India's Gaming Industry to Hit USD 9.2 Billion By FY29, STANfest 2024 Highlights Growth

India’s gaming industry is visioned to grow to USD 9.2 billion by FY29, with a compound annual growth rate of 20 per cent, according to the Lumikai ‘State of India Interactive Media and Gaming Research’ report. The industry continues to boom, generating USD 3.8 billion in revenue in FY24 and claiming 30 per cent of India’s broader new media market, which reached USD 12.5 billion.

The Indian government has also recognised gaming as a ‘sunrise sector’ and has rolled out frameworks for taxation and regulation to support its growth. Together with IIT Bombay, it will establish the National Centre for Animation, Visual Effects, Gaming, and Comics Excellence. Other events, such as that of WAVES Summit scheduled for February 2025, will also support the gaming ecosystem of India to lure in investment.

The growth in all in-app purchases and advertisement revenues keep on increasing in gaming market expansion, making it the biggest part of new media revenue. As the sector experiences sustained growth driven by in-app purchases and advertising revenues, large-scale events such as STANfest 2024 mark the growing significance of gaming in the country’s entertainment platform.

Hosted at the Phoenix Palassio Mall in Lucknow, STANfest 2024 attracted over 30,000 attendees and featured more than 200 creators from the gaming and lifestyle sectors. Prominent figures such as Ashish Chanchlani, Fukra Insaan, and Mortal were among the many creators in attendance. Fans engaged in esports tournaments, cosplay showcases, and a variety of gaming-themed activities, highlighting the dynamic growth of gaming culture in India.

STAN's CEO, Parth Chadha, highlighted that the platform now boasts more than 500,000 creators, enabling them to earn over USD 1 million in just the past six months. COO Nauman Mulla characterized the event as a groundbreaking initiative to connect creators and fans on an unparalleled scale. The event featured prize giveaways totaling Rs 25 lakh, gaming awards, and performances, allowing fans to enjoy exclusive meet-and-greet sessions with their beloved creators.

Gaming’s Expanding Role in India

The success of events like STANfest illustrates the evolving perception of gaming in India, transforming it from a leisure activity into a significant cultural and economic force. As the nation's gaming community expands, stakeholders are increasingly channeling investments into Esports, exploring monetization strategies for creators, and developing interactive content platforms.