The online gaming industry is currently making a business of about 1.1 billion USD as per the data of 2019 but it is estimated to become 3 times its size to touch a humongous amount of around 3 billion USD. This report is according to Deloitte India. This growth is being factored into cheap smartphone prices, affordable data, etc. If this estimated growth becomes a reality then the online gaming industry will become around 4-5 % of the overall entertainment industry.
The study also highlighted the fact that this immense growth is due to the pandemic lockdown which cut down many entertainment options for people switching their interests to online gaming. Almost there is a 21 percent increase in the time, people played online games. Even if we are moving towards normalcy, the online gaming industry will always be in a positive gear because of a lot of interest shifts during the lockdown.
The report also states that the business models of many gaming companies have shifted from advertisements to a variety of diversified revenue streams based on consumer experience. The in-game purchases are making more revenue than the adverts placed.
Indian online gaming has attracted a sum total of 450 million USD in the last six years, contrary to which is expected to attract 1.5 billion in just 2 years from 2020 to 2022. Seeing such growth and the immense importance of understanding its scope in the future, there is an urgent need to regularize this sector, said Roland Landers, chief executive at All India Gaming Federation. The online gaming industry or overall gamin industry can generate massive employment, through direct and indirect jobs from various diversified sectors such as marketing, telecommunications, financial services, network experts, sales and banking, technology, events, and also real estate," he added. Let's hope that Indian Gaming Industry, in general, grows tremendously in the coming years and create out of bounds revenues. Cheers!