WAVES Summit 2025: Content, culture and connectivity powering the next play of gaming

Time of India

03-05-2025

On the second day of
WAVES Summit 2025
,
Shuji Utsumi
, president and chief operating officer, representative director, Sega Corporation, offered a grounded perspective on the forces propelling the growth of video games. He signaled a broader shift in global
gaming
dynamics—one that increasingly includes India as a key player.
He pinpointed three fundamental drivers: technological innovation, evolving business models, and the pervasive influence of
gaming culture
. "First of all, the video game market has grown rapidly and become huge," Utsumi stated, presenting data that illustrated gaming's dominance over the movie and music industries—USD 184 millions, globally in 2023.
He charted the technological advancements, from the pixelated realms of 1980s consoles to the breathtaking realism of current-generation hardware, emphasising the exponential surge in processing power. The advent of the internet, Utsumi noted, forged the infrastructure for global multiplayer experiences, while mobile devices democratised access, creating an unprecedentedly vast player base.
The transformation of business models, shifting from arcade dominance to retail sales, digital downloads, subscription services, in-game advertising and the burgeoning market for game-related merchandise, has been a crucial catalyst. "These evolutions give video game companies more chances to monetise. Various players should be more engaged in the industry," Utsumi explained.
Beyond commerce, gaming has firmly established itself as a significant cultural phenomenon. "The video game has grown up to be a mass culture now it strongly influences people's lifestyle and mindset," Utsumi asserted, showcasing the diverse ways individuals engage with game-inspired music, live concerts, fashion trends like cosplay and the rise of influential content creators on platforms such as YouTube, TikTok, and Twitch.
Utsumi observed a fundamental shift in player motivations, with modern gaming serving as a platform for social connection, identity exploration through virtual avatars, and the pursuit of recognition within gaming communities and streaming audiences.
This cultural elevation has reshaped the landscape of intellectual property. Sega's Utsumi highlighted that games have strategically embraced a transmedia approach, extending its beloved game franchises into films, animations, theme parks, merchandise and concerts. Utsumi cited the box-office success of the Sonic the Hedgehog movie franchise and the Like a Dragon TV series on Amazon Prime as prime examples of how game IPs are now driving significant success in other entertainment sectors, reversing the traditional flow of adaptation.
Turning his focus to India, Utsumi articulated the nation's compelling allure, citing its massive and expanding market, coupled with a deep-seated love for entertainment, including games. He also acknowledged the established digital payment infrastructure and supportive governmental policies. Furthermore, India's rich cultural heritage, evident in its thriving film industry and its substantial pool of talented creators and programmers, position it as a fertile ground for game development.
"Given those points in theory, India has a solid foundation for great game development," he concluded, suggesting that India's unique blend of technical prowess and cultural richness ideally positions it to spearhead the next wave of video game evolution, particularly with the emergence of artificial intelligence.
Following Utsumi's address, a panel of industry experts in the Indian gaming ecosystem joined him:
Manvendra Shukul
, chief executive officer and founder of Lakshya Digital; Bimal Julka, chairperson for the Federation of Indian Fantasy Sports; Sean Hyunil Sohn, chief executive officer of Krafton India and Nitish Mittersain, founder and managing director of Nazara Technologies. The panel was moderated by Keiko Hagihara Bang, chief executive officer of Bang Media Group.
The Indian gaming market, estimated at approximately USD 1.5 billion in the past year with projections reaching USD 3.6 billion by 2030, fueled by a rapidly growing active gamer base. Shukul conveyed his strong optimism, noting the accelerated "hockey stick" growth trajectory in recent years, driven by the increasing recognition of game development as a viable career path and India's potential as a cost-effective hub for high-quality global content creation. He emphasised the rising number of skilled Indian game developers as tangible evidence of this burgeoning potential.
Nazara Technologies' Mittersain expressed confidence that India's deep talent pool and the adoption of innovative technologies like AI will expedite the success of Indian-developed games on both national and international stages.
Krafton India's Sohn provided a comparative perspective, drawing parallels with South Korea's swift rise in the gaming industry, propelled by widespread broadband access and proactive government investment. He suggested that India, by leveraging its unique strengths, could similarly leapfrog established players, with AI presenting a significant opportunity for accelerated growth.
However, the discussion also addressed the inherent complexities. Julka underscored the regulatory challenges stemming from the absence of a unified national policy, with individual state governments voicing concerns regarding the potential psychological impact of gaming on younger demographics. He advocated for a balanced regulatory framework that nurtures industry growth while addressing ethical and moral considerations.
The issue of cultural resistance, particularly parental anxieties surrounding gaming's influence on education and the potential for excessive engagement, was also explored. Utsumi observed that while initial skepticism often accompanies rapid industry growth, societal perspectives tend to evolve towards a more balanced and rational understanding as the sector matures.
Shukul drew parallels with the historical evolution of gaming acceptance in the US, suggesting that India is on a similar, potentially accelerated, path as the current generation of gamers transitions into parenthood.
Sohn also highlighted the existing capacity-building challenges, noting the relative scarcity of experienced senior-level engineering talent for game development in India compared to more mature gaming markets like Korea. He stressed the importance of encouraging students to view gaming as a legitimate and promising career path.
Julka also raised the persistent and complex legal debate surrounding the distinction between "game of chance" and "game of skill," a classification that significantly impacts the regulatory landscape. Shukul, however, countered that this distinction is often artificially applied to differentiate between real money gaming and mainstream video games, with the fundamental difference lying in the "cash in, cash out" model versus a "cash in, entertainment out" model.
The challenges of monetisation within the Indian market, was initially dominated by casual mobile games with a lower inclination for paid content. Mittersain expressed optimism that this trend is gradually shifting as higher-quality, more engaging content becomes available, leading to increased consumer willingness to invest.
The panel was asked to pinpoint the single most transformative factor for the global gaming industry. Shukul predicted that the integration of AI into the very process of game design would revolutionize the creation and experience of games. Julka emphasised the enduring significance of human creativity and content generation. Sohn and Mittersain both underscored the potential of truly immersive gaming experiences facilitated by advancements in VR/AR technology, envisioning a future where players seamlessly embody characters within virtual worlds. Utsumi echoed the transformative potential of AI but also stressed the crucial role of user interface (UI) innovation, suggesting that intuitive and deeply engaging interfaces will be instrumental in unlocking entirely new gaming paradigms.
Despite the challenges that India's gaming industry currently faces, the panel's discussion highlighted a promising future. They emphasised that India's large and increasing market, its diverse culture, a rising number of skilled professionals, and the opportunity to leverage advanced technologies such as AI, all suggest that the nation has the potential to move beyond being just a consumer of games and become a major producer in the global gaming landscape.