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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

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

<ul><li><keyword id="44033" type="General" weightage="20" keywordseo="hike" source="Orion">Hike</keyword>’s <keyword id="13026722" type="General" weightage="20" keywordseo="rush-gaming-universe" source="Orion">Rush Gaming Universe</keyword> has clocked in $100 million in annualised gross revenue since launching in March 2021. </li><li><keyword id="1245893" type="General" weightage="20" keywordseo="rgu" source="Orion">RGU</keyword> plans to double its revenue by the end of the year, according to Hike’s CEO and founder <keyword id="6567188" type="General" weightage="20" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword>. </li><li>In an exclusive interview with Business Insider, Mittal explains how reaching that target involves NFTs, new games and new features. </li></ul>Hike’s mobile-only gaming platform, The Rush Gaming Universe (RGU), has hit $100 million in annualised gross revenue in 15 months since going live. According to Hike’s founder, Kavin Bharti Mittal, the game is likely to double its gross revenue before the end of the year. <div type="image" title="RGU." msid="92128510" hostid="261"></div> “A large part of it is double down on the NFTs we launched a couple of weeks ago. And, increasing their spread across the application,” Kavin Bharti Mittal told Business Insider in an exclusive interview. The bite-sized gaming application currently has 10 games. According to Mittal, another four will be added in the next quarter. RGU also plans to introduce tournaments and a leaderboard feature in the coming months as well. <div type="ExtQuote" text="One [of the games] that we’re specifically excited about is a Battle Royale game – a PubG system game, a SPS, on the platform," auname="Kavin Bharti Mittal, CEO and founder of Hike, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Web2 &amp; Web3" comment="subhead" text="Web2 &amp; Web3">Web2 &amp; <keyword id="12465420" type="General" weightage="20" keywordseo="web3" source="Orion">Web3</keyword></cmsannotation> RGU launched its <a href="https://www.businessinsider.in/cryptocurrency/news/rush-gaming-universe-announce-whitepaper-with-a-roadmap-to-create-new-economic-opportunities-for-indians/articleshow/91614549.cms">whitepaper</a> last month, in which the platform highlights its underlying aim to create new economic opportunities for its community. “We’re very excited about that. It’s a new way of operating in web2. In web3, you’re completely transparent and out there,” Mittal told Business Insider. The roadmap for the coming year includes the launch of a ‘Special Access NFT’, a token, and the creation of an NFT marketplace. “Our goal is to embed the NFTs deeper into the gameplay to show people within the application that this is a real asset. That you can play with it and also unlock new economic opportunities,” explained Mittal. Despite the recent economic downturn, Mittal remains optimistic that RGU will be able to weather the storm. According to him, unlike crypto exchanges – like Coinbase and Gemini who have been laying off employees – gaming within the scope of play to earn (P2E) will actually end up posing an opportunity, akin to what happened with Axie Infinity during the pandemic. “Gaming becomes a way for people to unlock economic opportunity,” he said.

EXCLUSIVE: Hike’s RGU hits $100 million in annualised gross revenue with eyes on $200 million by the end of the year

