- The Power-Up
- Posts
- $7.5 Billion Forecast for the Indian Gaming Market
$7.5 Billion Forecast for the Indian Gaming Market
New layoffs at Embracer, Fortnite's big day, an expansion for Diablo IV and TLOU Multiplayer still alive
Bobby Voicu
November 06, 2023
It started with a phone call in 1981 - Masayuki Uemura, creator of NES
Hey there!
📣 If you only read one piece of news today 📣
The Indian gaming market's revenue forecast for 2028 is $7.5 billions. It has been reduced by $1 billion from the initial $8.5 billion, despite its ongoing growth and a 19% revenue increase in 2023.
Mobile gaming dominates, with 96.8% of the 568 million Indian gamers playing on mobile.
And women constitute 41% of India's gamers. 66% of Indian gamers are from non-metro regions, emphasizing the widespread democratization of gaming across the country.
🎉 But we have so much more:
102 million hours of Fortnite were played in a single day.
Diablo IV’s first expansion will come at the end of 2024 and Embracer’s restructuring continues with new layoffs.
Don’t miss The Power-Up Chronicles section at the end of this newsletter. We have stories about:
How NES reshaped the video game industry in the 80’s
Sony’s long-term strategy
Monetisation in mobile RPGs
Let’s start:
Welcome to The Power-Up #34
Biz Reel
🕹️ The gaming market is saturated, with only 2.5% of PC games reaching 50k players in 2022, while established franchises dominate player engagement. TikTok emerges as a potent platform for game discovery, driving significant user engagement and higher spending among gamers.
🤑 Saudi Arabia’s NEOM will invest $50M in Animoca Brands to support the development and growth of Web3 gaming.
💰 Kratos Studios has launched the Kratos Games Network, a program allocating around $5-6 million in grants to emerging gaming studios in India and other markets.
📈 South Korea remains a really big gaming market, especially for the population size, with in-app purchase revenue reaching almost $3.6 billion in 2023 already.
Industry Level-Up (or Down)
🤝 Hanneke Faber is set to become Logitech's new CEO on December 1, following notable roles at Ahold Delhaize and Unilever.
🤝 Pim Holfve, formerly of Avalanche Studios Group, is the new CEO of Flashbulb Games, replacing co-founder Rune Dittmer. Flashbulb Games, known for titles like Trailmakers and Rubber Bandits, has been part of Nordisk Games' portfolio since 2021.
🚀 NetEase Games partners with Greg Street to launch Fantastic Pixel Castle, a new studio focused on a triple-A fantasy MMO named Ghost. Street, formerly from World of Warcraft and Riot Games, emphasizes a remote team approach and early community feedback.
😔 Motorsport Games, the developer behind Nascar Rivals, is laying off 40% of its workforce primarily in the UK and Australia due to financial struggles, with around 38 jobs affected.
😔 Cryptic Studios confirms layoffs and a shift to operate under DECA Games due to Embracer's restructuring. This comes amid a broader restructuring trend by Embracer, which has impacted multiple studios.