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Indian gaming industry set to touch Rs 66,000 crore by 2029 with a growth rate of 14.5%: Pwc India Report
Business Today
·
3m ago
Medial
The Indian gaming industry is poised to reach Rs 66,000 crore by 2029, growing at a rate of 14.5%. Currently, India ranks as the second-largest mobile gaming market globally, with 590 million gamers. Recent trends, including a surge in in-app purchases and significant investments, are contributing to this growth. Accessible web gaming is also gaining popularity. Indian gaming companies are now focusing on creating games for global audiences, leveraging strong technology-driven operations.
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Spotify paid $9 billion in royalties in 2023. Here's what fueled the growth
Economic Times
·
1y ago
Medial
Spotify paid $9 billion in streaming royalties last year, according to its Loud and Clear report. The report, aimed at providing transparency, reveals record achievements, including the highest annual payment from any retailer to the music industry. It shows that 1,250 artists generated over $1 million each in royalties, with a total of 66,000 artists earning over $10,000. Indie artists accounted for $4.5 billion, and over half of the 66,000 artists were from non-English speaking countries. Spotify also announced it would only pay royalties to songs with over 1,000 annual streams to avoid wasting royalties on songs with minimal streams.
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Food services sector may grow at 8% CAGR in 2024-28: NRAI report
Economic Times
·
1y ago
Medial
A report by the National Restaurant Association of India (NRAI) projects a compound annual growth rate of 8.1% for the food services sector from 2024 to 2028. The industry is estimated to be worth Rs 5.7 lakh crore in FY24 and is expected to grow to Rs 7.8 lakh crore by FY28. The report also highlights an increase in the frequency of eating out, with consumers dining out an average of 3.7 times per month and ordering food 4.2 times per month. The industry is the second-largest employer in India and is expected to grow by over 20% by 2028.
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Layoffs, Closures: 28% GST Hits Online Gaming Industry Hard As Authorities Begin Tax Recovery
OutlookIndia
·
1y ago
Medial
The implementation of a 28% tax on real money gaming (RMG) by the Goods and Services Tax (GST) Council has led to chaos in the online gaming industry in India. Several start-ups, including Dream11 and Games 24x7, have received tax notices amounting to around Rs 55,000 crore. Companies such as Super Group Limited and Nazara Technologies have already stopped operating in the Indian market, while others have resorted to layoffs. The new tax rate will also impact players' winnings and the competitiveness of gaming companies. The future of the industry remains uncertain as companies navigate the challenges posed by the tax changes.
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GST reforms must align with global trade: PwC
Economic Times
·
1m ago
Medial
A PwC report suggests that India’s GST system requires reforms to better align with global trade and attract investment. The report emphasizes the need for transparency, business-friendly policies, and key reforms, including rate rationalization, broadening input tax credit eligibility, and including aviation turbine fuel and natural gas under GST. Additionally, transitioning to a three-tier rate structure is recommended to reduce disputes and enhance tax certainty. GST collections have significantly doubled over five years, reaching an all-time high.
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Gaming industry to grow to Rs 25,300 crore by end of 2024-25: report
Economic Times
·
1y ago
Medial
According to a study by Grant Thornton Bharat and E-Gaming Federation, the gaming industry in India is projected to grow 20% year-on-year to reach Rs 25,300 crore by the end of the financial year. The study also reveals that India now has 442 million online gamers, surpassing China. The industry has attracted $2.8 billion in investments over the past five years. The report highlights the need for a code of conduct in the industry to address cyber threats, regulatory uncertainties, and financial risks, and to promote ethical standards and player protection measures.
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Indian gaming companies facing tougher challenges compared to China: Salone Sehgal of VC fund Lumikai
Economic Times
·
4m ago
Medial
Indian gaming companies face tougher challenges compared to China, says Salone Sehgal of Lumikai, a gaming-focused venture capital fund. Indian firms must compete with big tech in a less protected market, fostering capital efficiency and persistence. India's gaming sector is growing rapidly at 20% annually, unlike the saturated Western markets. The online gaming industry is projected to more than double, reaching $9.1 billion by 2029, promising significant returns for early investors.
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India's online gaming sector may cross $9 billion by 2029: Report
Economic Times
·
4m ago
Medial
India's online gaming sector is projected to grow from $3.7 billion in 2024 to $9.1 billion by 2029, primarily driven by real money games, which dominate the market. With 591 million gamers and numerous gaming companies, India is poised to become a global gaming powerhouse. The sector has attracted significant foreign investment, with real money gaming accounting for a major share. The burgeoning industry is expected to unlock substantial investor value and create numerous jobs.
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Cognizant to create 8,000 jobs with Rs 1,583 crore IT campus in Visakhapatnam
Economic Times
·
1m ago
Medial
Cognizant plans to establish a world-class IT and ITES campus in Visakhapatnam with an investment of Rs 1,583 crore, expected to create 8,000 jobs. The Andhra Pradesh government will provide land at a nominal rate, and the campus aims to start operations by March 2029. The initiative marks a significant boost to the region's IT ecosystem, with Cognizant seeking over 21 acres of land for this venture.
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Nazara Technologies to challenge Rs 2.84 Cr GST demand over export payment delays
YourStory
·
6m ago
Medial
Nazara Technologies received a demand of Rs 5.68 crore from tax authorities for back taxes, penalties, and interest due to export payment delays, with Rs 2.84 crore under GST laws. The company plans to appeal, stating it won't materially affect operations. Nazara's subsidiaries previously faced GST liabilities of Rs 1,120 crore but obtained temporary relief. These subsidiaries contribute minimally to Nazara's revenue. The GST Council raised the tax rate for online gaming to 28% recently.
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Online Gaming GST Row: SC Stays ₹5,712-Crore Demand Against Paytm’s First Games
OutlookIndia
·
2m ago
Medial
The Supreme Court has stayed a ₹5,712-crore GST demand against Paytm's First Games, a real-money gaming platform. This dispute involves the classification and taxation of real-money gambling platforms under GST, impacting the broader online gaming industry. First Games challenged a retrospective GST notice, seeking relief on the GST rate applied to platform fees versus total bets. The issue highlights ongoing controversies about GST categorization and taxation in the Indian online gaming sector.
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