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New York, Describing India as a "major focus" for <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword>, CEO <keyword id="191843" type="General" weightage="20" keywordseo="tim-cook" source="Orion">Tim Cook</keyword> has said the tech giant has a "low share" in the country's large market and there is a "lot of headroom" and "positives" there for the company. "We had an all-time revenue record in India. We grew very strong double-digits. It's an incredibly exciting market for us and a major focus of ours," Cook said Thursday during Apple's Q4 2023 earnings conference call. He added that Apple has a "low share in a large market, and so it would seem there's a lot of headroom there." Cook was responding to a question on momentum in India and growth opportunity in hardware units. Cook underscored that Apple sees "an extraordinary market" in India, "a lot of people moving into the middle class, distribution is getting better, lots of positives." The company has set up two retail stores in Mumbai and Delhi and Cook said "they're doing better than we anticipated. It's still early going, but they're off to a good start and I couldn't be happier with how things are going at the moment." Apple announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The company posted quarterly revenue of USD 89.5 billion, down one per cent year over year from USD 90.1 billion. Cook noted that Apple achieved "an all-time revenue record" in India, as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE and Vietnam among others. iPhone revenue came in ahead of the company's expectations, setting a September quarter record, as well as quarterly records in many markets, including China mainland, Latin America, the Middle East, South Asia and an all-time record in India, he said. Responding to a question on a comparison between Apple's growth momentum in India and China over the years, Cook said "each country has its own journey" and he "wouldn't want to play the comparison game." Apple CFO <keyword id="1519689" type="General" weightage="50" keywordseo="luca-maestri" source="Orion">Luca Maestri</keyword> noted that the company is "particularly pleased" with its performance in emerging markets with revenue reaching an all-time record in fiscal 2023 and double-digit growth in constant currency. "We are expanding our direct presence in these markets from new Apple retail stores in India to online stores in Vietnam and Chile," Maestri said. Cook was in India in April, his first trip to the country in seven years, to open Apple's first official retail store in the country in Mumbai, followed by the launch of a second store in New Delhi. The Apple CEO had termed the opening of Apple's first two stores in India as a "milestone" for the company.

Apple has low share in India's large market, lots of headroom: Tim Cook

New Delhi, Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic &amp; Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs paying 18 per cent on platform fee/commission are disputing the 28 per cent levy on actionable claims in the form of betting and gambling before various legal fora. "It is anticipated that the levy of 28 per cent on full face value, as recommended in the 50th <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> meeting, will result in increase of revenue from current levels," Sitharaman added.

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

Riding on more than 500 million gamers across mobile, PC and Cloud gaming platforms, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s gaming market has likely reached $2.6 billion in revenue this year which is expected to quadruple to $8.6 billion by 2027, a new report showed on Thursday. The country now has about 120 million paid gaming users with at least $20 revenue per user, according to the report by <keyword id="10412751" type="General" weightage="20" keywordseo="Lumikai" source="Orion">Lumikai</keyword>, a gaming and interactive media venture capital fund. With 15 billion downloads, India was the world's largest consumer of mobile games in FY22. "India crossed half a billion gamers in FY22, up from 450 million the year prior. Industry growth is expected to be fuelled by a rapidly increasing gamer base, higher conversion to paid users, and increasing sophistication of Indian gamers," said Justin Shriram Keeling, Founding General Partner, Lumikai on the sidelines of the India Game Developers Conference (IGDC) Summit in Hyderabad. In FY22, mid-core games (like BGMI which is now banned and Free Fire) were the fastest growing gaming category, achieving growth of 32 per cent, grossing combined revenues of $550 million. According to the report, Nearly 48 per cent of gamers spend money on mid-core games and 65 per cent of paying gamers claim they have engaged in in-app purchases at least once. Indian gaming companies are on track to raise $513 million for the calendar year. Gaming sector funding is up 380 per cent from 2019 and up by 23 per cent from 2020. "Web3 emerged as an increasingly popular technology in games, with 30 per cent of 450 Indian Web3 companies operating in gaming. Web3 games in India have raised $400 million in funding (2019-22)," the findings showed. India-based content is growing in popularity with 80 per cent of gamers showing a proclivity to play games based on Indian intellectual property. "The number of female gamers in India is on the rise. Male: female ratio of surveyed gamers yielded a 60:40 ratio, equally split between metro and non-metro cities," the report noted. "The last 28 months have been watershed years in terms of attracting VC investment of over $2.6 billion in the Indian gaming landscape. This sustained momentum should further drive entrepreneurial ambition and innovation in the Indian gaming industry," said Salone Sehgal, Founding General Partner, Lumikai. Lumikai has so far backed nine gaming startups including Loco, Bombay Play, Elo Elo, Studio Sirah, Cloudfeather Games. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a> <a href="https://www.businessinsider.in/finance/news/interest-rates-on-deposits-need-to-go-up-say-experts-as-share-of-fds-in-household-financial-assets-drops/articleshow/95275488.cms">Interest rates on deposits need to go up, say experts, as share of FDs in household financial assets drops</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-introduces-communities-with-up-to-5000-members/articleshow/95275053.cms">WhatsApp introduces Communities with support for up to 5,000 members – here’s how to use it</a>

