Online Gaming Growth reach Rs.18,000 Crore in 2022-FICCI-EY

A 2020 report on India’s Media & Entertainment Sector titled ‘The era of consumer A.R.T. – Acquisition Retention and Transaction,’  released by the Federation of Indian Chambers of Commerce & Industry (FICCI) and consulting firm Ernst & Young (EY) claimed that the online gaming growth rate and total revenue increased by 40% in the year 2020 as against Rs 6,500 crore generated by the sector in the year 2019.

The report claimed that out of 6500 crore, transaction-based (including real-money) gaming accounted for about Rs 4,600 crore, while the rest was contributed by casual games. The EY also estimated that among various categories of real-money gaming, fantasy games grew more than 100% in 2019, while poker and rummy grew nearly 30%.

The report further states that online gaming will continue to grow at a robust compounded annual growth rate of around 43% to become a US $ 2.5 billion dollar industry (approximately Rs 18,700 crore) over the next 2.5 years and the country generates over 40,000 direct jobs.

It has also been said that the total indirect tax of the online gaming industry in 2019 was around Rs 9,800 crore and according to estimates in 2022 About Rs 28,600 crore. But The report states that no estimates and forecasts of the economic impact and disruption caused by the coronovirus epidemic have been made.