Sunday, July 21, 2024

Push for regulation, collaboration to foster online gaming sector in state


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By Our Reporter

SHILLONG, June 12: The Skill Online Games Institute (SOGI), a leading institution dedicated to the online games industry, has emphasised the need for balanced regulation and collaboration to foster the growth of the online gaming sector in Meghalaya today.
Founding president of SOGI Amrit Kiran Singh addressed the negative aspects of online gaming, specifically addiction and money laundering concerns. He advocated for technological solutions to mitigate these issues. “Technological solutions can be employed to ‘time out’ players who overindulge and to prevent money laundering. These concrete actions demonstrate the industry’s potential to address its challenges effectively,” Singh stated.
Citing an Indian Council of Medical Research (ICMR)-funded study by AIIMS researchers, Singh highlighted that gaming disorder can be prevented through digital interventions. He stressed that the government and industry need to collaborate to ensure India harnesses the full potential of the online gaming sector. This includes creating jobs and contributing to GDP growth, while using technology to mitigate negative aspects like addiction rather than increasing taxation, which could disadvantage Indian companies against international competitors.
SOGI aims to focus on growth, innovation, and education in the online games sector, tapping into regional potential and encouraging local talent. The institute is committed to fact-based decision-making, using both national and international data to safeguard the skilled online games industry from emotional or moralistic biases.
According to a recent Accenture report, the global gaming industry surpassed USD 300 billion in 2021, outstripping the combined markets of the movie and music industries by over three times. In India, the sector experienced a Compound Annual Growth Rate (CAGR) of 28% between FY20 and FY23, reaching a market valuation of Rs 16,000 crore in FY23, with projections to more than double by 2029. The industry has significantly contributed to job creation, technological innovation, and foreign investments, attracting nearly Rs 23,000 crore in investments over the past five years and producing three unicorns led by Indian entrepreneurs.
Despite its rapid growth, India’s online gaming segment only contributes 1.1% to the global online gaming revenue, compared to China’s 25% and the US’s 23%. This disparity indicates a substantial untapped potential within the Indian market, which, if harnessed correctly, could elevate India’s status in the global gaming industry.


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