India’s gaming industry has experienced significant growth, reaching $3.8 billion with a player base of 591 million, of which 44 per cent are women, according to the latest report from venture fund Lumikai. Released at the Lumikai Insignia summit, the annual “State of India Interactive Media and Gaming Report” provides a comprehensive look into the sector’s progress and projections, forecasting a revenue increase to $9.2 billion by the fiscal year 2029.
The broader new media market in India, covering gaming, OTT, and more, is expected to grow at a 16 per cent compound annual rate, reaching $12.5 billion in FY24, with gaming and video content comprising over 60 of the market share.
Second-Largest Market For Mobile Games
India currently stands as the world’s second-largest market for mobile gaming downloads, behind only China, and is 3.5 times larger than the United States and Brazil in this area. However, real-money games face profitability challenges due to tax impacts despite a rise in sector revenue, as noted in the report created in collaboration with Google and Deloitte.
Salone Sehgal, Lumikai’s Founding General Partner, described Insignia as a significant platform fostering collaboration among industry leaders and investors. The event underscored India’s gaming potential with key data, such as a 30 per cent rise in weekly gaming hours and a user base of 148 million paying players, which has attracted international attention and investment interest.
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Lumikai Insignia brought together global leaders in gaming and tech, including film director SS Rajamouli, Abdullah Alorainy from Saudi Arabia’s PIF, gaming industry veteran Cevat Yerli, and graphics pioneer Raja Koduri. Rajamouli highlighted the importance of fusing technology with cultural storytelling, while Alorainy discussed PIF’s initiatives, such as the $38 billion Savvy Gaming Group, aimed at global gaming innovation. Yerli shared insights from his development of iconic games like Far Cry and Crysis, while Koduri explored advancements in AI, cloud gaming, and graphics.
