India’s gaming market hit $2.6 billion in FY22 and is projected to reach $8.6 billion in FY27
- Lumikai
- Nov 4, 2022
- 2 min read
We are thrilled to announce the release of the executive summary from Lumikai’s annual State of India Gaming Report FY 2021-22.
India is home to 507 million gamers of which 24% are paying users. In FY 21-22 we added about 2 million new paying users every month. In India, new paying users or NPUs are growing at the fastest rate in the world, a stat we have continued to maintain over the last three years and are carrying forward as we enter the post-pandemic era.
Other key highlights from the report as below:
While RMG revenues currently constitute 57%of market size, future growth is projected to be driven by in-app purchases growing at a 34% CAGR.
At 15 billion installs, India had the highest share of game downloads (17%) globally in FY22.
The average revenue per paying user grew 11% to $20/year in FY22.
The average weekly time spent by gamers was 8.5 hours during FY22.
Mid-core titles like Free Fire, BGMI and Genshin Impact saw strong daily engagement with over 80 minutes of average daily playtime per user. With more than 10% of mid-core gamers playing for more than 10 hours per week.
Male: female ratio of surveyed gamers yielded a 60:40 ratio, equally split between metro and nonmetro cities.
Relaxation, making money, and killing time emerged as the top 3 motivations to play games.
New content, better in-game items and the potential to make money are the top 3 drivers for paying users.
Since 2021, India has seen 3 gaming unicorns, more than 6 strategic exits, and 1 successful IPO. Indian gaming companies have raised $2.8 Bn from domestic and global investors in the last 5 years. Funding is up 380% from 2019 and up 23% from 2020.
This is the golden age of India gaming. For builders, operators and investors in this space, there has never been a better time, and it will only get better.
The full version of the India State of Gaming Report will be out later this month. Till then, you can review the executive summary at our website here.
If you want to chat with us, write to us at hello@lumikai.com.
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