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

<ul><li><keyword id="6214644" type="General" weightage="20" keywordseo="dream11" source="Orion">Dream11</keyword> reported an operational revenue of ₹2,070 crore in FY20, compared to ₹356.5 crore reported by <keyword id="13886" type="General" weightage="20" keywordseo="chennai-super-kings" source="Orion">Chennai Super Kings</keyword>.</li><li>Dream11 allows gamers to create a team of real players for an upcoming match and compete with other fans for cash rewards.</li><li>Assam, Odisha, Telangana, Nagaland, Sikkim and Andhra Pradesh have banned real-money games.</li></ul>Even as the government of India is running after the country’s fantasy gaming segment to bring it under stricter regulations, Dream11 has crossed the revenue of many cricket teams of the Indian Premier League (IPL). The fantasy gaming company Dream11, which allows gamers to create a team of real players for an upcoming match and compete with other fans for cash rewards, recorded an operational revenue of <a href="https://entrackr.com/2021/09/dream11-revenue-crosses-rs-2000-cr-in-fy20-with-rs-181-cr-in-profits/">₹2,070 crore</a> in the financial year 2020 that ended in March last year. The Mumbai-based gaming firm is also <a href="https://www.businessinsider.in/business/startups/news/dream11-parent-company-looking-for-an-ipo-in-the-us/articleshow/82139123.cms">looking </a>to go for an initial public offering (IPO) in the United States (US). This is over five times bigger than Chennai Super Kings’ revenue of <a href="https://www.moneycontrol.com/news/business/companies/chennai-super-kings-fy21-profit-slips-20-yoy-to-rs-40-26-crore-7388721.html">₹356.53 crore</a> of FY2020. Chennai Super Kings has won three IPL trophies in the last 13 years, and has been a first runner-up five times. It also stands at the first position in the ongoing IPL 2021 series. The Mahendra Singh Dhoni-led cricket team reported a revenue of ₹253.69 crore in the financial year 2021. Dream11’s financial statement for FY21 is not yet publicly available. Dream11 claims to have crossed 110 million users in the last one year. The company also achieved over 5.3 million user concurrency in October 2020 during IPL 2020. What does Dream11 do? If India and Pakistan cricket teams are set to compete, users will select their preferred team of real players. The gamer will earn points based on the players’ performance in the real-life match. The prize includes cash rewards. ALSO WATCH: Dream11, lists out five questions startups should ask themselves before they go global <div type="Youtube" id="sPpWIpCYbN0" title="Dream11, lists out five questions startups should ask themselves before they go global" thumbUrl="https://i.ytimg.com/vi/sPpWIpCYbN0/mqdefault.jpg"></div> While the cricketers are competing on the field, the gamer just has to estimate which players are more likely to score in the sporting event. Not just cricket, Dream11 also offers football, basketball, hockey, kabbadi and more. Dream11 was founded by Harsh Jain and Bhavit Sheth about 13 years ago. The company claims to have over 100 million users registered on its platform, even though the <keyword id="12142668" type="General" weightage="20" keywordseo="dream11-app" source="Orion">Dream11 app</keyword> is not present on Google Play store due to the app store’s policies that prohibit real-money games. States like Tamil Nadu and Karnataka are considering a ban on real money gaming, saying that it’s a digital form of betting. Assam, Odisha, Telangana, Nagaland, Sikkim and Andhra Pradesh have also banned the industry altogether. However, the Supreme Court has <a href="https://m.economictimes.com/tech/startups/supreme-court-upholds-dream11-fantasy-sports-format-as-game-of-skill/articleshow/85040855.cms">decided </a>in favour of the fantasy gaming industry, calling them skill gaming instead of gambling. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/salesforce-ventures-backs-indian-payments-giant-razorpay-as-it-looks-to-expand-further-outside-india/articleshow/86388953.cms">Salesforce Ventures backs Indian payments giant RazorPay as it looks to expand further outside India</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-adani-ports-hcl-tech-and-other-top-stocks-to-watch-out-for-on-september-21/articleshow/86386406.cms">SBI Cards, Adani Ports, HCL Tech and other top stocks to watch out for on September 21</a> <a href="https://www.businessinsider.in/stock-market/news/collapse-of-evergrande-may-haunt-tata-steel-jspl-nalco-and-other-metal-stocks/articleshow/86387294.cms">The collapse of Evergrande, one of China’s largest home developers, is “not a Lehman moment” but the fear may haunt steel and metal stocks in India</a>

Online fantasy gaming startup earns almost five times Dhoni's Chennai Super Kings

