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  • PWC India & Indian entertainment & media growth projections for 2024-28

    PWC India & Indian entertainment & media growth projections for 2024-28

    MUMBAI: In July this year, PWC Global released its Global Entertainment & Media Outlook 2024-2028 which focused on global trends and growth. With the year coming to an end, PWC India decided to revisit Global Entertainment & Media Outlook 2024-2028  but from an India perspective. And here are  some of the data  points as sent out in a press release by PWC India. 

    PWC India believes that the Indian E&M industry is projected  to grow at a CAGR of 8.3 per cent to hit Rs 3,65,000 crore ($ 19.2 Billion) outpacing the 4.6 per cent global rate..

    Despite economic challenges and geopolitical tensions, global E&M revenues grew 5.5 per cent year-on-year, from Rs 13,891,000 crore in 2022 to Rs 17,359,000 crore in 2023. Currently, the US leads the global E&M market by revenue, with China in the second place and India at the ninth spot.

    PwC India chief digital officer & TMT leader Manpreet Singh Ahuja commented, “India’s entertainment & media sector is on the cusp of a major transformation. According to our report,  key growth drivers such as digital advertising, OTT platforms, online gaming, and generative AI are shaping the industry’s future. These rapidly expanding segments are positioning India as a global leader in innovation and growth. Businesses that adapt and innovate in these areas are poised to seize unparalleled opportunities in this dynamic landscape.”

    With India’s improved connectivity, rising ad revenues and favourable government policies around foreign direct investment (FDI), the country is predicted to see one of the highest growth rates in the next five years.

    The country’s large millennial and gen-Z population base of over 910 million has access to the world’s cheapest data costs. At present, India has 800 million broadband subscriptions, 550 million smartphone users and 780 million internet users. In fact, Indians are spending 78 per cent of their time on mobile phone apps related to E&M. Leveraging India’s strong growth trajectory in the E&M sector, the Indian government is set to host the inaugural Waves – a summit,  in the hope of boosting its E&M sector globally through stakeholder collaboration and innovation.

    With growing consumption and gross domestic product (GDP) growth in India, the ad market is projected to grow at a 9.4 per cent CAGR from Rs 1,01,000 crore in 2023 to Rs 1,58,000 crore in 2028, which is 1.4x the global average. Most of this growth will come from the digital front (internet advertising), which is expected to grow at a 15.6 per cent CAGR, rising from Rs 41,000 crore in 2023 to Rs 85,000 crore in 2028.

    Internet advertising’s year-on-year growth, which was 26 per cent in 2023, will remain in double digits throughout the forecast period (2024–28), and is expected to be 12.2 per cent in 2028.

    The shift towards cord-cutting is expected to accelerate. Traditional TV advertising will grow at a 4.2 per cent CAGR between 2023 to 2028, while global revenues are set to drop by -1.6 per cent. India is poised to become the fourth-largest TV advertising market by 2026.

    As per the 2024 outlook, other subsectors will also witness growth that surpasses global averages:

    * The total online gaming and esports revenue in India stood at Rs 16,480 crore in 2023 and is expected to reach Rs 39,583 crore by 2028, growing at a CAGR of 19.2 per cent. With the inclusion of real money gaming (as per PwC’s India Gaming Report ‘24) the total gaming and esports revenue would amount to Rs 33,000 crore ($ 4 billion) in 2023 and is expected to reach Rs 66,000 crore ($8 billion) by 2028 at a CAGR of 14.5 per cent. Globally, video games and esports revenue will increase at a CAGR of 8 per cent.

    * Over-the-top (OTT) will be the third-fastest growing segment with a CAGR of 14.9 per cent, putting the country in lead by 2028.

    * Infrastructure enhancements have supported massive growth in India’s out-of-home (OOH) advertising market which grew by 12.9 per cent in 2023. It is expected to continue to grow at a 7.6 per cent CAGR.

    * When it comes to print advertising revenues, despite a global decline at a CAGR of -2.6 per cent, India’s market is expected to grow at a rate of 3 per cent, making it the third  largest print market in the world by 2028

    * India’s cinema market continues to expand, growing at a 14.1 per cent CAGR.

