New Delhi:
in india gaming industry Is growing rapidly. A recent report has revealed that the size of the Indian gaming market has currently exceeded $3.8 billion. This value in Indian Rupees is beyond Rs 32 thousand crores. This increase is mainly due to the increasing craze towards gaming among the youth of the country, especially in small towns. Like metro cities, the craze for online games has increased to such an extent in small towns that the gaming industry of the country is growing very fast.
Industry will cross ₹78,000 crore in 5 years
The Indian gaming industry was worth $3.1 billion in FY 2023, which increased by 23% to $3.8 billion in FY24 and in the next 5 years i.e. by FY 2029, the Indian gaming market can reach close to $9.2 billion i.e. about Rs 78 thousand crores. . Interactive media and gaming venture capital fund Lumikai has made this estimate in its ‘State of India Interactive Media and Gaming Report’.
Despite heavy GST being imposed on online gaming, its growth is not being affected. The report has also revealed that the craze for gaming has increased not only in big cities but also in small towns.
What came to light in the report?
- Gaming industry will be worth $9.2 billion by fiscal year 2029
- The market was worth $3.1 billion in FY23, increased by 23% to $3.8 billion in FY24
- Currently, gaming has 30% share in the $12.5 billion new media market.
- There are 59.1 crore active gamers in the country, out of which 2.3 crore gamers have joined this year only.
- There is also a large population of female gamers, 44% of the total gamers i.e. 26 crore women.
- There are more gamers in non-metro cities than in metro cities, their share is about 66%.
- 43% gamers from 18-30 age group, 29% gamers from 30-45 age group, 28% gamers from 45+ age group
- 14.8 crore users make in-game purchases, 80 lakh such users joined in FY24
- Fastest growing mid-core games driven by in-app purchases, YoY growth 41%
Profit increased slightly but revenue increased a lot.
The report estimates that real money gaming (RMG) platforms have added $400 million to their revenue due to live sports seasons, including two World Cups and one IPL event. However, due to the huge 28% GST, the revenue of real money gaming has been affected and the profit has also reduced. It said that casual and hypercasual games saw a 10% CAGR growth in in-app purchasing revenue.
Second largest mobile gaming market
India is now the world’s second largest market in terms of mobile gaming downloads, 3.5 times larger than the US and Brazil. The Indian gaming market reached 59 crore gamers with the addition of 2.3 crore new gamers in FY24. According to the report, 80 lakh new paid users were added in the financial year 2024, taking the total number of paying gamers to 14.8 crore.
Gamers are spending an average of 13 hours a week
Gamers in the country are spending an average of 10 to 13 hours a week. According to the report, the average weekly time spent on games increased by 30% from 10 hours to 13 hours. The report also states that 64% of paying users who play real-money gaming (RMG) also pay for mid-core games. About 25% of gamers said they spend money in these games and 83% of gamers use UPI or digital wallets to make in-game payments.
