We’re entering a new era of gaming and it’s bold, exciting, and rewarding.
Gaming has taken over the entertainment landscape by storm and captured the popular imagination. At one end there is intense competition and at the other, one is awed by the possibilities that technology can offer. The online gaming market has been transformed by the integration of advanced technologies such as cloud computing, artificial intelligence, and virtual reality. These technologies have made gaming more immersive, engaging, and personalized with increased accessibility. Increased availability of high-speed internet, mobiles, and the roll-out of 5G, have proved to be significant tailwinds for the gaming industry. With the advent of 5G, gaming platforms and content producers will have a huge opportunity to build and boost their technology infrastructure, fast-track innovation and create unique, rich, and engaging content for players. It also creates an opportunity for curating unparalleled experiences. 5G will revolutionize this “game on the go”. It provides two key advantages: lower latency and higher bandwidth which will translate into high-speed connectivity. The fast and stable connections will open up new growth opportunities for the industry by attracting more players and audiences and facilitating content enrichment.
The Indian gaming market, backed by pretty impressive consumer patterns, hit $2.6bn in 2022 and is expected to reach over $20 bn by 2030.
Policymakers, too, have recognized the potential of this sunrise sector and the government has worked expeditiously to build progressive regulatory frameworks that support the domestic gaming market, while placing consumer protection at its core. Critical developments have included the appointment of The Ministry of Electronics and Information Technology. (MEITY) as the nodal ministry for the online gaming market and most recently amendments in the Finance Bill 2023 and the IT rules for the online gaming industry which have been formulated and finalised after extensive consultations.
The fact that EGF has been at the helm of driving this change and played a pivotal role in the progress made so far is extremely gratifying. The same is reflected in EGF’s robust code of conduct, which found resonance in the draft rules. Focused on the long-term sustainable growth of the gaming industry and not on the immediate/short term gains, EGF has consistently led the efforts for the industry, whether it has been around the change in TDS brought by the amendment of the Finance Bill 2023 or the relentless education and awareness efforts around the right GST regime.
With all of these fantastic developments around gaming, both in the technological and regulatory environment and in line with the Government’s vision of enabling growth and innovation in the sector, we will witness newer start-ups coming into the ecosystem and it is imperative that these start-ups be nurtured in the right way.
As leading players in the online gaming market, at Games24x7, we want to empower these new start-ups. In 2022, Games24x7 launched a venture capital arm - Games24x7 Ventures, to set out INR 400 crore of its balance sheet capital in early-stage start-ups at the intersection of technology and interactive entertainment space. The ecosystem is large enough for many more players to innovate and flourish, while providing new opportunities for employment in direct and allied industries.
And we’re still only at the beginning. The opportunities that lie ahead with technology-enabled innovation are limitless. Be it Web3.0, artificial intelligence, or augmented reality, the immersive experience of gaming is going to grow to engage consumers at unprecedented levels. The advanced technologies not only promise a hyper-personalized gaming experience but also aid in ensuring player protection. With responsible gameplay as a guiding factor, the Indian online gaming market is well on its way to becoming a global gaming hub. We’re excited and humbled to be part of this journey and witness history in the making.