    * The total music (live, recorded and digital) revenue grew from Rs 2,416 crore ($293 million) in 2019 to Rs 6,686 crore ($811 million) in 2023. It is expected to cross Rs 10,899 crore ($1.3 billion) by 2028, growing at a CAGR of 10.3 per cent.

    * At a 5.6 per cent CAGR, India will stand out as having the highest B2B revenue growth rate in the world over the next five years. In contrast, global B2B revenue growth is forecasted at a 1.9 per cent CAGR.
    The report highlights four key opportunities in the E&M sector.

    Internet advertising emerges as the fastest-growing market in Asia-Pacific and the second globally, with a projected 15.6 per cent CAGR (2023–2028). Companies can prioritise regulatory compliance and leverage data analytics to enhance trust and implement targeted advertising strategies.

    OTT platforms in India, the world’s fastest-growing, saw a 20.9 per cent rise in 2023, reaching Rs 17,496 crore ($2.1 billion), and are projected to double by 2028 (14.9 per cent CAGR). Focusing on advertising-supported tiers, market consolidation and regional narratives can boost engagement.

    Online gaming and esports are rapidly expanding, projected to represent nine per cent of the E&M sector by 2028. Promoting responsible gaming and investing in high-quality AAA games will position Indian studios on the global stage. Lastly, generative AI (GenAI) is set to transform content creation, personalisation and monetisation, with over 70 per cent of global companies expected to adopt it by 2025. Early adoption of GenAI in India can drive hyper-personalised content and dynamic advertising campaigns.

    The report also outlines strategic approaches for companies to enhance success. It recommends consolidation among regional or niche players through mergers and acquisitions to increase size and scale. It highlights the use of social media for marketing and distribution, as media companies leverage these platforms for content promotion.

    The report suggests innovation in content strategy, including esports, online gaming, and indigenous sports to meet changing consumer behaviours. It advises investment in cost optimisation through analytics, audits, and automation to lower operational and production costs. Finally, it points to the use of GenAI for creating hyper-personalised content discovery and improving user experiences, especially for regional players aiming to match the technological capabilities of global peers.
     

  • Nodwin Gaming secures Rs 64 crore from parent Nazara for growth & global expansion

    Nodwin Gaming secures Rs 64 crore from parent Nazara for growth & global expansion

    Mumbai: Youth entertainment, gaming and esports company  Nodwin  Gaming announced that its parent  Nazara Technologies has approved an investment of Rs 64 crores in it.

    As per the press release, Nodwin  Gaming’s board has approved plans to initiate a private financing round to accelerate the company’s vision of becoming the No 1 new-age youth media, gaming and esports firm across emerging markets. As the first investor backing this investment, Nazara and Nodwin boards have both ratified this investment that is in the form of convertible preferred stock.

    The funds raised in this round will be primarily allocated to fuel Nodwin Gaming’s ongoing expansion momentum, focusing on enhancing its capabilities, growing its portfolio of intellectual properties (IPs), and strengthening its presence in emerging markets.

    Nodwin  Gaming has been growing organically and inorganically through acquisitions. In the recently announced quarter results of Q2 FY24, revenue grew 91 per cent on a QoQ basis and 111 per cent on a YoY basis. Nodwin  has recently announced the investment and scaling up of ComicCon India and the acquisition of Trinity Gaming.

    Nodwin Gaming co-founder &  MD Akshat Rathee said, “As we continue on our growth and expansion journey, we remain fully committed to building a truly global company coming from India that leads with innovation, expanding our capabilities in new age media in emerging markets. Our focus is on capturing the attention and mindshare of the global youth.”

    The press release highlights Nodwin Gaming’s global expansion, noting that the company manages a range of intellectual properties, including notable tournaments, festivals, and conferences in esports, gaming, music, comedy, pop culture, and live experiences that resonate with young audiences.

    Recently, Nodwin has enhanced its portfolio through several strategic acquisitions, such as the German esports and gaming marketing agency Freaks 4U Gaming.

  • The Intersection of Gaming and Media: How Social Casinos are Driving Engagement in Digital Spaces

    The Intersection of Gaming and Media: How Social Casinos are Driving Engagement in Digital Spaces

    In the rapidly evolving world of digital entertainment, social casinos have emerged as significant players, driving engagement and shaping the future of online interaction. These platforms combine the allure of virtual gaming with the immersive nature of digital media, creating a unique space where entertainment and engagement thrive. As mobile gaming and OTT platforms continue to dominate the digital landscape, social casinos are leveraging their strengths to captivate audiences in innovative ways.

