Thursday, December 1 2022

Online Media, iGaming Segment in India Continues to Grow at Impressive Rate | Photo: Pexels

Indians are internet savvy which is evident from the number of smartphone users and 4G connections who use a large amount of data daily. As debates continue on major social media platforms like Twitter, Facebook and WhatsApp on social issues, the market for streaming media, online games and music is growing at a rapid pace. India has one of the lowest costs for 4G data and consumption has seen incredibly impressive growth in the Indian market. The internet revolution has swept through metro, Tier II and Tier III cities in recent years.

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

According to industry experts, iGaming has a solid future in India. We have seen growth spurts in recent quarters and this can have a snowball effect. As more and more people become aware of the enticing options of iGaming, the entire industry stands to gain. Many international platforms have noticed the growth of the Indian market and have reserved large budgets for their expansion plans in India.

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

Another large 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 also offer fantasy sports. According to a report by the financial magazine MoneyControl, India boasts of the world’s largest fantasy sports market with 13 million users. The report estimates revenue at INR 10,700 crore in fiscal year 2021. According to the Fantasy Sports Federation of India (FIFS), the segment could grow at a CAGR of 38% to reach INR 1,65,000 crore by 2025 .

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

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