New Delhi: With the potential to grow to $9.2 billion by FY29 from the current $3.8 billion, India’s gaming sector, led by enthusiasts from non-metro cities, is on a promising trajectory, according to a report on Monday.
Female gamers, now comprising 44 percent of the nation’s 591 million gaming population, are a significant and growing part of the gaming community. Besides, 66 percent of gamers are from non-metro cities, and 43 percent comprise first-time earners in the 18-30 age group, reflecting the diverse and inclusive nature of the gaming sector.
This momentum has naturally attracted both entrepreneurial talent and venture capital interest to this lucrative space, according to the report by Lumikai, a leading interactive media and gaming VC fund.
Significantly, the average weekly time spent on gaming has surged by 30 percent to 13 hours, doubling the time spent on social platforms. India has solidified its position as the world’s second-largest mobile gaming market, with a staggering 15.2 billion downloads—three times the combined volume of Brazil and the US.
“From a 30 percent increase in average weekly gaming time to a sophisticated user base of 148 million paying users contributing to an average revenue per paying user (ARPPU) of $22 (about Rs 1,800), the findings garnered global recognition and conveyed market readiness for the next phase of growth,” said Salone Sehgal, Founding General Partner at Lumikai.
BJP Leader Naqvi Hits Out at Islamic Cleric Tauqeer Raza Over ‘Call to Gherao Capital’
Eight million new paying users were added in FY24, taking the total number of paying gamers to 148 million, according to the report that reviewed India’s new media market, which was worth $12.5 billion in FY24, with 30 percent of the share accrued to the gaming sector.
In-app purchases, driven by mid-core games, have seen a significant 41 percent year-over-year growth, making it the fastest-growing segment of the $3.8 billion revenue pie for FY24. This trend underscores the evolving preferences of gamers and the increasing popularity of in-app purchases in the gaming sector.
According to the report, 64 percent of paying users who play real-money gaming (RMG) formats also pay for mid-core games, suggesting a high degree of overlap in gamer personas and migrating preferences of gamers.
AAround 25 percent of gamers said they spent money in games, consistent with FY23. 83 percent preferring UPI or digital wallets to make in-game payments.
For more updates Subscribe to Media Eye News
–IANS
