Despite GST hike, e-gaming companies revenue up 12% in FY24

Quick Summary:

India's online gaming industry defied a GST rate hike to reach $3.8 billion in revenue, surpassing social media earnings.

Boosted by in-app purchases and a busy sports calendar, the sector saw a 12% growth despite initial concerns.

The average weekly gaming time rose to 13 hours, with 23 million new gamers joining the existing 590 million.

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Article Details

Author / Journalist: Pankaj Doval

Category: EconomyBusiness

Markets: IndiaAustraliaBangladeshBrazilChinaPakistan

Topics: In-app purchases Gaming user engagement Real-money gaming companies Mobile gaming downloads India Online gaming revenue growth GST impact on gaming industry Mobile gaming in India Gaming market forecast Fantasy gaming market

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-12 @ 03:41:46 (2 days ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 598 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 23530078

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About Times of India

Main Topics: EconomyBusiness

Official Website: timesofindia.indiatimes.com

Update Frequency: 23 posts per day

Year Established: 1838

Headquarters: India

News Last Updated: 5 hours ago

Coverage Areas: India

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Publisher ID: #28

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