Market News Updates

Tezos India Collaborates With GoLive Games To Launch India’s First NFT Based Cricket Strategy Game Full Article

• Cricket Stars is India’s first NFT-based cricket strategy game. Tezos is a public, open-source blockchain protocol that incorporates a self-amending governance system.
• Cricket Stars NFT marketplace is powered by the Tezos blockchain,allowing users with Tezos wallets to trade, buy and sell their cards with other gamers

QYOU Media India and Maxamtech launch Q GamesMela, its first direct-to-consumer casual mobile gaming app Full Article

• QYOU Media India has launched Q GamesMela, a direct-to-consumer mobile gaming app that offers a variety of casual games.
• The company plans to leverage the immediate reach of Q branded content offerings across broadcast TV, connected TVs, and app-based platforms to promote the gaming app to its audience of approximately 125 million Indians each week

Government Unveils Key Amendments To Online Gaming Rules Full Article

• The Ministry of Electronics and IT (MeitY) released new rules for online gaming that prohibit any game that involves betting and wagering.
• The aim of these amendments is to enforce greater due diligence by online gaming and social media intermediaries.
• An online gaming self-regulatory body or bodies (SROs) designated by the Central government will determine whether a real-money game is permitted

Karnataka HC quashes Rs 21,000-crore GST notice against online gaming company Gameskraft Full Article

• The Karnataka High Court quashed a goods and services tax (GST) notice against Bengaluru-based online gaming company Gameskraft Technology for alleged evasion of Rs 21,000 crore.
• The notice was issued in September 2022 and was for the period between 2017 and June 30, 2022.
• The gaming platform had submitted fake/back dated invoices and was also inducing its customers to bet as there was no way of returning the money once it was added in the wallet.

Activision Partners With ESL to Host Two Years of COD Mobile Esports Events Full Article

• Activision and ESL have partnered to host four seasons of Call of Duty (COD) Mobile Esports from 2023 to 2024.
• The COD Mobile World Championship event 2023 will have a prize pool of $1 million USD, and the overall 2023 season will have a total prize pool of $1.5 million USD

JioGames and Qualcomm announce Call of Duty Mobile Aces Esports Challenge Full Article

• Reliance Jio and Qualcomm have teamed up to organize multiple eSports tournaments for the JioGames eSports platform.
• They will kickstart with the Call of Duty Mobile Aces Esports Challenge with a prize pool of Rs 25 lakh. The qualifiers and finals will be held on June 11 and June 20, respectively

The Singapore subsidiary of NODWIN Gaming acquires 51% stake in live-media company Branded Full Article

• NODWIN Gaming, the esports and gaming arm of Nazara Technologies Limited, has acquired a 51% stake in Singapore-based full-service live media company Branded.
• This acquisition will enable NODWIN Gaming to expand its network of international sponsors and grow its revenues from the live business, as it continues to focus on becoming a sports media company with an emphasis on esports and gaming

Delhi HC rejects Dream Sports-backed Rario's plea against MPL & Striker on NFT gaming Full Article

• The Delhi High Court has rejected a plea from Dream Sports-backed NFT platform Rario against Mobile Premier League (MPL) and Striker, preventing them from offering fantasy gaming via NFTs.
• The court stated that Rario cannot claim an exclusive right over NFT technology that is freely available.

NODWIN Gaming Valuation Soars to $349M After Successful $28M Funding Round Full Article

• Indian tournament organizer NODWIN Gaming has raised $28 million in a funding round, bringing its valuation to $349 million.
• The funds will be used to expand and incubate new intellectual properties (IPs), expand into emerging markets, and make strategic acquisitions.
• New investors in NODWIN Gaming include Sony Group Corporation and Innopark (India) Private Limited.

Rooter raises $16 Mn led by Lightbox Full Article

• Gaming and esports content platform Rooter has raised $16 million in a growth round led by Lightbox.
• The funding will accelerate Rooter's growth, strengthen its technology capabilities, expand its market, and explore cross-border opportunities and strategic acquisitions.

