2024 – The year when India became a pivotal market for global gaming innovation

As we conclude another year, it is essential to reflect on the key developments, challenges, and achievements that have shaped different sectors throughout the past 12 months. The year 2024 has been marked by dynamic shifts, rapid innovation, and the continued adaptation to both external factors and emerging trends.

Adgully’s annual feature – REWIND – revisits different sectors and identifies the key developments as well gauges the long-term impacts of those developments. We speak to a cross-section of industry leaders to bring a 360-degree view of the industry landscape, the growth trends, financial performance, disruptions, innovations, challenges and more.

In this REWIND 2024 article, industry experts highlight the key trends and developments that propelled the gaming industry in India in the year gone by…

Gaming and E-sports industry in India in 2024

The gaming and Esports industry in India continued its rapid ascent in 2024. With increased accessibility to mobile gaming and broader internet penetration, Esports has firmly established itself as a legitimate form of entertainment and competition. “Platforms like ours have been pivotal in channeling this momentum into opportunities for grassroots talent and fostering new gaming Ips,” said Ashwin Haryani, Country Head, Ampverse DMI.

Anurag Choudhary, Founder & CEO, Felicity Games, added here, “The gaming and esports industry in India experienced a transformative year in 2024, propelled by mobile gaming’s widespread adoption and esports’ growing mainstream presence. Felicity Games has witnessed this shift firsthand, as casual gaming emerged as a preferred form of entertainment for diverse age groups.

With technological advancements, increased smartphone penetration in Tier 2 and Tier 3 cities, and localization efforts, India has become a pivotal market for global gaming innovation. Platforms like Nostra have exemplified how novel discovery mechanisms can further enhance engagement, benefiting both players and developers.”

In a similar vein, Rohit Jagasia, Founder and CEO of Revenant Esports, said, “The current state of gaming and the esports industry is on a significant rise. We have seen numerous collaborations, with brands – both endemic and non-endemic – investing in esports and gaming through influencer marketing, sponsorships, etc. Recently, we witnessed a one-of-a-kind partnership with IQOO, where they partnered with us, the best Battlegrounds Mobile India team in the country, along with 4-5 other teams that have the potential to become solid competitors in the future. Additionally, we at Revenant were able to partner with Hummel in a landmark kitting deal in Indian esports. From a business, investment, and growth perspective, the Indian gaming and esports industry is on the rise.”

Economy and the gaming/ E-sports industry

Ashwin Haryani noted that the economic stability of 2024 has been a significant enabler for the gaming industry. Rising disposable incomes and the growing digital economy have allowed more consumers to engage with gaming platforms. “For Ampverse DMI, this has translated into greater adoption of our initiatives like College Rivals, which connects brands, gamers, and educational institutions,” he added.

“The Indian economy’s resilience in 2024 significantly bolstered gaming and esports, creating opportunities for companies like Felicity Games to thrive,” said Anurag Choudhary, adding, “Rising disposable incomes and smartphone affordability enabled greater reach for our casual games. Investor confidence surged, evidenced by Felicity Games securing $700K in pre-seed funding, which allowed us to expand aggressively into 14 countries. However, economic challenges like inflation did pose risks, especially for premium offerings and in-app purchases, requiring us to innovate with ad-supported monetization models.”

Rohit Jagasia noted, “The Indian economy has had several significant impacts on the growth and investment in the gaming and esports sector this year:

• Increased Digital Penetration: With the rise of internet connectivity and smartphone usage, more users are engaging with online gaming and esports platforms. This digital transformation has expanded the audience base and created more opportunities for investments.
• Economic Growth and Disposable Income: As the Indian economy continues to grow, there is an increase in disposable income among consumers, enabling them to spend more on gaming and esports. This trend has attracted both domestic and international investors looking to capitalize on the burgeoning market.
• Investor Confidence: The positive outlook for India's economic prospects has bolstered investor confidence, resulting in increased funding rounds for gaming companies and esports organizations. Venture capitalists and private equity firms are showing interest in backing startups in this space.
• Infrastructure Development: Investments in infrastructure, such as better internet services and gaming facilities, have contributed to a more robust gaming ecosystem. This development supports the growth of esports tournaments and events, enhancing the overall industry.
• Cultural Shift: The growing acceptance of gaming as a mainstream form of entertainment, especially among the youth, has led to an increase in participation and viewership of esports events, driving growth in sponsorship and advertising revenues.”

Overall, the broader Indian economy’s upward trajectory has created a favorable environment for the gaming and esports sector, resulting in significant growth and investment opportunities. As these trends continue, the sector is likely to see further expansion in the coming years.

Key trends and developments

Ashwin Haryani mentioned three trends that stood out this year:

• Hybrid gaming tournaments that bridged digital and physical spaces.
• Stronger partnerships between gaming platforms and non-endemic brands, boosting innovation.
• A focus on regional engagement, bringing gaming experiences to smaller cities and untapped communities.

Anurag Choudhary, too, pointed out several trends that shaped the industry this year:

• Platform-Driven Game Discovery: Platforms like Nostra have set a new benchmark in game distribution, helping Felicity Games achieve lower acquisition costs and 1 million monthly active users in our debut year.
• Cultural Localization: Incorporating regional languages and culturally relevant themes allowed companies to resonate deeply with players, something we prioritized in our game designs.
• Hybrid Monetization Models: We observed a shift toward balancing ad revenue with player-centric game experiences, a strategy Felicity Games successfully implemented.
• Esports Growth: While casual gaming remains our core focus, the mobile esports boom has drawn global attention to India, further validating the country’s gaming potential.

According to Rohit Jagasia, some of the important trends were as follows:

• Expansion of Mobile Gaming: Mobile gaming continued to be the dominant segment, driven by increased smartphone penetration and affordable internet access. Games designed for mobile platforms saw significant growth in both user base and revenue.
• Rise of Indie Games: There was a notable increase in the popularity of indie games, with local developers gaining recognition for innovative and culturally relevant content. Crowdfunding and community support played a crucial role in the launch of several successful indie titles.
• Esports Mainstreaming: Esports events gained more visibility, with major tournaments being broadcast on traditional media channels and streaming platforms. This helped in reaching a broader audience and legitimizing esports as a competitive activity.
• Brand Partnerships and Sponsorships: Collaborations between gaming companies and major brands became more prevalent. Many brands recognized the potential of esports to engage younger audiences and tapped into influencer marketing to promote their products.
• Rise in Game Publishers: There was a significant increase in the number of game publishers entering the Indian market. We partnered with a publisher to introduce the best card-based strategy game in India. Additionally, we collaborated with Scout and our BGMI team with SuperGaming to showcase the potential of Indian game developers to the audience. We will also announce a solid collaboration with India’s biggest mobile cricket team alongside Sc0ut.
• Diversification of Gaming Genres: There was a diversification in the types of games being developed and played, including battle royale, strategy, and simulation games. This trend catered to a wider audience and encouraged different gaming styles.
• Growth of Content Creation: The rise of gaming content creators and streamers on platforms like YouTube and Twitch created new revenue streams and engagement avenues for gamers. This trend highlighted the intersection of gaming and entertainment.

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