India’s gaming arena pierces $2.6-bn mark; may quadruple by 2027
Lumikai’s State of India Gaming report FY22 reveals that India is the world’s largest consumer of mobile games
The gaming market in India has touched the $2.6-billion mark, and is expected to almost quadruple to $8.6 billion by year 2027. Besides, with 15 billion downloads recorded, the country is the world’s largest consumer of mobile games in financial year 2022.
These findings have been revealed by Lumikai, a gaming major, and Interactive Media Venture Capital Fund, as part the annual State of India Gaming FY 2022’ report. The India Game Developers Conference (IGDC) Summit in Hyderabad witnessed the reveal of Lumikai’s State of India Gaming report FY22.
The report, said to be the most comprehensive ever undertaken across India’s gaming industry with inputs from a demographic sample of 2,240 respondents, third-party data providers, interviews with industry leaders, and Lumikai’s proprietary insights., brought to the fore some interesting findings.
Gaming enthusiasts in India number 507 million
The report said that India crossed the half-a-billion mark with 507 million gamers in the country. Of these 120 million, which is almost one-fourth, are paying users. During fiscal 2022, mid-core games proved to be the fastest growing gaming category, having posted a growth of 32 percent and recording combined revenues of around $550 million.
According to Lumikai, close to 48 percent of gamers spend money on mid-core games, while 65 percent of the paying gamers engaged in in-app purchases at least once. This apart, the report added that gaming companies in India could be gearing up to raise $513 million during the current calendar year. It added that the gaming sector funding has risen by 380 percent recorded during 2019. The funding figures were up by 23 percent from year 2020.
Rise in number of female gamers
Lumikai’s State of India Gaming report FY22 also found that Web3 has grown to be an increasingly popular technology in games, with 30 percent of 450 Indian Web3 companies operating in the gaming arena. Web3 games in India have raised around $400 million in funding during the 2019-22 period.
The findings also stated that female gamers in India have gone up in number. The male-female ratio of gamers surveyed was 60:40, equally split between metro and non-metro cities. The full report is expected to be released by November-end. Lumikai has so far backed nine gaming startups.