    Social casinos, such as Spree, are particularly effective at engaging casual gamers by offering experiences that blend fun gameplay with attractive rewards. Unlike traditional gaming environments, social casinos focus on providing a pressure-free atmosphere where players can enjoy their favorite games while earning virtual prizes and rewards. This model has proven highly successful in retaining users and encouraging them to continue engaging with the platform over extended periods.

    One of the key approaches employed by social casinos to enhance player engagement is the use of promotions and tailored offers. These incentives are carefully designed to appeal to the preferences and habits of individual players, much like how OTT services personalize content recommendations. By analyzing player data and behaviors, social casinos can offer promotions that resonate with their audience, encouraging them to stay active and engaged. This personalized approach not only boosts player retention but also fosters a sense of loyalty and community among users.

    The influence of social casinos extends beyond just gaming. These platforms are increasingly partnering with digital influencers and content creators to reach broader audiences. By collaborating with popular figures in the digital space, social casinos can create content that is both entertaining and promotional, further enhancing their visibility and appeal. This approach mirrors the approaches used by media companies to keep viewers invested in their content, blurring the lines between different forms of digital entertainment.

    Moreover, social casinos are capitalizing on the growing trend of social interaction within gaming. Many platforms now incorporate social features that allow players to connect, compete, and share their experiences with friends and other users. This social aspect not only enhances the gaming experience but also drives engagement by encouraging players to return to the platform to interact with others. The integration of social elements into gaming is a trend that aligns closely with the broader movement towards more interactive and community-driven digital experiences.

    As digital entertainment continues to evolve, the role of social casinos in this space is likely to grow even more significant. With their ability to blend entertainment with engagement, these platforms are well-positioned to capture the attention of modern digital audiences. The success of social casinos lies in their ability to adapt to the changing preferences of players, offering experiences that are both enjoyable and rewarding.

    To further understand the broader impact of gaming on digital engagement, it’s worth exploring the research conducted byThe Entertainment Software Association. Their studies provide valuable insights into how gaming is shaping the future of digital media and the ways in which platforms like social casinos are contributing to this transformation.

    In conclusion, social casinos are not just a trend; they are a reflection of the broader shift towards more interactive and personalized digital experiences. By offering compelling gameplay, personalized promotions, and social interactions, these platforms are driving engagement in digital spaces and setting the stage for the future of entertainment. As the lines between gaming and media continue to blur, social casinos will undoubtedly play a central role in the digital entertainment ecosystem, attracting and retaining audiences in an ever-evolving landscape.

    Disclaimer: This article does not have journalistic/ editorial involvement of indiantelevision.com. indiantelevision.com group or its websites does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

    The reader is further advised that Online Casino, Betting, Online Gaming , Crypto products, Financial Investments/Engagement , NFTs, Products associated with health, wellness, and food are unregulated and can be highly risky. 

    There may be no regulatory recourse for any loss from such transactions or risk associated with health conditions.  
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  • “Indian stories told well, can move the world:” SS Rajamouli at Lumikai Insignia

    “Indian stories told well, can move the world:” SS Rajamouli at Lumikai Insignia

    Mumbai: Academy Award-winning filmmaker SS Rajamouli participated in a keynote session at Lumikai Insignia, India’s top interactive media and gaming summit. He shared the stage with global tech leaders, including Cevat Yerli, Raja Koduri, and Abdullah Alorainy of Saudi Arabia’s Public Investment Fund (PIF).

    Reflecting on his journey from Magadheera to Baahubali and RRR, Rajamouli discussed his focus on high-quality storytelling, blending technology and talent to realize his vision. He stated, “Belief finds believers. With faith that it can be done, we find people who help us achieve it.” Through films like Magadheera and Eega, he pioneered the use of VFX and graphics to enhance storytelling in Indian cinema.

    The success of Baahubali and RRR set new quality standards, bringing Indian cinema to global audiences and achieving both critical and commercial success.