With over half a billion gamers, India's gaming market reports $2.6 billion in revenue

<ul><li> <keyword id="9951693" type="General" weightage="50" keywordseo="fantasy-sports-platforms" source="Orion">Fantasy Sports Platforms</keyword> are on the rise in India with revenues tripling since FY20.</li><li>The next phase of <keyword id="1759314" type="General" weightage="70" keywordseo="fantasy-sports" source="Orion">fantasy sports</keyword> will have AI generated avatars competing.</li><li>Meta11, one such AI-generated FSP, aims to earn revenue via hosting <keyword id="1612654" type="General" weightage="30" keywordseo="original-content" source="Orion">original content</keyword> and streaming the games.</li></ul> The ICC World Cup fever is gripping the nation. Right from stock brokers to central bank governors, few are able to make a statement without a cricket pun. But that’s not where the fun stops. It’s also the season for cricket lovers to engage in fantasy gaming. It’s now a serious business with revenues tripling in the ongoing financial year from FY20, according to a Deloitte report. Seasoned cricket players are taking to this as well and former Sri Lankan skipper, Kumar Sangakkara, has co-founded one such company -- Meta11, an AI-generated <keyword id="1759314" type="General" weightage="70" keywordseo="fantasy-sports" source="Orion">fantasy sports</keyword> platform, which aims to earn revenue via hosting <keyword id="1612654" type="General" weightage="30" keywordseo="original-content" source="Orion">original content</keyword> and streaming the games. Business Insider India caught up with Sangakkara and Krishan Deegalla, CEO of Behaviol, the company focusing on bringing fantasy sports on the metaverse via Meta11. Edited excerpts. Question: Sangakkara, you are one of the few cricketers who is also a startup founder. Why does the business of fantasy sport interest you? Sangakkara: It came from a thinking that – how do we really give everyone access to cricket? Not everyone has the ability to pick up a bat and ball and play. But there's so much love for this sport. How do we actually make sure that cricket is for everyone? Web based gaming has a great opportunity for that. That was the starting point for this and then when we brainstormed and came up with the concept of Meta11. It has AI controlled avatars playing the sport, being able to predict outcomes and others. It's amazing to see so many people being able to live out their cricketing dreams on our platform, and that is the real key – cricket is for everyone. Cricket has such a strong emotional connection. Once you're a cricket fan, you're always a cricket fan. Who knows, some of our strategies and tactics and game moments might even influence tactical decision making later on in real life cricket as well. Question If I don't know the first thing about playing cricket other than watching it, am I a target audience? Sanga Anyone can play this because the avatars are artificial intelligence led. So, they learn as a player in the game. If you own your own avatar, you can expose your avatar to training to more match play, the more experience they get they learn on their own. It's a great tool to spread awareness about cricket as well in its globalisation drive. Question There are a lot of fantasy gaming apps in India. How do you differentiate yourself? Sanga Our game is so simple to log in, and you play the game and you get rewards for playing not for paying. Our tech platform, our avatars, our digital creations are cutting edge and industry leading in terms of cricket games out there. So we are very differentiated and we want to keep to that model. Question Do you have any plans to introduce match-wise games like normal fantasy sports? Krishan We want to see how we can connect the digital worlds and the physical, the real cricket. There is an opportunity for us to bring that into play. Where in the game, you can create a super avatar, or super digital player. You can pick five players out of both squads. And if that player does well in real life, you can earn points. We will never do just a fantasy app. It will always be linked to the game. Sanga It has the ability to drop real world cricketers into the game as well. A franchise team can play real world cricket and a fan community can play against each other on our platform. Question So, is there a possibility that one day we could be teammates on this platform? Sanga Absolutely. There is no doubt about that. You could play against me, you could play against other cricketers. Hopefully, you could play against your friends, your family members. Question Could you explain how you intend to increase engagement, and make it more interesting for the not-so-avid fan? Krishan To get the engagement, ownership is a key, allowing people to have that meaningful relationship with digital avatars. We have to train them, and create our own teams. We are also having tournaments, which will be team leagues to the platform exciting. Question The government has introduced 28% GST on fantasy gaming. Is that a cause for worry and will it eat into your earnings? Sanga I think that (28% GST) that's for the pay-to-play model. Ours is free-to-play. No user has to put his/her own money into playing. It's a very different kind of foundation we work on. Krishan If you look at traditional fantasy games, they rely on real games. There is no real content there. With us, we generate our own content. All the content that gets streamed, is owned by us. Now, we have a pathway to monetise this and give rewards back to the users. It's like organising real games. We can also expect sponsorship money, streaming rights and we can distribute it back to the community. Question You talked about streaming. If you could go into the monetisation aspect of it. Krishan We had 30,000 users on the first day. There is a huge appetite for advertising on alternative channels apart from Google, Facebook etc. That is why if you look at IPL TV rights it goes for billions of dollars. So, I think we will be a good alternative for that. The game is exciting. People will be able to relate to it and that means it will be engaging. With that we should be able to monetise it – through sponsorships and streaming. Question What’s the vision for Meta11 down the line? Krishan It is quite an evolution to have AI characters play cricket and allow people to own them. Within this framework, we have opportunities that even we have not thought about. I am sure there will be plenty of opportunities. The vision still remains to allow democratising the sport and give access to the masses. And to keep on making the platform interesting and scalable.

