Online gaming has gained prominence in recent years. Virtual games have become an easy substitute of realistic events and challenges. They bind people together and divert their minds from real issues as well as problems. As a result, there is an emergence of various online gaming businesses in India in the last few years.
As per Statista, India is embracing the new generation's interests in digital sports and entertainment. Approximately 55 percent of casual gamers and 66 percent of the heavy gamers across the country were seen to be below 24 years old in 2016.
The growing popularity of online games have attracted many tech minds. Consequently, aspiring entrepreneurs have started building them their own online gaming business models. For the first-time entrepreneurs, it can be a bit difficult to establish an online gaming business. Here are the steps to start an online gaming company.
Before kicking off a business, one has to form a layout and integrate specific features into it. While planning the blueprint, one has to consider important things such as the cost of establishing the business, target market, product pricing and brand name. All these things require thorough research and understanding.
For creating an online game, several computers, software and hardware would be required. At the same time, insurance would be required to protect equipment from any time of damage. One has to incur cost on updating hardware and software as well. Besides, funds will be required to manage day-to-day operations and other petty expenses.
According to Statista, in fiscal year 2019, there were 300 million online gamers in India. This number was estimated to go up to 440 million gamers by fiscal year 2022. Overall, India ranked the highest in terms of the growth in online game downloads on app stores with a growth rate of 165 percent between 2016 to 2018.
This exhibits that entrepreneurs have to target customers that are avid players. At the present time, people of every age group like playing video games or online games. Therefore, an online game should be designed that can attract all people and engage them in playing video games.
When formulating the online gaming company, one has to decide as to how to generate income from the game. Traditionally, there are various ways to generate money while engaging in a video game such as in-app purchases, and merchandising etc.
According to Statista, the market value of mobile gaming in India was estimated to reach about $405 million by 2022.
As long as an online game is enjoying, more are chances that the customers will be willing to pay for it. One can charge customers in accordance with the services rendered. Further, a fee can be asked to avail new features that are added in the online game every now and then.
While deciding the charge to be paid by the customers, a company should also determine its profit margin. With the emergence of online gaming in India, online gaming companies can anticipate huge profit margins in this field.
According to Statista, approximately 55 per cent of casual gamers and 66 percent of the heavy gamers across India were seen to be below 24 years old in 2016. Of these, the heavy gamers simply preferred to use their mobile phones as gaming devices instead of the traditional desktops or even laptops.
Naming a brand is an intricate part of the process as one has to ensure various things while doing so. Firstly, one has to find a suitable name with the online game that one is providing to the customers. Secondly, one has to check if the business name is not taken by other organizations in the state. For that, one has to conduct massive research. Following this, it is also important to see if one can get a website domain with the same name.
These steps are a must to establish an online gaming company in India. Besides this, if there are any other things that you think are essential for an online gaming company, then let us know in the comment section below.