Sponsorships and media rights drive gaming in 2024, revenues surpass $215 bn

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, Shankar Aggarwal, President, Skillhub Online Gaming Federation (SOGF), highlights the key developments that propelled the GAMING industry in India in the year gone by...

The overall state of the gaming and E-sports industry

The Indian gaming and esports industry in 2024 has experienced a transformative phase. The official launch of Indus and Rage Effect marked a pivotal moment, igniting the aspirations of Indian game publishers to deliver world-class gaming experiences. These titles have been met with overwhelming enthusiasm from the Indian gaming community, validating the shift toward producing globally competitive content.

However, a key missing element remains a comprehensive competitive structure. To address this gap, the SOG Federation is proud to announce India’s first-ever multi-game international esports tournament in 2025. This initiative represents a landmark effort to place India firmly on the global esports map while simultaneously laying the groundwork for a robust domestic competitive ecosystem. By doing so, we aim to equip Indian talent with the tools and exposure needed to excel on international stages.

The economy & the gaming/E-sports sector

India’s economy in 2024 has shown resilience amid global uncertainties, with a steady growth trajectory. This has positively influenced the gaming and esports sector, enabling publishers and esports clubs to secure substantial investments. The influx of capital has fostered a self-sustaining ecosystem, allowing creative and entrepreneurial talent in gaming to thrive.

Moreover, the optimism surrounding India’s digital economy has encouraged collaborations across the gaming spectrum, with platforms and publishers exploring innovative monetization strategies, including tournaments, content creation, and game publishing. This reflects a broader alignment between India's economic ambitions and the rise of esports as a viable, growth-driven industry.

Key trends and developments

The global gaming and esports industry in 2024 reached new heights, with revenues surpassing $215 billion and a growing esports audience of 650 million. Mobile gaming dominated, while AAA titles and cross-platform innovations boosted console and PC gaming. Esports revenues hit $1.9 billion, driven by sponsorships and media rights, with marquee tournaments like The International and League of Legends Worlds breaking viewership records. Emerging technologies like AR and blockchain reshaped gaming experiences, while Asia maintained its leadership, supported by strong growth in regions like Africa and Latin America.

In India, the gaming ecosystem mirrored this momentum. Indian-developed games like Indus and Rage Effect demonstrated the confidence of local publishers, earning widespread acclaim. Esports clubs secured major sponsorships, enabling athletes to focus on skill development and international representation. With a growing emphasis on fostering local talent and creating innovative content, India’s gaming industry is aligning itself with global standards, supported by initiatives like SOG Federation’s structured competitive calendars and international collaborations.

These developments signify the maturation of India’s gaming ecosystem, with a stronger emphasis on fostering talent, encouraging local IP creation, and securing a place on global esports platforms.

Major milestones SOGF’s journey in 2024

The SOG Federation (SOGF) had a milestone-filled year in 2024. One of our standout achievements was the launch of the SOG Grandmasters Series, a one-of-a-kind mind sport tournament in its online avatar. This initiative received an extraordinary response across India, laying the foundation for a structured competitive environment in skill-based online games.

In addition, SOGF strengthened its partnerships with the International Esports Federation (IESF), Global Esports Federation (GEF), and International Mind Sports Association (IMSA). These collaborations aim to elevate the Indian and sub-continental esports community through international tournaments, knowledge exchange, and mutual ventures, including content creation, game publishing, and local opportunities.

Looking ahead, these efforts position SOGF as a leader in driving a vibrant, inclusive, and competitive esports ecosystem in India and beyond.

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