Esports are video game sports competitions held in a competitive multiplayer environment. Because of the advertising and marketing efforts on many internet streaming platforms, esports has successfully captured the Indian market. Even though the esports sector has been around for about decades, very few people know about it. Ever since the pandemic, it gained popularity in India as more investors and developers expressed interest in the country’s market.
One of the reasons India’s economy is still thriving despite the worldwide pandemic is online gaming. During the lockdown, there has been an increase in smartphone users who play online games. The main factors influencing India’s booming online gaming market include the country’s large youth population, as well as the accessibility and affordability of smartphones.
Growth of the Gaming Industry
The gaming industry is developing and fully utilizing the most recent advancements in hardware, software, better internet connectivity, devices, cloud computing, and other areas. In the case of India, there is a rapid increase in the number of players in this booming industry, with exciting and engaging content being a crucial component of the system. More brands are focusing on marketing their brands via these young creators who have a huge fan following across the age group of 15 to 30, which is the most targeted audience in terms of advertising for both endemic and non-endemic brands.
The penetration of gaming content into Tier II and Tier III areas has started, providing room for expansion for vernacular content producers. Given that Hindi and Tamil are India’s two most often used streaming languages, they will undoubtedly become more well-known in the future. Therefore, there will be a rise in game streaming viewers. Due to their high degree of interaction, audiences frequently look up to and feel connected to their creators.
Expenditures on entertainment
Esports are only now beginning to gain popularity in India. Most Indian users only became interested in virtual games during the pandemic lockdowns, despite having been around for more than ten years. Gen Z now gets most of their entertainment from video games. Live-streamed Esports competitions like soccer, cricket, and tennis matches draw large audiences. People who previously spent money on movie tickets or IPL tickets are just as excited to spend their money on esports.
Free-to-play games won’t disappear anytime soon. But as professional gaming becomes widespread, even casual gamers are beginning to take esports more seriously. As a result, players today warmly welcome pay-to-play models and in-game purchases, and the excitement of gaming influencers in the industry adds up. These influencers, a combination of gaming experts and enthusiasts, give their followers game reviews and updates while enticing them to play more.
Funding for esports
Major companies are taking notice of and making investments in expanding viewership. Large companies have already gotten involved by funding esports competitions and professional teams—everyone in the esports ecosystem benefits from this interest. It was predicted by experts that in the coming future if things proceed positively, the prize pool for professional gamers might rise by a billion.
Esports has the potential to overtake traditional sports betting in India. Fantasy league game earnings may result from efficient regulatory rules that support them and produce health revenues. Since esports is a technologically oriented sector, there have been discussions about using modern securities like non-fungible tokens (NFTs). Businesses may develop lucrative revenue streams and improve user retention by converting virtual avatars, in-game rewards, and streaks into NFTs.
According to Statista, the Indian e-sport market is addressing growth with the changing landscape and is poised to grow to 11 billion rupees with a viewership of 85 million viewers. As the market is boosting, the opportunities are also witnessing a surge with the demands. Owing to this factor, there is another expert research that has highlighted the enhanced employment status that includes, in the gaming sector in India, approximately 40,000 individuals are currently employed, and by 2024 the size might reach to two lakhs. Gaining popularity among the public is also advantageous for the gaming industry, and the inclusion of esports in the Asian Games as the Olympics has increased interest in employment related to gaming.
With the industry’s continuous growth, virtual gaming events will happen more often. Programmers, designers, and content creators would have more opportunities available since there would be more events.
Even though the esports industry is expanding quickly, it is still unorganized. A close-knit gaming community might offer a solution in this case. Professional esports players could grow massively in a few years, and people could watch esports events. This fast-growing industry impacts employment, entertainment, and the economy. Esports will become the place to watch as digital users shift their focus away from live sporting events to virtual ones.