    Rajamouli highlighted the importance of cultural authenticity and quality in his work, explaining, “When we created Baahubali or RRR, every bit was made for Indian viewers with an Indian psyche embedded within. And once audiences taste quality, they demand it. With access to incredible content on their mobile devices, they are expecting even better. Quality in entertainment is non-negotiable.”

    The panel also discussed the growth opportunities in India’s interactive media sector, driven by the country’s young, digitally native audience. They explored the expanding role of AI in entertainment, noting its rapid development.

    Commenting on the evolving audience palate for immersive entertainment, Lumikai founding general partner Salone Sehgal said, “With a young, increasingly affluent audience and a consumer base exposed to global best, the need for entertainment that is high quality and culturally resonant has never been higher. Visionaries like SS Rajamouli have paved the way for fusing storytelling with technology successfully taking Indian films global. It was our privilege to learn from him at Lumikai Insignia. His unique insights fuelled founders in interactive media gaming who have similar aspirations.”

    Capitalising on this one-of-a-kind congregation of industry leaders, Lumikai, an Indian interactive media and gaming VC fund, unveiled its highly anticipated ‘The Lumikai State of India Interactive Media and Gaming Report’ for 2024. This seminal research series has established itself as the authoritative resource for understanding India’s gaming landscape. It has been consistently referenced by government bodies guiding policy decisions and industry planning.

  • 88 Pictures launches its gaming division – 88 Games

    88 Pictures launches its gaming division – 88 Games

    Mumbai: 88 Pictures, an animation and VFX studio from India, has launched a new gaming division, 88 Games, entering the game development sector with a focus on high-quality indie games for PC and console audiences. 88 Games aims to blend visual quality with storytelling inspired by India’s rich history and culture.

    Known for its animation work on shows like Trollhunters: Tales of Arcadia, Gremlins: Secret of Mogwai, Transformers: The Earth Spark, Kung Fu Panda: The Dragon Knight, and Fast & Furious: Spy Racers, 88 Pictures has made a mark in international markets. With 88 Games, the studio builds on its storytelling legacy to offer interactive experiences that entertain, educate, and inspire.

    Led by industry veterans Milind D Shinde and Shiben Bhattacharjee, the team includes experienced professionals from global studios, all dedicated to creating games that showcase India’s cultural heritage.

    88 Games founder & CEO Milind D Shinde said, “88 Games represents the next step in our journey at 88 Pictures. Our team is dedicated to producing premium games that are not only visually stunning but also deeply rooted in our cultural identity. India, being one of the oldest civilizations in the world, has legends, stories, cultures, and art that have existed for thousands of years, forming a unique kaleidoscope that needs to be showcased to the world. It is an exciting challenge to translate the heritage of India into this new medium, with our mission to narrate stories based on this immense cultural capital through video games for the global audience.”

    88 Games plans to introduce titles that will give global gamers a unique glimpse into India’s folklore and history. Through intricately crafted art styles and immersive sound design, each game will present an authentic, engaging experience, drawing from classic Indian tales, legends, and mythological characters.

    “At 88 Games, we see storytelling as a powerful bridge between cultures. Our mission is to create games that entertain while connecting players to India’s rich history and mythology. As India’s gaming market rapidly expands, there remains a significant gap in the availability of high-quality PC and console games that showcase the country’s unique cultural identity. 88 Games aims to fill that void, by providing an exceptional gameplay experience to immerse and contribute to the growth of the video gaming industry,” stated 88 Games’ game director Shiben Bhattacharjee.

    88 Games has three games in development, with its first title—launching on Xbox and PlayStation—set for a reveal at the India Game Developers Conference (IGDC) 2024.

    According to Lumikai’s recent Levelling Up: State of India Interactive Media & Gaming Research FY’24 report, India’s Animation/VFX industry was valued at $1.6 billion in FY 24. The gaming market also grew by 23 million new players, reaching a total of 590 million gamers and projected to exceed $9.2 billion by FY 29, with a 20 per cent five-year CAGR.

    The union cabinet, under prime minister Narendra Modi, recently approved the National Centre of Excellence (NCoE) for AVGC-XR (animation, visual effects, gaming, comics, and extended reality). PM Modi also encouraged Indian game developers to make an international impact in his Independence Day address.

    With 88 Pictures’ animation and VFX expertise, the launch of 88 Games is expected to further boost India’s role in the global AVGC-XR and gaming sectors.