<ul><li><keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> was the third-highest contributor of visits to content piracy websites in 2022, after the US and <keyword id="6358826" type="General" weightage="20" keywordseo="russia" source="Orion">Russia</keyword>, with over 7 billion visits. </li><li>KGF Chapter 2 and RRR are two of the most-pirated movies from Indian cinema. </li><li>TV content, books, film piracy, music and software are the most affected due to piracy. </li><li>Piracy is detrimental to content creators and artists, who are not aptly compensated for their work monetarily.</li></ul>India was the third-highest contributor of visits to content piracy websites in 2022, after the US and Russia, with over 7 billion visits through torrent sites originating from the country, according to a report on piracy by <keyword id="12611430" type="General" weightage="80" keywordseo="ankura-consulting" source="Orion">Ankura Consulting</keyword> Group. Online content piracy refers to the unauthorised distribution or reproduction of copyrighted material, such as movies, music and software, over the internet. This is especially detrimental to content creators and artists, who are not aptly compensated for their work monetarily. Television content accounted for 46.6% of all traffic to piracy websites followed by publishing content (books), which accounted for 27.80%; film piracy came next at 12.40% followed by music and software, which accounted for 7% and 6.20% respectively, said the Ankura Piracy Statistics Report 2022. Spider-Man:No Way Home was the most-pirated movie In the world’s most-populated country of India, while <keyword id="6433339" type="General" weightage="80" keywordseo="game-of-thrones" source="Orion">Game of Thrones</keyword> was the most-pirated TV series. KGF Chapter 2 and RRR were two of the most-pirated local movies from Indian cinema, the report states. “Pirated video material gets over 230 billion views a year, and annual global revenue losses from digital piracy are between $40 and $97.1 billion in the movie industry,” the report revealed. In terms of software, the most pirated in India included Linux 2022, <keyword id="293887" type="General" weightage="80" keywordseo="autodesk" source="Orion">Autodesk</keyword> AutoCAD 2022, Adobe Acrobat XI Pro 11.0.20, Adobe Premiere Pro 2020 and Microsoft Office 2021 Version 2108 Build 14326.20238 (x64). Video games were not spared either. <keyword id="816630" type="General" weightage="50" keywordseo="grand-theft-auto-v" source="Orion">Grand Theft Auto V</keyword>, God of War, FIFA 19, Need for Speed – Payback were the most-pirated games in the country. The report’s data set measured industry-wide traffic and piracy demand for the film, TV, music, software and publishing sectors across unlicensed streaming, torrent download, web download and stream-ripping websites. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/srks-dilwale-dulhania-le-jayenge-is-set-for-a-wider-release-on-valentines-day/articleshow/97793277.cms">SRK's Dilwale Dulhania Le Jayenge is set for a wider release on Valentine's Day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/20-year-old-who-learned-machine-design-from-youtube-wins-an-all-panel-deal-on-shark-tank-india/articleshow/97792975.cms">20-year-old who learned machine design from YouTube wins an all-panel deal on Shark Tank India</a>

RRR, KGF Chapter 2, Game of Thrones & Spider-Man: No Way Home among most-pirated content in India in 2022

