Wired's Game Life reported that 28 percent of Facebook gamers have paid real money for in game content.
Think about this for just a minute:
Fact: There are 400 Million Facebook users.
Let's guess that only 10% of those users ( and I am sure the # is MUCH higher ) play these games on Facebook. That is 40 Million people.
28% of that group is 11,200,000 people.
That means if just $1 was spent by each person the Social Media game is an $11M/yr business. Not a huge number but let's keep speculating.
I looked through a bunch of the games my wife plays online. The average ticket item is $3. That brings the tally to $33M/yr.
Let's guess that my 10% of users is low, let's guess 20%, now we are talking about $67M.
Anymore questions why there are "free" games on Facebook?