Can’t hit a ball? You can still play cricket in the metaverse

San Francisco, Streaming giant <keyword id="19897536" type="General" weightage="20" keywordseo="netflix" source="keywords">Netflix</keyword> is reportedly planning to generate revenue from its gaming business by adding in-app purchases and advertisements. The company has had discussions in recent months about how to generate revenue from its games, reports The <keyword id="19960307" type="General" weightage="20" keywordseo="wall-street-journal" source="keywords">Wall Street Journal</keyword>, citing people familiar with the discussions. For two years, Netflix subscribers have been able to download tons of mobile games, all free with their subscription. The company offers more than 75 mobile games, like <keyword id="19904162" type="General" weightage="20" keywordseo="grand-theft-auto" source="keywords">Grand Theft Auto</keyword>, Love Is Blind, Monument Valley and Oxenfree. According to the report, Netflix is planning to put a price tag on premium gaming titles and placing ads on games. Netflix was yet to comment on the report. The company last year said it was not worried about ads and in-game payments. "We want to have a differentiated gaming experience and part of that is giving game creators the ability to think about building games purely from the perspective of player enjoyment and not having to worry about other forms of monetization, whether it be ads or in-game payment," Netflix co-CEO <keyword id="20087383" type="General" weightage="20" keywordseo="greg-peters" source="keywords">Greg Peters</keyword> had said during the earnings call. In August, Netflix rolled out its games across devices -- TVs, computers, and mobile -- and announced the first public tests of its cloud-streamed games. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-mukesh-ambani-to-become-indias-richest-man/articleshow/106564235.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-mukesh-ambani-to-become-indias-richest-man/articleshow/106564235.cms" target="_blank">Gautam Adani surpasses Mukesh Ambani as the richest Indian after Hindenburg verdict</a><a href="https://www.businessinsider.in/tech/mobile/webstories/vivo-x100-vs-iqoo-12-price-specs-and-features-compared/slidelist/106569235.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/vivo-x100-vs-iqoo-12-price-specs-and-features-compared/slidelist/106569235.cms" target="_blank">Vivo X100 vs iQOO 12 – The affordable flagship that fits your needs</a><a href="https://www.businessinsider.in/business/auto/webstories/best-selling-cars-in-india-in-december-tata-nexon-tops-the-list/slidelist/106572077.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/best-selling-cars-in-india-in-december-tata-nexon-tops-the-list/slidelist/106572077.cms" target="_blank">Best selling cars in India in December – Tata Nexon tops the list</a>

