The market potential for a superior social voting platform is absolutely massive. Recent estimates place the global voting market at a value of up to 3 trillion USD (both regulated and unregulated). Licensed voting alone exceeds half a trillion USD.
As broadband and smartphone penetration keep rising, the market is inexorably shifting from traditional to online channels. The online voting industry is already worth nearly 50 billion USD, with mobile-based platforms experiencing explosive growth of over 40% per year.
Social voting dominates the industry, with an estimated 50%-60% share of total spend. For this reason, VTNG will initially focus on social voting, allowing us to scale our business and reach an operating profit as rapidly as possible.
Thanks to our focus on simplicity and security, we believe we will appeal to non-voters as well: the mass of casual voters who has not yet dared to place an official vote, intimidated by the complexity and lack of transparency of conventional voting solutions.
