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India As Gaming Hub: The addiction of online gaming is increasing on the heads of people all over the world and India is also not untouched by it. India has become the second largest country in the world in terms of number of gamers with 396.5 million i.e. 396 million gamers. In the top 10 countries of Asia, more than 50 percent of gamers are present in India alone.
More than 50 percent gamers in India
Market research firm Niko Partners has prepared a data according to which out of the total number of gamers present in the list of 10 Asian countries, India alone has more than 50.2 percent gamers. The report, titled Asia-10 Games Market, states that the number of gamers is growing at the fastest rate in India and revenue has also increased at an annual rate of 21 percent in the last 5 years. The report states that the top 10 PC and mobile game markets in Asia will generate $36.9 billion in revenue in 2022 and $41.4 billion by 2026. According to the report, the number of gamers is increasing faster than the rate of increase in revenue. According to another report, India’s gaming market could be worth $2.6 billion in 2022 and is estimated to be $8.6 billion in 2027 with a compound growth of 27 percent.
By 2026 there will be 1.06 gamers!
According to Niko Partners, by 2022, the number of PC and mobile gamers in the top 10 countries of Asia is estimated to touch 788.7 million i.e. 788.7 million. Which can touch 1.06 billion beyond one billion in 2026. According to the report, India, Thailand, and the Philippines are among the fastest growing markets in terms of revenue and number of gamers. Japan and Korea are counted as the most mature markets in the top 10 Asian markets and 77 percent of the revenue comes from these two countries alone.
GST will increase on online gaming!
The number of gamers in India is increasing, so the government is also considering the option of increasing the income from it. GST rate can be increased on online gaming. Changes are possible in the formula for calculating GST on gaming. At present, online gaming attracts GST of 18 per cent. A group of state finance ministers has suggested levying 28 per cent GST on online gaming. GST can remain the same for both Game of Skill or Game of Chance. The report of the Group of Ministers may soon be submitted to the GST Council for discussion.
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