By Chehneet Kaur
It already exceeds global box office revenue and global music revenue. All over the world, more and more people are turning to gambling as a form of entertainment.
Rajan Navani, Founder and President, Indian Digital Gaming Society of Industry Organization CII and Founder and CEO, JetSynthesys began the presentation session at ETBrandEquity Gaming Summit 2021 by highlighting the facts about the booming gaming and entertainment industry . “A change will quickly accelerate the rate at which those who aren’t even playing today will start playing, or those who are playing very casually, will start playing in a more intermediate and basic gaming experience,” he said. “The global gaming industry was valued at around $ 173 billion in 2020 and is expected to grow 9.3 percent,” Navani added. He highlighted the points around the topic of how more and more people are turning to interactive games as a form of entertainment. “Last year, the WHO declared games to be an important part of social interaction,” added Navani.
Mobile gaming is by far the largest and fastest growing platform, as it has been the most affordable and accessible, especially in India and Southeast Asia. Navani said, “If you really look at the data, 87% of Gen Z, 83% of Millennials, 79% of Gen X actually play video games on smartphones, game consoles, computers, at least one. times a week, otherwise daily. . People born between 1997 and 2006 rule the future. Further, he added, “For Gen Z, watching movies or watching TV ranks fifth, so the game is going to stand out in a significant way.”
Speaking of the shift in consumer behavior towards gaming, Navani said, “Consumer behavior is definitely shifting to gaming. If you look at 78% of consumers who are gamers, 45% of all respondents are now starting to subscribe to paid gaming services. He further added that if the game currently holds 5% of a $ 25 billion market, it will certainly hold a much larger share over the next 2-3 years.
Navani said, “I think the ability of an Indian game studio to be part of a large global games supply chain is something that is just waiting to happen and we have offices in Japan, United States. United, UK, Singapore, Israel and building a very strong global network ”
He also explained how global esports already compete with traditional sports in their business model. “Esports gamers also have a major impact on gamer spending habits with 67% influenced by what influencers eat, 34% by what influencers wear and 18% by listening to music recommended by influencers. influencers, ”he said. Indian esport is expected to play a key role in the global market by 2023.
Elaborating on entertainment as a mechanism by which brands associate with the public, Navani went on to say that “games are not just entertainment titles, but brand vehicles of entertainment. Brand partnerships with game publishers are a very powerful method of messaging and creating characters, stories, experiences throughout games ”.
The world of eSports viewers has developed eSports streaming on many different platforms. Elaborating roughly the same, Navani said, “The Asian Games have already accepted eSports as a medal sport and the Olympics will probably do so in Paris 2024. We are also looking at the legitimacy of upcoming eSports very strongly because you have to compete. like any other athlete on the physical field ”.
Since the start of the pandemic, the advertising industry has undergone a major change. Digital advertising now accounts for 58% of media spending. “Gaming audiences are saying that games related ads are now very impactful places for them and for brands,” added Navani.
Next, Navani explained how in-game technology unlocks cross-industry potential. He deepened his knowledge of AR and VR games facilitated by 5G and 6G networks. In addition, he explained how these are helping gamers to distract themselves from stress during the pandemic and why gamification education is a huge opportunity to soak up the competitive nature among young people.
The accessibility and affordability of the Internet will continue to play an important role in the incredible growth of the entertainment industry.
Navani concluded his speech by saying, “It is extremely clear that games and gamification will lead the charge of a new age entertainment and media society in a way that will be markedly different and I think we see that happening. multiply and accelerate in many businesses not only in India but all over the world.
Watch BE + with Ambi Parameswaran: conversation with industry leaders like Jasneet Bachal, Pawan Sarda, Siddhesh Joglekar