Prime Minister Narendra Modi’s interaction with Indian gamers, including Animesh Agarwal and Mithilesh Patan earlier this month, was more than just about sports and attracting young voters ahead of the Lok Sabha elections. The meeting underscored the growing significance of the gaming industry and the government’s interest in its development. The online gaming segment has emerged as a powerhouse of innovation, engagement and economic potential, with recent years witnessing a captivating surge in online gaming’s popularity, propelled by factors such as widespread smartphone penetration, enhanced internet connectivity, burgeoning youth population, heightened awareness and the development of local gaming content tailored to individual preferences.
Raghav Anand Partner, Ernst & Young Parthenon, points out that the online gaming segment has historically attracted substantial investor interest with investments worth Rs 22,931 crore from both domestic and global sources between FY20 and FY24 year-to-date. India continues to be a “mobile first” market, with 94% of its total gamer base engaging in mobile gaming experiences, with the online mobile gaming emerging as a US$1.5 billion sunrise sector, with 38% CAGR which will take the value to US$5 billion by 2025, according to an Ernst & Young report.
This story is from the April 21, 2024 edition of The Sunday Guardian.
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This story is from the April 21, 2024 edition of The Sunday Guardian.
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