Six homegrown firms secured spots within the prime 10 rankings of pure-play digital media firms by income in FY23, a report confirmed on Wednesday.
These six Indian firms are Dream Sports activities, Gameskraft, Games24x7, Verse Improvements, Junglee Video games and Occasions Web, based on market analysis agency Redseer Technique Consultants.
The Indian digital media market has reached unprecedented heights, reaching an estimated market dimension of USD 11 billion in FY23.
This development has been catalysed by the surge in web customers and their engagement, propelling the market at a powerful CAGR of 35 per cent during the last two years resulting from COVID-led market tailwinds.
“The concentrate on ‘For India’ content material and strategic alignment with native shopper pursuits have confirmed pivotal for home digital media firms. With this trajectory, we anticipate additional income enlargement and market dominance for these platforms,” mentioned Mukesh Kumar, Affiliate Companion at Redseer.
The strong efficiency of the digital media market includes varied segments resembling over-the-top (OTT) video companies, audio streaming, short-form video platforms and digital gaming.
“Excluding contributions from social media platforms, this sector alone is answerable for injecting a powerful $5.5 billion into the general digital media market ecosystem,” the report talked about.
Breaking down these numbers, one finds {that a} dominant share — roughly 60 per cent — of this contribution comes from the digital gaming sector.
“This exceptional determine highlights the recognition of gaming sector in India, catering to Indian inhabitants with home video games like rummy and leveraging cricket’s reputation by means of each day fantasy sports activities,” mentioned the report.
With the concentrate on vernacular content material and understanding the range of languages and cultural nuances throughout India, recreation builders are more and more localising their merchandise and creating content material in native languages, the report added.
