moved from California. The site offers “towns” to explore through a user’s avatar, games to play, and ways to chat safely and meet new friends. Developed as a flash game, this virtual playground requires no download. Fantage (short for “Fantastic Age”) is a virtual world created specifically for young computer users from about age 6 to age 14 but is accessible to everyone.