Financial Updates

Nazara Technologies - Financial Highlights

Key Financials - Yearly

• Freemium: WCC witnessed 72% EBITDA growth in FY23 driven by ad optimization and cost control
• Skill based RMG :Classic Rummy saw 33% revenue growth and 79% EBITDA growth in FY23 owing to operational improvements
• Nodwin revenue grew by 84% in FY23 driven by growth in multiple IPs (Playground, Dgtl etc.) as well as growth in gaming accessories business
• Datawrkz grew by 53% in FY23. The company added 42 new clients in FY23

Key Financials in FY23 - Quarterly

• Nazara ended Q4 FY23 with Gaming & Esports contributing majority of the revenue.
• Skill based RMG :Classic Rummy saw 11% revenue growth and 20% EBITDA growth in Q4FY23 owing to operational improvements
• Nodwin revenue grew by 57% in Q4FY23 driven by growth in multiple IPs (Playground, Dgtl etc.) as well as growth in gaming accessories business

Nodwin Gaming - Financial Highlights

Key Financials - Yearly

• Nodwin revenue grew by 84% in FY23 driven by growth in multiple IPs(Playground, PUBG IPs in South Asia, Dgtl etc.) as well as strong growth in gaming accessories business
• Nodwin has acquired 51% of Branded Pte. Ltd for a cash consideration of $1.3million. A strategic move to drive sponsorship revenue for Nodwin's IPs in India and internationally

Electronic Arts - Financial Highlights

Key Financials - Yearly

• In the six months since launch, EA SPORTS FIFA 23 has surpassed life-time sales of EA SPORTS FIFA 22, becoming the most successful launch in franchise history.
• Apex Legends delivered net bookings growth in Q4 year-over-year at constant currency, driven by a successful Season 16 with peak weekly active users up over 20% from the previous season.

Ubisoft - Financial Highlights

Key Financials - Yearly

• Assassin’s Creed®: Record active users for the franchise in a year. Assassin’s Creed® Valhalla now has 44% more players life-to-date than Assassin’s Creed® Origins and 19% more than Assassin’s Creed® Odyssey on a comparable basis, with materially higher revenue per player, leading to life-to-date net bookings up respectively +82% and +61%.
• Tom Clancy’s Rainbow Six® Siege: Playtime in Q4 was up 30% from last year.
• Tom Clancy’s The Division® 2: Session days in Q4 were up 28% from last year and Net bookings growth over 12 months was 36%.
• Free-to-play initiatives: XDefiant: Closed beta reached over 1 million players with strong viewership and positive community feedback

Investment/Funding Updates

Industry Reports

Windows of Opportunity: India's M&E sector

This report by EY talks about trends in Indian M&E Industry. Here, we have discussed trends in Indian Online gaming market including number of online gamers, gaming influencers, marketing, and popularity of vernacular gaming content.

• The count of online gamers in India grew to reach 421 million in 2022 and is expected to reach 442 million by 2023. Of the above, around 90 to 100 million are frequent players of games
• Gaming influencers such as Total Gaming (33.5 million subscribers), TechnoGamerz (31.5 million subscribers), CarryisLive (11.6 million), Live Insaan (9.86 million) have attracted new cohorts of players
• Greater online gaming awareness through marketing and use of brand ambassadors like MS Dhoni for WinZO, Shah Rukh Khan for Ace23, Hrithik Roshan for Games 24x7, Virat Kohli for MPL also contributed to increase in awareness and trial
• Ecom-Gaming category advertising volumes on television increased two folds between Jan-Aug’22 as compared to Jan-Aug’21
• It is estimated that over 60% of internet users converse in regional languages. Hence, many game developers in India have started offering games in regional languages, along with Hindi, such as Gujarati, Marathi, Tamil, Telugu, Kannada, Bengali to attract them