  • CyberPowerPC India launches ‘Bring Home The Light’ Diwali campaign

    CyberPowerPC India launches ‘Bring Home The Light’ Diwali campaign

    Mumbai: As Diwali lights brighten the season, CyberPowerPC India, a US-based gaming PC brand that entered the Indian market earlier this year, has launched the #BringHomeTheLight campaign. This initiative aims to enhance the gaming experience by offering customers who purchase any PC from the CyberPowerPC website a free CyberPowerPC Elite M1 131 adjustable weight and lighting effects gaming mouse and a CyberPowerPC FPS gaming mouse pad.

    In line with the festival’s theme, gamers can also purchase the HyperX Alloy Core RGB gaming keyboard at a special discounted price with any PC. This keyboard features dynamic RGB lighting effects and a durable frame for extended use.

    CyberPowerPC has also introduced its EZPC module in India, enabling gamers to build custom gaming PCs by selecting from over 25 popular games, including Counter-Strike 2, League of Legends, Valorant, DOTA 2, GTA V, Elden Ring, Apex Legends, Cyberpunk, Fortnite, and PUBG.

    CyberPowerPC India is focused on supporting the growth of the country’s PC gaming market by providing quality gaming experiences through customisable options and exclusive discounts, ensuring access to top gear at competitive prices.

  • Snow World Entertainment names Avanish Agarwal as brand head – Game Palacio pan India

    Snow World Entertainment names Avanish Agarwal as brand head – Game Palacio pan India

    Mumbai: Snow World Entertainment has appointed Avanish Agarwal as its brand head for Game Palacio pan India. In this role, he will drive the growth and expansion of the gaming business. The company has established a strong presence with three operational restaurants and 14 luxury gaming and bar concepts across India.

    Avanish brings a proven track record in the food and beverage sector, with expertise in operations, marketing, and brand strategy. His innovative ideas and problem-solving skills have consistently delivered strong results throughout his career.

    Snow World Entertainment COO Paramjit Singh Gupta stated, “We are thrilled to welcome Avanish to Snow World Entertainment. We admire Avanish’s ability to bring fresh and bold ideas to the table. His passion for games, experiential events and marketing makes him the perfect fit for our vision of creating unforgettable gaming experiences”.

    Agarwal said,  “I am thrilled to be joining Snow World Entertainment and to have the opportunity to contribute to the growth and success of these iconic brands.” It excites me to work with the incredible professionals at Snow World Entertainment to enhance brand recognition and the game industry. My primary objectives will be to establish a solid brand position in the market, spur expansion, and develop innovative marketing strategies to support the gaming sector and encourage growth. I’m excited to join this journey and contribute to the company’s success.”

    Avanish’s most recent position was at Zoreko, where he oversaw the marketing department, completely rebranded the company, and advanced it in the FEC area. Before Zoreko, he oversaw the marketing department at Nisa Experience-EKAA and KMC. He played a key role in Ekaa, one of Nisa Experience’s restaurants, being included in Asia’s 50 best restaurants. He had previously directed growth and strategy from a business-to-business (B2B) standpoint at Eazydiner and Dineout.

  • Union cabinet clears AVGC National Centre of Excellence

    Union cabinet clears AVGC National Centre of Excellence

    MUMBAI: The Modi-led central government is putting its might behind the AVGC (animation, visual effects, gaming, comics &XR ) component of the media & entertainment sector. It has followed up its announcement a couple of weeks ago about the setting up of a National Centre of Excellence (NCoE)  in Mumbai by getting the plan cleared by the  union cabinet.

    The NCoE is planned to be set up as a section 8 company under the Companies Act 2013 with equity participation from the Federation of Indian Chambers of Commerce & industry  (Ficci) and the Confederation of Indian Industry (CII) and the Indian government. More than  Rs 500 crore is to be pumped into the centre by the government, possibly through the National Film Development Corporation (NFDC). .

    Provisionally named the Indian Institute for Immersive Creators (IIIC), the center aims to revolutionise the AVGC sector and foster innovation in immersive technologies. It is planned  to be modelled after the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) with a sharp focus on creating content for India and the world.

