Nazara Technologies, a prominent brand in India’s gaming industry, has unveiled a new game publishing division known as Nazara Publishing. This dedicated division has a mission – to bring top-quality games to both the Indian and international gaming markets. The company will collaborate with a range of Indian and global game developers. The objective is to adapt and introduce these games to India’s growing gaming community, while at the same time facilitating the global publication of games created by Indian developers. This landmark initiative marks a significant boost to the gaming landscape in India, promising substantial investment and support for game developers.
Nazara Technologies’ commitment to the gaming world is further underscored by its substantial investments. For each game, the firm will invest a minimum of INR 1 crore and plans to release up to 20 games within the next 18 months. Aside from financial support, Nazara will provide developers with comprehensive assistance in game design, localization, data analytics, beta testing, quality assurance, improved monetization strategies, and effective distribution through smart user acquisition strategies and platform partnerships. Within the Nazara Publishing platform, developers will also be able to access to invaluable mentorship from the industry leaders and experts. Overall, this aims not just to facilitate successful game launches but to help studios overcome challenges, speed up their growth, and leave a long lasting impact on the Indian gaming ecosystem.
Nitish Mittersain, CEO and joint MD of Nazara Technologies said, “… We are committed to nurturing Indian and global game developers, offering resources, expertise, and a robust network to deliver top-quality gaming experiences to India’s extensive audience. With a particular emphasis on supporting Indian developers, Nazara recognises a substantial opportunity in the Make-in-India initiative. As part of this initiative, we will also actively promote Indian game developers on a global scale.”
Nazara operates as a gaming and sports media platform with a footprint not only in India but also in emerging global gaming markets like Africa and North America. The company has a robust portfolio that includes interactive gaming, eSports, ad-tech, and gamified early learning ecosystems.
In the backdrop of this significant development, it is to be noted that the Indian government has taken bold steps to improve tax compliance within the online gaming industry. New GST law imposing 28% tax from October 1 now require foreign online gaming firms to register in India.
The official approval of a 28% GST rate came on September 1, detailing the method for valuing online gaming platforms’ tax obligations. Earlier, online gaming platforms had to pay an 18% GST on total platform fees, while betting and gambling activities were taxed at 28%. With the new GST law, all platforms in real money gaming are now required to pay a 28% GST on the full face value of bets.
This new tax structure has had significant implications, with several online gaming platforms like Quizzy, OWN, and Fantok temporarily ceasing their operations. Moreover, Bengaluru-based Gameskraft has suspended its Gamezy Fantasy earlier in September. The Indian gaming ecosystem is undoubtedly undergoing a transformative phase with these recent unprecedented developments.
Content & Image Courtesy: https://inc42.com