Web3 and Gamers : The Story Mob

This global report highlights the opportunities in Web3 games, and strategies to consider while developing Web3 games

• The Opportunity in Web3 Games: Web3 games offer benefits such as minimal development fees, increased customization through interoperability, in-game rewards that can be redeemed for tokens or real-world items, and the opportunity for players to become stakeholders and vote on the game's future through DAOs. This provides players with an innovative and rewarding gaming experience that has the potential to revolutionize the industry
• Things to consider for Building Trust with players:
• Priority should be given to player protection by being proactive in ensuring security, as recent blockchain hacks have exposed vulnerabilities and weaknesses that cannot be ignored
• Players desire games that have been crafted with love and care, and it is crucial to learn from past mistakes to avoid any rushed or forced development.
• Build games off stable coins which are impacted by real-world markets to help establish and secure the future of the game
• Take advantage of Web3 to create an engaging and collaborative experience that’s inclusive and has a low barrier of entry.
• Strive to achieve a good balance between providing players with rewards and maintaining a positive in-game experience
• How to get gamers on board with Web3: Gamers prioritize entertainment and socializing over tangible rewards, so instead of focusing solely on play-to-earn mechanics, game developers should enhance the overall gaming experience to attract a broader audience
• Gamers are receptive to free gifts, as demonstrated by esports organization 100 Thieves, which gave away over 700,000 NFTs to commemorate their title win and garnered significant interest from competitive gaming fans
• Appeal to collectors and traders. CS:GO’s online market is proof players are already interested in owning, trading, and selling cosmetic goods.
• Give players a return for the time they invest
• Use NFTs to attract achievement hunters by transforming virtual trophies into real world rewards and utilities
• Allow player ownership over their own creations
• Allow players to retain their assets in new iterations of games

Level Up: The Future of Video is Bright

This report by Bain & Company discusses the Global Video Gaming market size, growth factors, opportunities and challenges in the gaming industry

• The video game industry is growing rapidly and is expected to generate over $200 billion in revenue by 2023. This growth is being driven by a number of factors, including the increasing popularity of mobile gaming, the growing popularity of esports, and the increasing adoption of virtual reality and augmented reality
• The video game industry is also becoming more globalized, with companies from all over the world competing for market share. This is due to a number of factors, including the increasing availability of high-speed internet, the growing popularity of online gaming, and the increasing adoption of mobile devices
• The video game industry faces a number of opportunities and challenges. Some of the opportunities include the potential for new and innovative games to appeal to a global audience, the potential for the industry to grow even larger, and the potential for the industry to become more immersive and interactive. Some of the challenges include the need to compete with other forms of entertainment, such as streaming video and social media, the need to protect intellectual property, and the need to deal with government regulation
• The future of the video game industry looks bright, despite the challenges that it faces. The industry is growing rapidly and is becoming more globalized. This presents a number of opportunities for game developers and publishers. However, the industry also faces a number of challenges, such as the need to develop new and innovative games and the need to compete with other forms of entertainment

No Business Like Show Business: The way forward for Indian M&E sector

This report by Aditya Rathi Advisor Ltd. discusses the Indian M&E Industry. The report highlights the increasing investment in regional content by OTT platforms and predicts that the prize money in e-sports gaming companies will exceed that of the Indian Premier League

• The prize money in e-sports gaming companies is expected to exceed ₹100 crore by FY25.
• Transactional-based gaming and mobile e-sports are expected to facilitate growth in the gaming segment in India.
• The broadcasting market in India is fragmented compared to developed markets, resulting in lower revenue for the Indian broadcasting industry.
• The growth trajectory of the Indian media industry will be driven by the increasing demand for OTT services and gaming.
• The Indian media and entertainment sector is expected to experience a deceleration in growth in 2023, followed by a revival in 2024.
• The ongoing digital revolution has empowered consumers with more options, compelling media companies to revamp their approach towards content, distribution, and pricing.