So I often get asked why India’s gaming market is such an unprecedented opportunity right now to create and invest in. The best answer I have is derived from a great analysis by @ballmatthew. Hint, it’s not RMG, it’s not Covid, and it’s not even really Jio.

Firstly, it’s this. For 40 years, each gaming cycle has expanded the market instead of cannibalising the last one! Everyone’s a gamer - play systems are hardwired into our right brain. New technology just creates new access points, and with that new business models.

Console gaming didn’t kill arcades, they just evolved. Mobile didn’t kill console. PS4 outsold PS3. PS5 is projected to outsell PS4. Switch continues to do incredible business. despite people saying it wouldn’t fly as everyone had access to smartphone games. On we go!

Crucially - each new cycle also produces new leaders. Arcade (Williams, Sega, Atari-> console (Sony, Nintendo, Microsoft) -> PC (Riot, Blizzard, Valve, Epic) -> Mobile (Supercell, King etc) and we’re seeing this continue with AR (Niantic). Live gaming? Early days.

Across 40 years, the companies still rocking solid business through cycles have done so mainly through acquisitions / M&A (Namco Bandai, Square-Enix, Activision-Blizzard-King etc). Incumbents pay richly for new cycle innovators - another healthy market indicator!

And this hasn’t always been the case with other media. Tech disruption has often meant cannibalisation, or death. Broadcast TV -> VOD -> Netflix. CDs -> MP3s -> Spotify. Books -> ebooks -> podcasts, Audible. Gaming is unique, and still has a lot of users to onboard!

A billion of them are in India. Games live at the intersection of technology and culture, and markets with deep vernacular cultures build their own incumbents. We’ve seen it in western markets, China, Japan, and now we’re seeing it in India. Ludo King has more DAUs than Fortnite.

It’s these dual forces of 1. new technology touch points for humans to play, and 2. the depth of India’s vernacular culture that combine to make India gaming an emperor-bull market for years to come. That’s without mentioning our deep bench or domestic art and engineering talent!

I’ve been lucky to play a small part of four generational gaming cycles across five markets. India’s gaming potential is at a once in a generation inflection point. But smart investing requires really listening to founders with their eyes to future, not just the trends of today.

PS: If you’re one of them, drop us a line for a chat :) [email protected].