NEW YORK (TheStreet) -- Bitcoins may help Zynga (ZNGA) reach profitability in 2014, but not for the reasons you may think. Earlier this month, Zynga, the popular maker of many games played on Facebook (FB), announced it would start accepting bitcoins as payment for virtual goods. If you missed it, here's the story on TheStreet in part:
"Zynga (ZNGA) Tests Bitcoin in FarmVille 2 and Other Games."
"The social game developer is using popular Bitcoin service provider Bitpay for its test. The test lets gamers buy in-game currency in games such as FarmVille 2, CastleVilla, ChefVille, CoasterVille, Hidden Chronicles, Hidden Shadows and CityVille using the cryptocurrency."
Will adding the ability to buy virtual seeds to plant in FarmVille 2 create an abundance of crops, resulting in a crash in prices of virtual commodities? Don't count on it, most players with the means and desire to buy Zynga cash are probably content to do so with their credit cards.
Adding a new method of buying what amounts to little more than different colored pixels on a screen won't likely add much revenue or bottom line profits, unless of course, the colored pixels are in the shape of poker chips. Last year Zynga added ZyngaPlusCasino and ZyngaPlusPoker to its lineup of games.
According to Zynga's latest quarterly filing, poker revenue accounted for 21% of online game revenue during the third quarter ended September 30, 2013. FarmVille came in a close second, at 20%, and CityVille brought in 12%. ZyngaPlusCasino wasn't quite as successful as ZyngaPlusPoker, based on the company disclosure that no other games resulted in at least 10% of the total game revenue.