It is marked by participation in the Asian Games 2022 and global triumphs. The groundwork laid in 2023, with mainstream recognition and brand investments, sets the stage for a successful 2024.
According to the ‘Leveling up: State of India Gaming FY’23’ report by Lumikai in collaboration with Google, India had 568 million gamers in FY23. The gaming market reached $3.1 billion in FY23 and is expected to grow to $7.5 billion by FY28, with a CAGR of 20%.
Key achievements in 2023
Key achievements in 2023 include India’s participation in the Asian Games 2022, where Esports debuted as an official medal sport, and the League of Legends team securing a remarkable fifth place. S8UL, India’s premier Esports organization, further solidified success by winning the first-ever ‘Global Impact on Mobile Gaming’ at the MOBIES Awards and the ‘Content Creator of the Year’ award at the global Esports Awards 2023.
Mr. Animesh Agarwal, aka 8Bit Thug, Founder and CEO of 8Bit Creatives and S8UL, reflected on these milestones, stating, “The global recognition, including our country’s talented contingent at the Asian Games 2022 and S8UL’s unprecedented success, elevated the industry’s status. The stigma surrounding gaming as a career choice has dissipated, opening new opportunities for aspiring gamers and legitimizing Esports as a viable and respected profession.”
The year also witnessed a transformative influx of brands into the Esports ecosystem, with notable examples such as IQOO SOUL’s historic title sponsorship with Team SOUL. Mr. Animesh Agarwal highlighted the significance, saying, “The increasing involvement of non-endemic brands, their entry into the gaming space, and the rise of official tournaments have reshaped the industry’s landscape. IQOO SOUL’s title sponsorship with IQOO highlights the expanding horizons of Esports sponsorships with brands across all domains. The influx of non-endemic brands brings both financial support and broader visibility to gaming creators, organizations, tournaments, and other Esports events.”
Amendments to the Information and Technology (IT) Act by the Indian government played a pivotal role in distinguishing Esports from real money gaming (RMG), providing legitimacy to the sector and leading to increased sponsorships and investments.
States like Madhya Pradesh, Bihar, and Uttar Pradesh have taken proactive steps, with initiatives such as the country’s first esports academy and tournaments. Educational institutions have embraced Esports with the inclusion of Esports in the curriculum.
Excellent development
Mr. Lokesh Suji, Director of Esports Federation of India (ESFI) and Vice-President of Asian Esports Federation (AESF), commented on these developments, “The future of Esports is exceptionally bright in India. Through the consistent efforts of ESFI, the Indian government officially recognized Esports as a multi-sport event and categorized it under the Ministry of Youth Affairs and Sports in December 2022. Beyond official recognition, infrastructure development is a critical factor for the sustained growth of the Esports industry. The initiatives by our government and numerous states have laid the groundwork for potential financial backing and infrastructure growth in the coming years. Esports now proudly stands alongside the traditional sports of the country, attracting more players and sponsors to the industry.”
The triumphant return of Battlegrounds Mobile India (BGMI) this year after a temporary hiatus was an instrumental factor for the Indian Esports industry, showcasing its resilience and growth. Mr. Rohit Agarwal, Founder & Director, Alpha Zegus, emphasized, “Content solutions have been our top priority in 2023, and it has been an incredible year for us. Titles like BGMI had a comeback that boosted the Esports industry by more than a 4x factor, while publishers like RIOT took serious efforts and made massive investments into the Indian gaming space.”
Looking ahead to 2024, Esports stakeholders anticipate further growth, with the inaugural Esports World Cup 2024 and the entry of streaming giants like Netflix and YouTube into gaming signaling a revolutionary shift for Indian Esports. The convergence of these factors, along with other trends, promises a dynamic and transformative year ahead. It will be exciting to see how much of this online casinos will capture.
