According to the "State of India Interactive Media and Gaming Report" by Lumikai, India's gaming industry, with 44 per cent of its 591 million gamers being women, is the world's second-largest mobile gaming market standing behind China. The industry has grown significantly, reaching $3.8 billion with a player base of 591 million. The broader new media market is expected to reach $12.5 billion in FY24, with gaming and video content accounting for over 60 per cent of the market share.
The Lumikai report further highlighted a 30 per cent increase in weekly gaming hours and a user base of 148 million paying players. It forecasts a revenue hike of $9.2 billion by the fiscal year 2029. The report released jointly with Google and Deloitte states that India, the world's second-largest mobile gaming market and 3.5 times larger than the U.S. and Brazil, faces profitability challenges due to tax impacts despite rising sector revenue.
Lumikai's Founding General Partner, Salone Sehgal, praised Insignia as a platform for collaboration among industry leaders and investors. The event highlighted India's gaming potential, with a 30 per cent increase in weekly hours and 148 million paying players, attracting international attention and investment. Global gaming and tech leaders were present in Lumikai Insignia discussed technology fusion, PIF initiatives, AI, cloud gaming, and graphics advancements.
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