Gaming Industry

SOGI urges 28% GST on platform fees and not deposits, for gaming firms

Real money gaming firms-backed Skill Online Games Institute (SOGI) has demanded that the government levy 28 per cent GST on platform fees instead of on deposit for gaming companies in India, to prevent offshore platforms from taking advantage of significant tax arbitrage. The demand comes ahead of the 55th meeting of the GST Council in Jaisalmer, Rajasthan on Saturday. In an interview with PTI, Amrit Kiran Singh, President of SOGI, said the online gaming industry is in a nascent stage and the government and industry need to work together to harness the full positives of this industry for the economy and country. "SOGI has approached the Indian government to put forward its recommendations that will allow India to harness the full potential of this huge industry for creating jobs and contributing to its GDP while simultaneously mitigating negative aspects of such as addiction," he said. Starting October 1, 2023, deposits on online gaming platforms and casinos attracted 28 per cent G

GST on betting: Indian gaming industry faces tax demands by Feb 2025

While some firms have already received tax demands, gaming industry bodies are lobbying to prevent aggressive enforcement actions until the Supreme Court resolves the matter

25 years after the Matrix: Simulation theory more relevant than ever

Regardless of The Matrix, Nick Bostrom, Elon Musk, or the peculiarities of quantum physics, we might still be living in "base reality."

Nazara Technologies' board approves five investments worth Rs 196 cr

Gaming and sports media firm Nazara Technologies' board has approved five investments worth Rs 196 crore, including 100 per cent acquisition of stake in Sportskeeda owner firm Absolute Sports, the company said in a regulatory filing on Monday. Of the total Rs 196 crore, Nazara will invest Rs 148 crore in existing subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth. The company will invest Rs 69 crore to purchase shares arising from exercise of ESOPs from the Sportskeeda management to increase its stake to 100 per cent in the company, making it a wholly owned subsidiary. Nazara Technologies board approved investment of Rs 64 crore in its subsidiary Nodwin Gaming. The investment will be done through subscription of optionally convertible preference shares. The funds will support Nodwin's expansion, enhance its intellectual properties (IPs), and strengthen its footprint in emerging markets, according to the ...

Nazara Tech raises Rs 855 cr via preferential issue to fuel expansion

In a regulatory filing on November 27, Nazara's board approved the allotment of 8,959,728 shares at an issue price of Rs 954.27 a share

India's online gaming market grew by 23% in FY24 despite GST burden: Report

Average weekly time spent on online games soars 30%. Over 44% of gamers are now women, up from 41% the previous year, playing casual mobile games

India emerging as good opportunity market for Sony's gaming biz: India MD

India is emerging as a "good opportunity market" in the gaming business for the consumer electronic major Sony, its India Managing Director Sunil Nayyar said. The company has reported "phenomenal growth" in the gaming business in FY24, with the robust performance of PlayStation 5 and its software peripherals. Sony India's PlayStation dominates the console operating gaming system market here with around 95 per cent market share and has almost doubled its revenue in FY 2023-24 from the segment. However, now, it expects a moderation in the growth rates because of the high base, Nayyar said. "Now, the base is very high because we almost achieved the double business last year. So this year, we intend to have modest growth, but we are developing the gaming business market in the country, including software development and peripherals etc," the Sony India MD told PTI. Sony India last week filed its annual returns to report over 50.1 per cent growth from its 'other business' segment at Rs

India's gaming industry steps up profile with homemade 'AAA' products

Two such games launched in October alone as the industry tackles 28 per cent GST

Awareness essential to protect oneself from 'cyber arrest' scams: PM Modi

Prime Minister Narendra Modi on Sunday spoke about the cyber crime of "digital arrests", noting that it has hit all sections of society and urging people to adopt the mantra of "stop, think and take action" when faced with such a scam. In his 'Mann ki Baat' broadcast, Modi said probe agencies are working with states to deal with the issue but added that awareness is essential in protecting oneself from this crime. The prime minister played a representative video to show how such criminals pose as probe agency officials to prey on people's fear after gathering detailed information about their potential victims. He said, "Beware of Digital Arrest frauds.No investigative agency will ever contact you by phone or video call for such an investigation." Modi asked people to dial 1930 to connect with national cyber helpline or connect with its portal and also inform police about such a crime. They should record such conversations and also take screenshots, he said touching on the crime wh

