In the pulsating world of online gaming, one platform, MyTeam11, is standing out, celebrating a remarkable milestone of 20 million registered users. As the digital arena is witnessing a surge in participation and user engagement, we are sitting down with the brains behind the operation to unravel the factors driving this unprecedented growth.
The recent ODI World Cup has become a catalyst for the platform's exponential rise, witnessing a staggering 50% growth in user numbers and gameplay compared to the previous edition. The surge is associated with the outstanding performance of the Indian team throughout the world cup, as well as smaller teams like Netherlands, and Afghanistan stunned everyone with their scintillating performance. The hosting of the World Cup in India during prime time was also a key reason, this confluence has generated buzz and a level of enthusiasm not commonly witnessed in the past.
However, with great success comes great challenges. The implementation of the GST amendment, effective from October 1st, is casting a shadow on the platform's bottom line. Earlier, the GST was 18% on the platform fees and now it has risen to 28% but on the deposits. This change has significantly impacted our bottom line, resulting in a 500% increase in GST liability. To weather this storm, the platform is adopting cost-cutting measures, curtailing marketing expenses, and exploring innovative solutions like a network model to share the burden with new entrants in the industry.
Even established companies are succumbing to the pressures, shuttering their platforms. In response, MyTeam11 is determined to absorb the GST costs and ensure user retention by not passing the financial burden to the players.
Amidst the challenges, MyTeam11 remains optimistic about the future, expressing confidence in surviving the tough times. In the realm of online gaming, where every ball is being bowled and every run is being scored, creating ripples of excitement, this platform is not just playing the game; it's redefining the rules.
