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India has emerged as one of the fastest growing gaming markets in the world, with 50 per cent growth in new paying users, according to a new report by RedSeer.
Currently, 20 per cent of gamers pay for games. Today this number stands at 80 million paid gamers.
While real-money gaming (RMG) will continue to dominate the market, in-app purchases (IAP), virtual gifting, etc have become mainstream spend categories among paid gamers, and the revenue from IAP is expected to outgrow overall India’s gaming market growth rate.
Also read: ‘Many people took to online gaming and gambling activities during the pandemic’
Most of this growth in paid gamers comes from casual, Midcore, eSports segments and in the form of in-app purchases, tipping etc. While real-money games are the largest source of revenue for the market, IAPs will grow faster for the next 5 years at 30-40 per cent with the rise of paying users in casual and hyper-casual gaming.
“With the rise of online gaming, more so post-Covid, newer games and genres have appeared in the business. Driven by a healthy diversity of monetization mechanics, India-first content and increasing propensity to pay, the gaming market matures and evolves to the next level, making it an exciting space to watch,” the report said.
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