By Our Staff
Gaming abd interactive media fund, Lumikai, has released the third edition of its annual State of India Gaming report, in collaboration with Google. According to the report, the Indian gaming market is expected to hit the $7.5 Bn valuation mark by FY28. The report cited several interesting insights that show the significant growth in the last few years.
The data decoded in the report showed the shift from being one of the emerging markets to now being a key market in the world driven by faster download speeds, rapid smartphone penetration and affordable data. Increasing affinity towards byte-sized entertainment and participation in interactive communities have also been key drivers in the growth of gaming across the country. The report anticipates a robust growth rate of 20% CAGR, driven by increasing in-app purchases and advertising revenues in casual and mid-core games. The data also sheds light on India’s global position as one of the leading countries globally for total mobile game downloads. Over 50% of all Indian internet users account for the gaming population in the country. This number grew by 12% in FY23, according to the report. The data also highlighted how the average time spent on gaming increased by 20%, to 10-12 hours per gamer per week.
Said Salone Sehgal, Founding General Partner at Lumikai: “We are thrilled to unveil the 3rd edition of the State of India Gaming report in partnership with Google. The strong growth and insights showcased in our report are a testament to the continued appetite for gaming in India. Indian gaming has been on the rise because of rapid digitisation, growth in new gamers and new paid gamers, and increasing diversity of gaming content consumed. Even though funding has slowed down this year, the outlook towards the gaming industry is extremely positive. We’re particularly excited to see the increasing engagement of gamers from non-metro cities, which demonstrates the massive growth potential and the opportunity in the Indian gaming industry. We are committed as a team to be at the forefront of powering India’s gaming economy and we will continue to enable the best interactive media & gaming founders across India.”