In FY 2023, six Indian companies were among the top 10 pure-play digital media companies by revenue globally, according to estimates released by Redseer Strategy Consultants.
These are Dream Sports, Gameskraft, Games24x7, Verse Innovations, Junglee Games and Times Internet.
* Part of “The Walt Disney Co. | Source (s): Redseer estimates.
According to Redseer, the Indian digital media market reached an estimated US$ 11 billion in FY23, catalysed by a surge in internet users and engagement. The space grew at a CAGR of around 35 pc over the last two years due to Covid-led market tailwinds, according to the company.
The growth is driven by the media and entertainment sector, which includes Over-The-Top (OTT) video services, audio streaming, short form video platforms and digital gaming, reports Redseer.
According to Redseer estimates, the M&E sector is responsible for injecting around US$ 5.5 billion into the digital media market ecosystem, with a dominant 60 pc share coming from digital gaming. Game developers increasingly localising products and creating content in native languages has aided broader user engagement and in penetrating untapped markets across states, it adds.
“The focus on ‘For India’ content and strategic alignment with local consumer interests have proven pivotal for domestic digital media companies. With this trajectory, we anticipate further revenue expansion and market dominance for these platforms,” noted Mukesh Kumar, Associate Partner, Redseer Strategy Consultants.
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