    A press release issued by the ministry of information &  broadcasting on 29 September said that the idea is to create “a world class talent pool in India to cater to the Indian as well as global entertainment industry and make India a global hub for AVGC.”

    With rapidly evolving technology and increasing internet penetration all across the country, coupled with one of the cheapest data rates, the usage of AVGC-XR globally is poised to grow at an exponential pace.  This is bound to create abundant opportunities, particularly through the National Centre of Excellence (NCoE).

    Some of its key objectives are:

    * Focusing on creating Indian IP
    * Leveraging India’s cultural heritage in new age
    * Create a multiplier effect in the industry
    * An industry led initiative, in partnership with state and academia
    * Integrated focus on education, skilling industry, development, innovation
    * Hub and spoke model of development to be followed
    * IIIC as the hub and several centers as its spokes dedicated innovation and research fund to promote start-up ecosystem.

    The NCoE is being planned to provide a fertile platform for immersive tech – including virtual reality, augmented reality, mixed reality, 3D modelling, animation, comics and gaming – by offering cutting-edge training and integrate India’s rich cultural heritage with modern technology, fostering the creation of indigenous intellectual property (IP) and building the future of India’s digital creative economy.
    The target is to create an estimated 500,00 jobs,  with students gaining  practical experience through industry-driven courses, ensuring they are job-ready upon graduation. Those graduating will be provided with internships while start-ups will be mentored.  

    It may be recalled that union minister of finance & corporate affairs Nirmala Sitharaman had announced in the 2022-23 budget that an AVGC task force would to created. The NCoE is one of the recommendations of the task force.

  • MSI unveils MSI Creator Awards 2024

    MSI unveils MSI Creator Awards 2024

    Mumbai: MSI, the computing manufacturer in gaming, creator, and business laptops, has unveiled the highly anticipated MSI Creator Awards 2024, marking the fifth consecutive year of this premier platform dedicated to celebrating the ingenuity and innovation of creators worldwide. Under the inspiring theme of “A Fusion of Art and Technology,” the competition serves as a testament to the seamless integration of technology and artistic expression. Submissions will be accepted from now until 11 August 2024.

    This year, the MSI Creator Awards will showcase four captivating categories: graphic design, animation, film, and AI-generated works. The graphic design, animation, and film categories will be evaluated by esteemed industry professionals, while the AI-generated works category will be selected mainly by public voting. With a total prize pool exceeding $60,000, this is a chance for all creators to showcase talent and claim a share of the rewards.

    Participants competing for top honors in graphic design, animation, and film have a chance to win an impressive prize package worth over $50,000. This includes a substantial cash prize, state-of-the-art MSI laptops tailored for content creation, and a one-year subscription to Adobe Creative Cloud. Additionally, winners will gain unparalleled exposure across MSI’s digital platforms, presenting them with potential collaborations for future projects.

    The AI-generated works category allows creators to  embody the spirit of “A Fusion of Art and Technology,” highlighting the symbiotic relationship between artistry and technology. Winners in this category will be primarily determined by public voting, reflecting the audience’s appreciation of the innovative and creative use of artificial intelligence in artistic expression. To celebrate these groundbreaking achievements, winners in this category will have the chance to compete for a prize pool exceeding $10,000.

    Commenting on the announcement, MSI regional marketing manager – MEA and Pan India Green Lin said, “We are excited to unveil the MSI Creator Awards 2024, dedicated to empowering and spotlighting the next generation of creators worldwide. This year, we’re proud to expand our platform, offering a stage for emerging talents to shine across Graphic Design, Animation, Film, and AI-Generated Works. With an anticipated influx of global participation, we’re set for an extraordinary showcase of innovation and artistic prowess. We can’t wait to witness the groundbreaking entries!”

    Recognizing the distinct needs of creators, MSI offers a diverse range of Studio laptops meticulously crafted to elevate the creative process and tailored to provide an unparalleled boost and optimize the creative process for a seamless experience.

    Furthermore, with the groundbreaking MSI AI-Artist, a generative AI software that can create images directly by typing prompts or using picture references, creators can easily unleash their imagination. The MSI AI Artist works purely offline, ensuring a safe and efficient workflow and empowering users to streamline their ideas and generate stunning visuals effortlessly.

    Open to creators worldwide, submissions will be accepted from now until 11 August 2024.