Burlingame, Calif. - Americans spent an estimated $168 million on mobile virtual goods in the last year, according to a report from market research firm Frank N. Magid Associates and mobile social gaming network OpenFeint.
The firm estimates that over 70 million Americans now own smartphones — or 23% of the population.
Some 45% of these smartphone owners play mobile games, and 16% of those spend an average of $41 per year on in-game virtual goods.
Smartphone gamers download an average of 14 games per year, four of which they likely paid for while the rest were free.
The report found that 55% of smartphone gamers indicated an interest in purchasing virtual goods.
"With almost 20 percent of smartphone gamers already making purchases, there’s a lot of room for the market to keep taking off as smartphones continue to increase in popularity," said Magid Advisors presdient Mike Vorhaus.
Disclosure: Magid president Mike Vorhaus is on Digital Media Wire’s advisory board.