According to a report by CNBC TV18, the year 2020 was an inflection point for the online gaming industry. The COVID-19 related restrictions helped the gaming sector grow at an unprecedented rate since there were limited sources of entertainment available due to the lockdown. As per news reports, numerous startups saw their valuations triple in just a few months after the pandemic struck. Reports stated that the gaming sector in India attracted a total of $544 million investments from August 2020 to January 2021.
Further reports stated that as the online gaming space is growing, there has also been an increase in legal scrutiny for business models of various companies who are in the real-money skill games space.
According to Financial Express, the Venture Intelligence report stated that venture capital funds have invested about $438 million in Indian gaming startups since April 2020. Another report by Inc42 stated that esports was responsible for 4% of all online gaming users and had constituted about 9.13% of aggregated revenue out of the entire gaming market.
Experts reportedly told the media that esports has a promising future in India and the credit goes to the young population. Also, the increased use of smartphones, rising investments by capitalists, and accessibility to technology and internet has contributed to the anticipation of a big future for the world of esports in the country. Industry experts stated that India has about 300 million plus gamers. The sector is filled with enthusiasm, creativity and opportunities. Increased mobile usage, esports in education, bigger prize pools, live streaming and increased viewership have fueled the growth of esports in India.
According to a report by CNBC TV18, to shed light on the road ahead for the gaming sector Startup Street spoke to Bhavin Pandya, the co-founder & CEO of Games 24X7, Sai Srinivas Kiran, co-founder & CEO of MPL and Vaibhav Kakkar, Partner at L&L Partners. They all gave an insight on how the experts anticipate the future of the Indian gaming sector.
Jochebed Mendes is a Content Writer at Gutshot Magazine. Transitioning from the beauty and lifestyle industry to the gaming industry, she is keen and enthusiastic to learn everything about cash games and non-cash games while also trying to take a chance on the hot seat of poker and rummy. Apart from trying her luck at writing for many genres, she also loves surfing through bizarre content on the internet, engaging in philosophical topics and sharpening her cooking skills every now and then. Other than her many go-to activities, her most favorite are playing the Violin, singing, and composing poetry; and when she’s not on board playing the role of a content writer, she takes off to teaching the violin to kids, adults, and people of all ages.
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