India's Potential in the Global Video Game Industry
The global video game industry is expected to generate a staggering $184 billion in 2024, surpassing the combined revenue of movies and music, which stands at $118 billion. This highlights the immense growth and influence of gaming within the Media & Entertainment (M&E) sector.
Technological Advancements in Gaming
- Games are increasingly hosted on the cloud and streamed to extended reality devices through low-latency networks.
- Artificial Intelligence (AI) enables extreme personalization, making games more immersive and enhancing user engagement.
- Passive consumption of audiovisual content is declining, pushing for innovative entertainment technologies focusing on gaming.
Opportunities for India
- With substantial talent pools in the tech and creative sectors, India is well-positioned to contribute globally to gaming development.
- The country's large young population, active in gaming, serves as potential beta testers, providing valuable insights into consumer preferences.
AI and Cultural Impact
- AI-generated game scenarios have applications in advertising and entertainment, potentially globalizing the media market.
- Gaming is evolving into a medium of communication with global reach, altering traditional M&E distribution models.
Social and Educational Benefits of Gaming
- e-Sports enhance audience engagement by adding interactivity to sports.
- The immersive and collaborative nature of modern gaming aids in developing cognitive and social skills beyond mere play.