Six Indian Companies Enters Top 10 Digital Media Players List Of FY23: Report The report stated that the growth of this digital media market has been catalyzed by the surge in internet users and their engagement, propelling the market at an impressive CAGR of 35% over the last two years
By Teena Jose
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The Indian digital media market has reportedly reached an estimated market size of $11 billion in FY23. In FY23, six Indian companies secured spots in the top 10 rankings of pure-play digital media companies by revenue. According to a Redseer report, these six Indian companies are Dream Sports, Gameskraft, Games24x7, Verse Innovations, Junglee Games and Times Internet.
The report stated that the growth of this digital media market has been catalyzed by the surge in internet users and their engagement, propelling the market at an impressive CAGR of 35% over the last two years due to COVID-led market tailwinds.
The robust performance of the digital media market comprises various segments such as over-the-top (OTT) video services, audio streaming, short-form video platforms and digital gaming.
"Excluding contributions from social media platforms, this sector alone is responsible for injecting an impressive $5.5 billion into the overall digital media market ecosystem," the report mentioned.
Breaking down these numbers, one finds that a dominant share -- approximately 60% -- of this contribution comes from the digital gaming sector.
"This remarkable figure highlights the popularity of the gaming sector in India, catering to the Indian population with domestic games like rummy and leveraging cricket's popularity through daily fantasy sports," said the report.
With the focus on vernacular content and understanding the diversity of languages and cultural nuances across India, game developers are increasingly localising their products and creating content in native languages, the report added.
"The focus on 'For India' content and strategic alignment with local consumer interests has 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 at Redseer Strategy Consultants.
