RIL subsidiaries Rise Worldwide Ltd (Rise) and Blast Esports Ltd (BLAST), a wholly owned unit of Denmark’s BLAST APS, announced a joint venture last week to start an esports business in India.
Industry executives expect a huge amount of spending on new game champions, new teams, new sponsors and organizing offline and online esports competitions, with a prize pool of up to Rs 250 crore.
“The Indian gaming industry is currently overly dependent on 2-3 champions to drive economics and needs an emergency makeover,” said Rohit Agarwal, founder and director of game marketing agency Alpha Zegus. “With Blast, this seems likely. If everything goes well, we will have new champions, new teams, new representatives, new jobs, new sponsors and a lot of international advancements.” He added that Blast is the best tournament organizer in the world with extensive experience, resources and network to create and promote new esports champions in India.
India is the fastest growing gaming market, based on 600 million gamers (18% of the world). According to Rise estimates, the gaming market is expected to reach $9.2 billion by 2029.
The professional esports or video game industry in India is unlike other forms of sincerity or casual games, with almost $333.33 crore in the market, and is expected to expand to a scale of $100 million in fiscal year 23. Offline. Championship organizers such as Krafton earned Rs 2.5 lakh in revenue for the first time at the BGIS event held in Hyderabad, and the Esports Local Network (LAN) event has been running in the red until now, ET previously reported. According to industry estimates, a budget for a massive esports LAN event in India is 1.2-1.6 crore, which is comparable to music concerts and cultural festivals.
