Indian Gaming Industry Will Reach $7.5 Billion By FY28
3 min read
Indian Gaming Industry : Revenue and Growth
The gaming sector in India recorded a revenue of $3.1 Bn in FY23 and is estimated to touch $7.5 Bn by FY28. The report predicts a CAGR of 20% for the sector, primarily propelled by a surge in in-app purchases in casual and midcore games and an escalation in in-game advertising revenues.
Gaming Community in India
India is home to a gaming community of 568 million, with 25% being paying users. The count of paying users has witnessed a YoY increment of 17%. With 15.4 billion downloads in FY23, India maintains its position as one of the top-ranking countries globally for mobile game downloads.
Lumikai Report On Indian Gaming Industry
Here is report by LUMIKAI on Indian Gaming Industry and a complete summary of the report which contains other similar insights is here
Impact of BGMI and Free Fire Suspension on Indian Gaming Industry
In spite of the suspension of BGMI and Free Fire in FY23, in-app revenue excluding these two games experienced a YoY growth of 37%. This is due to the steady climb in monetization across other casual and midcore games, indicating that Indian gamers are increasingly open to exploring new IPs.
We are thrilled to announce the release of our annual State of India Gaming Report FY23, in collaboration with @Google.
In FY23, the Indian gaming industry clocked $3.1 Bn and is set to hit $7.5 Bn by FY28, growing at a CAGR of 20%.https://t.co/iiARcdXMPj
— Lumikai (@Lumikai) November 3, 2023
Real Money Gaming (RMG) Sector Growth
The RMG sector saw a growth of $500 Mn in FY23. However, this sector is predicted to face obstacles in the future due to recent amendments in taxation policies and industry consolidation. Consequently, we foresee a subdued growth in this sector.
Survey Insights on User Behaviour and Demographics
Additionally, we carried out a survey involving over 2000 gamers in India and gathered insightful data on user behaviour and demographics:
Half of the gamers in the country are aged between 18-30 years, with a male-to-female ratio of approximately 60:40.
The average gaming time has seen a 20% YoY rise, amounting to 10-12 hours per gamer per week.
Users identified relaxation and socializing with other gamers as their main reasons to play games. Completion of a game’s objectives and excessive ads were pointed out as the main deterrents to continue playing a game.
Over 40% of users reported that they have transitioned beyond casual games to explore other genres.
Approximately 60% of users reported making in-app purchases, with 62% stating that UPI is their preferred payment method.”
Read Also : Exciting Upcoming BGMI Tournaments 2023 : A Thrilling Journey into the Heart of Esports
Some important keypoints are here –
- The gaming sector in India recorded a revenue of $3.1 Bn in FY23 and is estimated to touch $7.5 Bn by FY28.
- The sector is predicted to grow at a CAGR of 20%, primarily propelled by a surge in in-app purchases in casual and midcore games and an escalation in in-game advertising revenues.
- India is home to a gaming community of 568 million, with 25% being paying users.
- Despite the suspension of BGMI and Free Fire in FY23, in-app revenue excluding these two games experienced a YoY growth of 37%.
- The RMG sector saw a growth of $500 Mn in FY23 but is predicted to face obstacles in the future due to recent amendments in taxation policies and industry consolidation.
- A survey involving over 2000 gamers in India was carried out, gathering insightful data on user behaviour and demographics.
- Half of the gamers in the country are aged between 18-30 years, with a male-to-female ratio of approximately 60:40.
- The average gaming time has seen a 20% YoY rise, amounting to 10-12 hours per gamer per week.
- Over 40% of users reported that they have transitioned beyond casual games to explore other genres.
- Approximately 60% of users reported making in-app purchases, with 62% stating that UPI is their preferred payment method.