Mann Ki Baat: PM Modi cites 'Chhota Bheem', praises Indian animation sector

Citing the popularity of Indian animated series such as 'Chhota Bheem', 'Hanuman' and 'Motu-Patlu', Prime Minister Narendra Modi on Sunday said India is on the way to ushering in a new revolution in the world of animation and urged the people to take the resolve of making the country a global animation powerhouse. In his monthly Mann Ki Baat radio broadcast, he said India's animation characters and movies, on account of content and creativity, are being loved all over the world. "You must remember the days when 'Chhota Bheem' started airing on TV.Children can never forget that; there was so much excitement about 'Chhota Bheem'! You would be surprised that today 'Dholakpur ka Dhol' attracts children not only in India but also in other countries. Similarly, our other animated serials such as 'Krishna', 'Hanuman', 'Motu-Patlu' also have a fan-following all over the world," the prime minister said. "You might have noticed that from the smartphone to the cinema screen, gaming console to

MPL-parent M-League's revenue increases 22% to $130 million in FY24

MPL's India revenues increased by more than 35 per cent to roughly $88 million for FY24

Gaming industry can possibly boost employment growth: Priyank Kharge

Calling Karnataka the "innovation and skilling capital of the country," he also highlighted the various centres for animations, visual effects etc., which have been set up in the state

Games of skill vs Games of chance: Framework looks to clarify difference

Will be sent to Meity for feedback to be added to 2nd draft

India's gaming sector to double topline in 4 years despite funding slowdown

Companies in the social and casual gaming sector earned Rs 13,800 crore in 2023 and are expected to reach Rs 36,600 crore in topline in the next five years

Gaming unicorn Games24x7 looks to branch out as technology platform

The program will provide mentorship, masterclasses, networking, and funding opportunities, along with credits worth $500,000 from over 30 technology partners

A23's founder calls for 'whitelisting' of govt-recognised gaming operators

Also announces the launch of the company's rummy fest, A23 Rummy Maha Mela, with a Rs 100 crore prize pool from October 5

Enforcement Directorate and Binance crack down on Fiewn gaming app scam

The money was laundered using digital wallets linked to a global cryptocurrency exchange

Pokemon sues adventure game 'Palworld' producer for patent infringement

The Pokemon Company and Nintendo have sued Pocketpair, the creator of the hit adventure game 'Palworld'. The lawsuit alleges patent infringement against the popular game, launched earlier this year

Microsoft to cut 650 jobs from its Xbox unit in third layoff this year

Xbox employees had been bracing for further reductions after Microsoft cut 1,900 jobs, many from Activision units and studios, in January

Indian online gaming industry needs unified regulator: Gujarat NLU report

The online gaming space in India needs a uniform legal framework, evidence-based policy interventions, and an important equilibrium between user protection and the industry's economic potential, a recent report has said. The Gujarat National Law University (GNLU) on Wednesday released the "Evaluating Blanket Bans and Mandatory Limits in Gaming" report, calling for regulations on the online gaming industry. With over 500 million gamers, India is the second-largest market globally after China, the report said. "This rapid expansion, as with any emerging technology, has brought forth challenges, particularly concerning user safety and financial risks. The absence of an overarching regulation has left users in a grey zone," it said. The report studied international frameworks and noted that unlike India, nearly all jurisdictions have established licensing processes and enforced a duty of care for gaming operators. "India should adopt a regulatory framework that mandates operators to