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- Lumikai Insignia听颈蝉听Lumikai海角直播 annual LP event听and India海角直播 signature interactive media and gaming summit.
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听SS Rajamouli听补苍诲听Abdullah Alorainy from Saudi海角直播 PIF听held keynote sessions, among other industry heavyweights.
- Lumikai Insignia witnessed the launch of听鈥淭he Lumikai State of India Interactive Media and Gaming Report鈥澨for听2024.
- The report reviews India海角直播听new听media market听worth听$12.5 Bn听in FY24, with听30%听share听accrued to the听gaming sector.
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Out of the total of听591 Mn听gamers in India,听female gamers rose from 41% to 44%
- 8 Mn new paying users听added in in听FY24, taking total paying gamers听to 148 Mn
India, Nov 11th, 2024, | Lumikai, India海角直播 leading interactive media and gaming VC fund, announces its annual market intelligence report, 鈥State of India Interactive Media and Gaming Report,”听launched at听Lumikai Insignia, an exclusive summit that united global industry legends, among the likes of听Padma Shri SS Rajamouli, Saudi海角直播 PIF海角直播 Investment Manager听Abdullah Alorainy, Crysis and Far Cry Founder听Cevat Yerli, and pioneer in GPU/AI silicon space 鈥撎Raja Koduri, industry veteran who previously led Graphics Computing and Engineering at听Intel, Apple and AMD.
In a landmark year for India’s gaming industry,听Lumikai海角直播 seminal report听unveils the gaming sector海角直播 surge to听$3.8 Bn, with听female gamers听now making up听44% of the nation海角直播 591 Mn gaming population. This momentum, coupled with a projected growth to听$9.2 Bn by FY29,听has naturally attracted both听entrepreneurial talent听补苍诲听venture capital interest听to this lucrative space, supporting Lumikai’s early conviction in the market’s potential.
Adding wind to this sail,听Insignia听featured an inimitable keynote lineup of听global visionaries, including听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听Abdullah Alorainy, representing听Saudi Arabia’s Public Investment Fund (PIF). PIF launched听Savvy Gaming Group, a games and esports company dedicated to enabling continuous advancement in the global gaming industry, backed by a听commitment of $38 Bn. Additionally,听Cevat Yerli, Chairman & CEO of TMRW Foundation听and creator of听Far Cry and Crysis,听shared insights from his journey of building games through the late 90海角直播 and developing world-famous gaming IP that led to $5 Bn in consumer spending and is played by millions of global gamers.听Raja Koduri,听graphics pioneer who shaped听AMD’s Radeon,听Intel’s GPU division, and听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,听Salone Sehgal,听Founding General Partner at听Lumikai, said, “Assembling the world海角直播 leading names in the global interactive media industry, through our keynote panel and guest list, makes听Insignia听the definitive platform for meaningful dialogue and collaboration among technology visionaries and investment veterans aimed at shaping India海角直播 interactive media landscape. Both founders and international VCs stood beneficiaries of the summit, connecting India海角直播 entrepreneurial talent with global decision-makers. Additionally, as a platform for our report launch, Insignia presented the compelling growth of India海角直播 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鈥.
Developed in collaboration with听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听(comprising video content, animation/vfx, audio streaming, gaming and social media) in FY ’24.
- 591 Mn active gamers听in India, with听23 Mn new users added听in听FY24听alone.
- 66% of gamers听were from non-metro cities, with听43% of gamers听being first-time earners in the听18-30听age group.
- 148 Mn users make in-game purchases, with听8 Mn听new paying players added in FY24.
- In-app purchases, propelled by mid-core games, grew by 41% year-on-year,听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听suggesting a high degree of overlap in gamer personas and migrating preferences of gamers.
- ARPPU听(average revenue per paying user)听grew 15%听to reach $22.
- Average weekly听time spent on gaming听increased by 30% to 13 hours, doubling the time spent on social platforms.
- India听is the听world’s second-largest mobile gaming market,听recording
15.2 Bn downloads – 3x the combined volume of Brazil and the US. - 25% of gamers听said they have spent money in games this year, consistent with FY23, with听83% preferring UPI听or digital wallets to make in-game payments.
The report, based on extensive primary research covering听nearly 3,000 mobile users听across India, has established itself as the authoritative resource for understanding India’s gaming landscape. It has been consistently referenced by government bodies including听MEITY, CII, FICCI,听and various state governments, guiding policy decisions and industry planning.
