
Online gaming is often mixed up with gambling. There is a need to distinguish games of chance and games of skill and e-sports
India is one of world’s biggest markets for online gaming. There are nearly 433 million online gaming app users and they are growing rapidly. Almost half of them are in the 15-64 age group. During the pandemic, the usage of these apps soared by 65 per cent. According to Sensor Tower Research, India had the world’s highest number of game downloads at 761 million. The tremendous surge in India is driven by the growing youth population, explosion in volumes of mobiles and tablets, inexpensive data and new gaming genres offering novel thrills.
In the Budget 2022, the Finance Minister announced setting up a task force to promote animation, visual effects, gaming, and comics sector (AVGC). Currently India has 10 per cent of the global AVGC market and is expected to reach 25 per cent by 2027. With India’s leadership in AVGC, 3D designs, AI, VR/AR, block chain technology, cloud technology, etc. it is expected to catapult the country among the world’s top three.
According to a KPMG report, the Indian online gaming industry was worth Rs 13,600 crore in FY 2020-21 and likely to reach Rs 29,000 crore by FY 2025. According to another BCG-Sequoia report it is expected to soar to $5 billion by 2025. Microsoft’s acquisition of the video game company Activision Blizzard for a whopping $69 billion reaffirms the sector’s huge potential and brings with it the prospect of a big bazar for Indian developers.
Read More at www.thehindubusinessline.com/opinion/why-indias-online-gaming-industry-desperately-needs-a-regulatory-architecture/article65602042.ece/amp/
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