India’s mobile gaming market is growing rapidly and due to this the impact is visible on the revenue of the gaming industry. A report said that the annual revenue of the gaming industry could almost double from $3.1 billion by 2023 to $6 billion by 2028. The main reason for the increase in revenue is the increase in gaming users, which is expected to increase by about 70 percent in the coming four years.
This was said in a joint report by the Interactive Entertainment and Innovation Council (IEIC) and online gaming company Winzo on Wednesday. This number is projected to reach 24 crore users in 2028 compared to 14.4 crore paying users for games in 2023, according to the ‘India Gaming Report 2024’ based on IEIC analysis and secondary data.
More than 1400 gaming companies in the market
The Indian gaming industry comprises more than 1,400 gaming companies, including 500 gaming studios, the report said. The annual turnover of gaming is expected to reach six billion dollars by 2028. The report said that game downloads in India increased from 5.65 billion to 9.5 billion in just four years (from 2019 to 2023). The main reason for the increase in gaming downloads is the young population in India. India has the largest youth population in the world.
This growth pushes India’s share in global game downloads to 16 percent in 2023. It was followed by Brazil with 4.5 billion downloads (7.6 percent market share) and the US with 4.4 billion downloads (7.4 percent market share), respectively.
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