India is a country of youngsters — the median age of the large segment of population being 28. These people are inclined towards gaming as a choice for entertainment. Two generations back, people listened to the radio. One generation back, people watched movies in theatres. We are a generation which browses internet. The next generation is choosing games. The growth is triggered by smartphones and affordable data access.
India is home to 40 per cent of world’s gamers. However, we generate only 1 per cent of the gaming revenues. India is not able to convert its gaming habit into an economic prospect. There are no suitable monetization strategies. Indian gamers prefer free-to-play games and in-app purchases. Premium gaming options have not become popular. Gaming industry is also slow on adopting new methods of monetisation such as subscriptions, advertising and virtual goods sales. Gaming company should devise monetisation schemes that resonate with Indian audiences. There could be tailored content, competitive pricing and enhancing gaming experience so as to promote spending.
The industry must invest in infrastructure and technology. There should be state-of-the-art gaming studios, R&D centers and training facilities. There should be conducive environment for startups. There should be clear and supportive regulatory framework. The issues related to data privacy, cybersecurity and fair play must be addressed.
It is an opportunity to tap this vast market. India could emerge as a formidable player on the global scene. All that is required are concerted efforts. The rewards are worth the efforts. India is going to be an unshackled giant of the gaming world.
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