They said the average session is 55 minutes right? That means the average player spends 55 minutes in home before logging out (not that the average user only uses home for 55 minutes)? Compared to most websites that is pretty good, but again no telling how they calculate the average. Could be a ton of people log on once for an hour and they include the download times in the session. That's somewhat reasonable for waiting for the downloads and checking all the rooms and then never playing again.
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What potential did it have? Really, I have no idea. It always seemed stupid to me.
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I always looked at it as a sort of 3D website. Imagine if Newegg developed an interactive 3D store front, with different store representing different departments and interactive advertisements on the walls and so forth. Throw in a few cheap games, some company specific rooms, and some minor social features, and you have something kind of cool. Home is supposed to be a fun, interactive presentation of the PSN, that allows for more ad space for companies and social networking/themed game lobby space for users. Now if they actually made stores in Home and real ad spaces beyond the themed game lobbies... the mall and the cinema are so under-developed.
I thought it'd be cool if they used it for showing new tech content; created rooms that showed off what they present at game shows and expos and so on. Have them present live feeds while they do their presentations. As it stands there's no reason to use Home unless you want to "see" the players you're going to be playing with. They don't show enough trailers either. Only having a single trailer play on those screens seems like a waste.