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New Reports Give Insights Into India’s $9.2 Bn Gaming Future

Lumikai, India’s leading interactive media and gaming VC fund, announces its annual market intelligence report, “State of India Interactive Media and Gaming Report,” launched at Lumikai Insignia, an exclusive summit that united global industry legends among the likes of Padma Shri SS Rajamouli, Saudi’s PIF’s Investment Manager Abdullah Alorainy, Crysis and Far Cry Founder Cevat Yerli, and pioneer in GPU/AI silicon space – Raja Koduri, industry veteran who previously led Graphics Computing and Engineering at Intel, Apple and AMD.

In a landmark year for India’s gaming industry, Lumikai’s seminal report unveils the gaming sector’s surge to $3.8 Bn, with female gamers now making up 44% of the nation’s 591 Million gaming population. This momentum, coupled with a projected growth to $9.2 Bn by FY29, has naturally attracted both entrepreneurial talent and venture capital interest to this lucrative space, supporting Lumikai’s early conviction in the market’s potential.

Adding wind to this sail, Insignia featured an inimitable keynote lineup of global visionaries, including Academy Award Winner SS Rajamouli. His session educated attendees on storytelling via immersive entertainment by blending Indian culture with global appeal by leveraging technology. Other keynote speakers included Abdullah Alorainy, who represented Saudi Arabia’s Public Investment Fund (PIF). PIF launched Savvy Gaming Group, a games and esports company dedicated to enabling continuous advancement in the global gaming industry, backed by a commitment of $38 Bn. Additionally, Cevat Yerli, Chairman & CEO of TMRW Foundation and creator of Far Cry and Crysis, shared insights from his journey of building games through the late 90s and developing world-famous gaming IP that led to $5 Bn in consumer spending and played by millions of global gamers. Raja Koduri, a graphics pioneer who shaped AMD’s Radeon, Intel’s GPU division, and Apple’s Retina displays, added to this stellar keynote panel and spoke about the convergence of gaming, AI, cloud gaming, and the future of graphics technology.

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Commenting on the successful culmination of the event, Salone Sehgal, Founding General Partner at Lumikai, said, “Assembling the world’s leading names in the global interactive media industry, through our keynote panel and guest list, makes Insignia the definitive platform for meaningful dialogue and collaboration among technology visionaries and investment veterans aimed at shaping India’s interactive media landscape. Both founders and international VCs stood as beneficiaries of the summit, connecting India’s entrepreneurial talent with global decision-makers. Additionally, as a platform for our report launch, Insignia presented the compelling growth of India’s interactive media and gaming industry. From a 30% increase in average weekly gaming time to a sophisticated user base of 148 Mn paying users contributing to an ARPPU of $22, the findings garnered global recognition. They conveyed market readiness for the next phase of growth”.

Developed in collaboration with Google and Deloitte, the report aims to push the frontiers of gaming technology and explore emerging opportunities that are on course to frame the contours of the interactive entertainment and gaming ecosystem.

Commenting on the partnership, Mr Aditya Swamy, Regional Director, Google Play, said, “We are delighted to continue our partnership with Lumikai on this industry-defining report. India has established itself as a global gaming powerhouse with 590M gamers and is projected to deliver strong growth over the next five years. We are firmly committed to being a key growth enabler to the ecosystem and are excited about the opportunity ahead of us.”

The report reveals seismic advancements in crucial metrics across all gaming segments. Key statistics include:
● Gaming accounted for 30% of the $12.5 Bn new media revenue pie (comprising video content, animation/vfx, audio streaming, gaming and social media) in FY ’24.
● 591 Mn active gamers in India, with 23 Mn new users added in FY24 alone.
● 66% of gamers were from non-metro cities, with 43% of gamers being first-time earners in the 18-30 age group.
● 148 Mn users make in-game purchases, with 8 Mn new paying players added in FY24.
● In-app purchases, propelled by mid-core games, grew by 41% year-on-year and continue to be the fastest-growing slice out of the $3.8 Bn revenue pie for FY ’24.
● 64% of paying users who play RMG formats also pay for mid-core games, suggesting a high degree of overlap in gamer personas and migrating preferences of gamers.
● ARPPU (average revenue per paying user) grew 15% to reach $22.
● Average weekly time spent on gaming increased by 30% to 13 hours, doubling the time spent on social platforms.
● India is the world’s second-largest mobile gaming market, recording
15.2 Bn downloads – 3x the combined volume of Brazil and the US.
● 25% of gamers said they had spent money in games this year, consistent with FY23, with 83% preferring UPI or digital wallets to make in-game payments.
The report, based on extensive primary research covering nearly 3,000 mobile users across India, has established itself as the authoritative resource for understanding India’s gaming landscape. Government bodies, including MEITY, CII, FICCI, and various state governments, consistently reference it to guide policy decisions and industry planning. 

Gutshot Magazine provides updates like these and more about the poker community and industry and the India gaming scene. From event winners of series schedules to interviews with some of the hottest names in the industry, Gutshot Magazine provides it all. We also keep a tab on the latest updates in the corporate world and government mandates that might have an effect on the poker industry. For more updates from the poker world, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter and Telegram.

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