Inside India's $9.2 Bn Gaming Future: Lumikai Insignia Converges Industry Titans
Lumikai announced 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 Mn 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 leveraging technology. Other keynote speakers included Abdullah Alorainy, representing 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 90’s and developing world-famous gaming IP that led to $5 Bn in consumer spending and is played by millions of global gamers. Raja Koduri, 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.
Commenting on the successful culmination of the event,Salone Sehgal, Founding General Partner atLumikai, 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 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 and conveyed market readiness for the next phase of growth”.
Developed in collaboration with Google and Deloitte, the report is an endeavour 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 projected to deliver strong growth over the next 5 years. We are firmly committed to being a key growth enabler to the ecosystem and 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 continues 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 have 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. It has been consistently referenced by government bodies including MEITY, CII, FICCI, and various state governments, guiding policy decisions and industry planning.
( Source : Deccan Chronicle )
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