The Indian Gaming Summit’s 2nd edition, directed by financial express.com, recently happened from 11th to 13th August 2021. A 3-day virtual occasion, this summit brought together the online gaming sector’s stakeholders for the discussion on topics like the content’s concepts, regulations, advertising, monetization, gamers, ad frauds that happen in gaming, etc. The mobile revolution has brought about a massive evolution of India’s gaming industry. Investments from great players like Alibaba, Youzu, Nazara, & Tencent resulted in an unexpected advancement of gaming. As per the Statistica data, the gaming industry of India, whose value was 6200 crores rupees in 2019 is assessed to cross 25000 crores rupees by 2024. The Mobile Gaming market will approximately reach 405 million dollars by 2022.
Moreover, the online occasional gaming segment is steadied to discern the tremendous growth. According to the report generated by KPMG, the revenues will grow by 182 percent from 808 million dollars (Rs 60 billion) to 2.28 billion dollars (Rs 169 billion). In the meantime, the Indian mobile gaming market is estimated to attain nearly 405 million dollars by 2022. According to Statista forecast, it is anticipated that the number of gamers who play games on mobile phones will be nearly 628 million dollars by 2020.
Indeed, India is primarily a country where mobile games are very popular. But the games played in computers & also console gaming have played an important part in shaping the Indian gaming industry for the last 2 decades. In 2019, it was estimated that computer gaming’s market value was nearly 96 million dollars. Whereas, for a similar time span, the console gaming’s market value was nearly 240 million dollars. In 2016, the market share of Electronic Arts in the industry of computer gaming was about 23.8 percent.
The virtual conference of #IGS2021 that recently happened consisted of a sequel of sessions that includes a keynote speech, panel discussions & fire-side chat among others. Each of the sessions included a few renowned gaming companies, publishers, platform owners, and brand proprietors & influencers/gamers. The event was attended by famous brands, game developers, & gamers, who are from India & also from over the globe. This is because, this gaming summit of India is a business ecosystem’s part, that is backed by none other than Indian Express Online Media.
On day 1 of this summit, the problem of perception & awareness of India’s Gaming Industry was highlighted as one of the massive problems in today’s world. The speakers of the IGS discussed the gaming industry’s evolution especially in this covid-19 situation & also on what today’s gamers are looking for. The industry-based stakeholders also communicated the requirement for an obvious disparity between two types of games- game of chance & game of skills. Moreover, the speakers pointed out the requirement of creating an environment for the player’s growth in the gaming business.
Day 2 of the summit of gaming saw the leaders huddled for a discussion on the gaming industry’s “The game of monetization”. More & more users are now introduced & adopted to gaming in this covid-19 pandemic situation, thus, carrying about prosperity in the sector. Other than that, they also talked about the destiny of the gaming’s subscription model & also about the model’s challenges, particularly with reverence to the ecosystem of mobile gaming.
The discussion done on day 3 of the 2021 IGS was all about creating the ideal standard & statutes in the gaming business. The leaders of the gaming enterprise accentuated the requirement of a soft touch statute originally. Also, a partner of IKGAI LAW proposed that a technical committee is needed to be empowered by the central government, that would define clearly the criteria on the games of skill & chance. If it is not done then, there will invariably be a brawl between the state & the central. Another partner of the company, Saraf and Partners, said that it is very important to create perception until the gaming enterprise reaches its maturity. There is obviously the necessity of creating a self-regulatory framework. Furthermore, they also communicated about the proper direction for India’s gaming industry.
So, the IGS 2021, planned between 11th to 13th August, went well with everything well organized. And, the points of each of the speakers remained noteworthy. We hope that the Indian gaming industry achieves its target very soon following the pieces of advice & propositions that were presented at this summit. For, any update regarding the Indian gaming industry, stay tuned & also wait for the next gaming summit of India. And, you will never miss it.
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