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>

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

<ul><li>The <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> Council has levied a 28% rate to casiones, <keyword id="149956" type="General" weightage="20" keywordseo="horse-racing" source="Orion">horse racing</keyword>, etc on the amount the gaming company earns from its users. </li><li>The GST Council has recommended removing the critical distinction between game of skill and <keyword id="10751675" type="General" weightage="20" keywordseo="game-of-chance" source="Orion">game of chance</keyword>. </li><li>The decision is expected to hit the <keyword id="6422069" type="General" weightage="20" keywordseo="online-gaming" source="Orion">online gaming</keyword> industry hard and the shares of listed players has taken a nosedive. </li></ul>The online gaming industry woke up expecting a bad day on Dalal Street after the 50th GST Council announced its decision to levy a 28% GST on online gaming, along with horse racing and <keyword id="71409" type="General" weightage="20" keywordseo="casinos" source="Orion">casinos</keyword>. As expected, shares of listed players like Nazara Tech and Delta Corp took a major hit with the latter nosediving 20%. The online gaming industry stakeholders have termed the 28% GST on the full value of gaming as "irrational and egregious", saying that the move is a self goal that will kill the skilled online gaming sector in the country. <cmsannotation type="cmsannotation" annotationid="But first, what is the dispute" comment="subhead" text="But first, what is the dispute">But first, what is the dispute</cmsannotation> The main debate has been about online gaming categorisation, whether it is a game of skill or a game of chance. “The Government is saying that if it is a game of chance, it will come under the category of betting, gambling, so there will be a GST of 28% on the gross value. The industry is saying that it is a game of skill and should be liable to18% GST, not on the gross value, but only on the commission component,” explains Pratik Jain, Partner, PwC India, a professional services firm. Roland Landers, CEO of the All India Gaming Federation, said that the decision ignores over 60 years of settled legal jurisprudence and lumps online skill gaming with gambling activities. "We believe this decision by the GST Council is unconstitutional, irrational, and egregious. This decision will wipe out the entire Indian gaming industry and lead to lakhs of job losses and the only people benefitting from this will be anti-national illegal offshore platforms," reads his statement. <cmsannotation type="cmsannotation" annotationid="The impact on the online gaming industry" comment="subhead" text="The impact on the online gaming industry">The impact on the online gaming industry</cmsannotation> Experts and gaming company owners agree that this is going to adversely impact the gaming industry in a major way. “It will be interesting to see the business impact for the online gaming sector considering that this sector has been touted to have significant growth potential,” says Shilpy Chaturvedi, Partner, Deloitte India, a professional services firm. Joy Bhattacharjya, Director-General, Federation of Indian <keyword id="34077" type="General" weightage="20" keywordseo="fantasy" source="Orion">Fantasy</keyword> Sports (FIFS), says that as pointed out by FIFS and many of its members on numerous occasions, change in valuation to tax on the total consideration will cause irreversible damage to the industry, loss of revenue to the exchequer and loss of employment for lakhs of skilled engineers. “The decision will have a chilling effect on the $2.5 billion of FDI already invested by investors and jeopardise potentially any further FDI in the sector. Further, this decision will shift users to illegal betting platforms leading to user risk and loss of revenue for the government,” says Bhattacharjya. Experts say that the higher tax burden will also put a blocker on India’s expanding gaming industry, and deter the new player from entering the industry. Industry insider, Mitesh Gangar, the co- founder and director of PlayerzPot, a fantasy gaming company, says that the move will corner the gaming industry in a big way. “The overall operations will not be feasible. The high tax burden will completely restrict the cash flow, limiting a company’s ability to invest in research, innovation, expansion or survival,” he said. The government on its part has said that the move isn’t targeting any particular industry. Finance Minister Nirmala Sitharaman said, “The decisions were intensive and were taken after consultation with all the members, including those representing states like Goa and Sikkim where casinos form a key part of the tourism sector."