Netflix may introduce in-app purchases, ads to games

Alphabet and <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword> CEO <keyword id="164502" type="General" weightage="20" keywordseo="Sundar-Pichai" source="Orion">Sundar Pichai</keyword> is likely to testify in <keyword id="6399901" type="General" weightage="80" keywordseo="epic" source="Orion">Epic</keyword> Games's lawsuit against Google in a US court next week. The Fortnite game developer seeks to call <keyword id="1604185" type="General" weightage="50" keywordseo="pichai" source="Orion">Pichai</keyword> as a witness on Tuesday as it makes its case alleging that <keyword id="963171" type="General" weightage="50" keywordseo="google-play" source="Orion">Google Play</keyword> is an unlawful monopoly, reports The Verge. "In court documents, Google requested to use a podium in the courtroom on Tuesday, which suggests that Pichai may indeed appear to testify," the report noted. Last month, in the US vs. Google case, Pichai stood behind a podium instead of sitting because of "apparent back issues". The lawsuit was filed after Google pulled Fortnite from the Play store. Epic is arguing that Google's monopolistic control on its Google Play Store for Android smartphones violates both state and federal antitrust laws. Meanwhile, Google offered a $147 million deal to game developer Epic Games to launch its popular game Fortnite on Google Play store, the tech giant told the court. Purnima Kochikar, Vice President, Play Partnerships at Google, said in her testimony that the deal was approved and presented to Epic but not accepted, reports The Verge. The deal would have seen the money dispensed over a three-year period of "incremental funding" (ending in 2021) to Epic. In a document justifying the deal, Google wrote that "Fortnite's absence could result in $130 million (up to $250 million) direct revenue loss with Play" and that there could be a "downstream impact of $550 million (up to $3.6 billion) potential revenue loss if broad contagion to other developers". The Epic vs Google trial began this week on Monday. Google has defended its 30 per cent cut on transactions for apps via its Play store. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/multilingual-global-office-calls-might-soon-become-easier-with-ai-live-translate-call/articleshow/105087029.cms">Multilingual global office calls might soon become easier with AI Live Translate Call</a> <a href="https://www.businessinsider.in/stock-market/news/protean-egov-technologies-ipo-how-to-check-allotment-and-gmp-value/articleshow/105093386.cms">Protean eGov Technologies IPO allotment – how to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/business/auto/news/british-luxury-carmaker-lotus-cars-enters-the-indian-market-with-2-55-electric-suv/articleshow/105092076.cms">Lotus Cars enters India with Eletre, a luxury electric SUV priced starting at ₹2.55 crore</a>

You Searched For "India Gaming Revenue" and got 6 results

Apple has low share in India's large market, lots of headroom: Tim Cook

PTI

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

PTI

With over half a billion gamers, India's gaming market reports $2.6 billion in revenue

IANS

Can’t hit a ball? You can still play cricket in the metaverse

Abhishek Jha

Netflix may introduce in-app purchases, ads to games

IANS

Sundar Pichai to testify in Epic Games vs Google case next week

IANS

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