In the past 14 months, hardly many industries have had the luxury of seeing their financial affairs go according to plan. Particularly the sports sector, where losses have been very enormous.
However, there was still a portion that has emerged in our modern times. On all verticals, the esports industry has relatively excelled during the pandemic.
But in this thread, we begin by discussing how the esports market is faring in the context of India.
We will discuss the development of the sector over the past year as well as the prospects for esports in India. But first, let's take a quick look at how it has performed internationally and in India over the past few years.
Globally, there are now 250 million video players compared to 20 million in 2010, and there are now 250 game development companies, up from 25 in 2010.
Early in 2021, Nazara Technologies submitted the first IPO application from a gaming firm in India.
For practically all sectors, the nation has long been seen as a big potential market. Despite what the country's economic statistics reflect, consumerism is still increasing.
And thankfully for esports, the Gen-Z demographic is the main focus. The younger generation, the most technologically sophisticated group, and the future's people all belong to Gen-Z. They have the ability to advance it and turn it into a culture.
Casual video games have given way to multiplayer and competitive video games in terms of customer mindset.
Since last year, everyone's smartphones and gaming consoles have made room for the increasing preference and broad popularity of games like PUBG Mobile, FreeFire, and Valorant.
The sector has seen a good increase in investments in India. Since April 2020, $438 million has been invested in Indian gaming start-ups by venture capital funds, according to the Investment Intelligence report.
Since April 2020, venture capital funds have invested $438 million in Indian gaming start-ups, according to a poll by Investment Intelligence.
The overall investment made by esports start-ups in India during the 2020 financial year was $68 million. The market is anticipated to grow at a CAGR of 36% during the following three years.
The aging of the population, rising smartphone usage, easy access to technology and the internet, rising consumer expenditure, and a sufficient delivery network are all elements that have contributed to this rapid rise and will continue to do so.
Major publishers, including Krafton, Riot, and Garena, are making significant investments in esports in India.
Esports and gaming in India in the future
There are more than 300 million gamers in India, according to industry estimates. Given the circumstances, the industry is developing and expanding.
Some of the key elements that will fuel the sector's growth in the upcoming years are the ones listed below:
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Increased Attendance from Live Streaming:
The gaming and esports industries will embrace live streaming, which will lead to an increase in viewership.
A strong, sizable, and diverse fan following will be developed as a result of regional and real-time streaming of gaming material.
Their preference and viewership will consequently rise. In terms of youth and connected communities, India has the finest demographics.
It is one of the booming marketplaces for esports and video gaming because of its content and tech-savvy traits.
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Increasing Prize Funds and Career Opportunities:
Cash prizes and tournament awards are increasing and will keep increasing. Esports competitions between cities and regions, as well as brand sponsorships, are expanding.
Young people are being enticed by the prize money to pursue esports and online gaming as full-time careers. There are a plethora of career options. This would increase the likelihood of producing and developing aspiring players.
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Esports in the Classroom:
The epidemic hastened the expansion of businesses and digital penetration. It also fueled the expansion of the esports industry in India.
It is anticipated that esports would be taught to students as a full-fledged course and integrated into the curriculum.
Esports degrees and certificate programs will soon be available in the educational industry. The number of employment and job seekers will expand if the top coaches, athletes, and gamers are hired. This will help build a sizable community of gamers, esports organizations, and societies.
Rising Mobile Usage
A BARC & Nielsen study found that the weekly percentage of mobile game players increased from 60% to 68%. Additionally, players spent 218 minutes each week playing mobile games following the lockout, up from 151 minutes before the shutdown.
This number is expected to increase as cellphones are used more often worldwide. Additionally, high-speed broadband is now more readily accessible. Online gaming and esports can expand along with the popularity of smartphones.
It will be crucial to the expansion of the sector in India. The Indian gaming market, particularly esports, has developed from scratch into a multibillion-dollar ecosystem. The industry is bursting with enthusiasm, innovation, and potential while experiencing its fair share of failures.
Increased corporate collaborations, increased capitalist investment, and rising mobile phone use are all contributing factors to the growth of esports in India.
The moment has come for the interested parties to take charge and demand more from this area of sports.
Technology is one of the few things that provides value to all types of organizations, and as we progress toward a more technologically dependent world, the bar will only continue to rise.
Passionate people will have additional employment options thanks to the expanding esports industry.
The esports sector is expected to experience growth and engagement in 2021, and the future appears to be promising.