Online gaming industry says 28% GST makes operations unfeasible

<ul><li>The Indian government is reportedly all set to increase <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> on online gaming to 28%, a proposal that could spell trouble for the industry and players alike. </li><li>The online gaming industry is expected to cross $5 billion valuation by 2025, but the taxman’s greed could kill the golden-egg laying hen. </li><li>Experts are worried about the impact this could have on the industry – both the players and the businesses, which are still in their early days. </li></ul>The Indian government is reportedly all set to tax casinos, online gaming and horse racing at the highest slab of GST – 28%. Looks like the taxman is intent on treating these recreational activities and skills on par with tobacco, cigarettes, <a href="https://www.businessinsider.in/cryptocurrency/news/28-gst-on-crypto-transactions-india-is-reportedly-mulling-another-tax-levy-next-week/articleshow/92407767.cms">cryptocurrencies</a> and luxury cars. Online betting, gambling, casinos and horse racing have long been treated ‘unfairly’ by the Indian taxman – while GST has been considerably moderate at 18% until now. Winnings and other income earned from these activities have been taxed at the highest rate of 30% without any deductions whatsoever. Now, a new <a href="https://economictimes.indiatimes.com/news/economy/policy/28-gst-likely-on-casinos-online-gaming-horse-races-on-gross-revenue/articleshow/92474293.cms?from=mdr">report</a> suggests that the government is mulling increasing the GST rate to 28% – the highest in effect currently. This will be applicable on compulsory food and beverages as well, driving up the costs for businesses and participants. <div type="Article" hostid="261" msid="92356710" title="INTERVIEW: The big picture on 5G, Big Tech-telco war with COAI’s Dr SP Kochhar" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Fantasies are taxed too, and that too doubly" comment="subhead" text="Fantasies are taxed too, and that too doubly">Fantasies are taxed too, and that too doubly</cmsannotation> The government proposal says that GST will be charged on the gross revenue, not the net value added, which goes against both global tax ethics – as well as the very foundation of the GST regime, which intends to remove the undesirable double taxation effect. "Taxing online gaming, horse racing, and casinos at gross revenue instead of net value addition would be a departure from the global tax ethics," Rajat Mohan, senior partner, AMRG &amp; Associates told PTI. This could have an adverse impact on the entire industry. For instance, the online gaming sector which includes the likes of MPL, Zupee, Winzo and other startups, is expected to cross $5 billion in valuation by 2025, according to a <a href="https://www.ibef.org/blogs/india-s-nascent-gaming-industry-on-the-rise">IBEF report</a>. The government earned nearly ₹1,500 crore from fantasy sports in the form of taxes in FY21. A Deloitte report says that the combined industry contribution could cross a whopping ₹16,000 crore cumulatively over the next two years. And the taxman believes that he found a goose which lays golden eggs. <cmsannotation type="cmsannotation" annotationid="The costly game of confusion" comment="subhead" text="The costly game of confusion">The costly game of confusion</cmsannotation> The online gaming industry has been plagued by the ambiguous nature of government’s tax policies. The taxman has often been said to be confused about the nature of online games – whether those involve skills or are just gambling. It might be justified to tax gambling at the highest rate of tax, but experts believe that punishing games of skill in the same manner is unfair. To make matters worse, the government wants to raise the tax from 18% to 28%. <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani, Rakesh Jhunjhunwala and more, to be affected" comment="subhead" text="Mukesh Ambani, Rakesh Jhunjhunwala and more, to be affected">Mukesh Ambani, <keyword id="6398943" type="General" weightage="80" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and more, to be affected</cmsannotation> This can also have an adverse impact on telcos, which are banking on online gaming as a new revenue stream as the industry seems to be entering a phase of stagnation. “Rather than being just the pipe, telcos like Jio (RIL owned) and Bharti are focusing on gaming as an incremental source of ad/subscription revenue. In fact, RIL believes that gaming in India will be bigger than music, movies and television shows put together,” said a report by Bank of America Securities. This could also impact <keyword id="201442" type="General" weightage="50" keywordseo="delta-corp" source="Orion">Delta Corp</keyword>, the only listed casino operator in the country which has seen its fortunes fade away, with even Rakesh Jhunjhunwala paring down his holdings in the company considerably. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> “This would be a distress the business model to a great extent as the touted super tax will have to be funded either by the platform, who do not make that kind of money in this business or would go on to reduce the prize pool size – effectively bringing down the interest in customer engagement,” Adarsh Somani, senior partner at ELP Law, told Business Insider India. This would wreak havoc on the gaming industry, and even if the government wants to reduce difficulties by offering a single – but higher – rate of tax, the valuation methodology will have to be made clear, Somani added. As things stand today, there is plenty of ambiguity that will have to be worked out by the government – even a small misstep could spell a lot of trouble for the gaming industry and its participants. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/auto-and-finance-stocks-can-bounce-back-even-if-the-market-crashes-in-july/articleshow/92436186.cms">Auto and finance stocks can bounce back even if the market crashes in July</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/interview-the-big-picture-on-5g-big-tech-telco-war-with-coais-dr-sp-kochhar/articleshow/92356710.cms">INTERVIEW: The big picture on 5G, Big Tech-telco war with COAI’s Dr SP Kochhar</a>

You Searched For "gaming revenue india" and got 11 results

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