Online media, iGaming segment in India continues to grow at impressive rate

FPJ Web DeskUpdated: Wednesday, June 08, 2022, 07:44 PM IST
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Online media, iGaming segment in India continues to grow at impressive rate | Photo: Pexels

Indians are internet savvy and this is evident from the number of smartphone users and 4G connections that use high amount of data on a daily basis. While the debates continue on big social media platforms like Twitter, Facebook and WhatsApp on social issues, the market for streaming media, online gaming and music has been growing at a steady pace. India has one of the lowest costs for 4G data and consumption has witnessed an incredibly impressive growth in the Indian market. The internet revolution has swept across the metros, tier II and III cities in the recent years.

Online media has been gaining market share at a fast pace over the past few years but COVID-19 lockdowns led to a massive push. Streaming platforms like Netflix, Amazon Prime and some local apps like Hotstar, Zee5, Voot, SonyLiv have registered strong growth during this period. While the number of subscribers for Netflix has reduced in the recently announced quarterly numbers, the consumption of video and music streaming has been strong in India.

As per industry experts, iGaming has strong future in India. We have witnessed growth spurts in the recent quarters and this can have a snowball effect. As more and more people become aware of the enticing options in iGaming, the overall industry is set to gain. Many international platforms have noticed the growth in the Indian market and they have earmarked strong budgets for their expansion plans in India.

Indians have always been interested in card games played in social gatherings or during their free time. With internet penetration, card games have shifted to online platforms and mobile apps. Bettors can take a closer look at detailed reviews of online betting platforms offering services in India and UPI betting sites that provide stellar consumer service. The list includes the best platforms for placing bets and offers details about various bonuses offered by these platforms. With comprehensive reviews, users can make an informed choice about their favorite platform.

Another important and fast growing segment in India is fantasy sports. Indians love cricket and cricket is obviously the most popular fantasy sports segment in India. With Dream11 as the leader in this segment, many other companies are also offering fantasy sports. As per a report published in financial magazine MoneyControl, India boasts of the biggest market in fantasy sports worldwide with 13 crore users. The report estimates revenue of INR 10,700 crore during financial year 2021. As per Federation of Indian Fantasy Sports (FIFS), the segment could grow at CAGR of 38 percent to reach INR 1,65,000 crore revenue by year 2025.

There is no doubt that Indian consumer base is large and with rapidly rising income, the educated middle class in India is a promising market for any brand. International players in online gaming segment are well aware of the growth potential of the Indian market and they have planned major investments in India. With more companies joining the Indian online gaming space, players will have more options to choose from and the industry is expected to maintain a healthy growth rate in years to come.

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