Gaming in India has followed a complicated path, often misunderstood and occasionally blamed for issues beyond its influence. That being said, the love that India and Indians have for games was and is getting even stronger. To give you context of how much we love games - for the first time this year, revenue from games is poised to be higher than the combined revenues of India’s fabled film and music industry. Globally, gaming surpassed entertainment several years ago and now 2024 is proving to be the watershed year for the Indian gaming industry. In other words, gaming is here to stay…and thrive.

The meteoric rise of gaming in India in the last six years has been primarily driven by the growth of skill gaming. Close to 80% of total gaming revenues comes from skill gaming. Over the past six years, MPL’s growth has mirrored that of the industry while also reflecting its global aspirations. M-League, the corporate entity behind MPL, GameDuell, and Mayhem Studios, has experienced over 200% compounded annual growth since its inception, with a significant presence in more than 30 countries.

The journey hasn't been without its challenges, but it has been rewarding. In August 2023, MPL faced an existential crisis. The new GST rules increased our tax burden by as much as 350-400%. We had to make some tough decisions. We committed to rebuild our business stronger than ever. We doubled down on innovations, improved processes to cut operational costs and fast-tracked time to market for new games. The results have been gratifying — our India revenues went up by more than 35% to US $88 million approx for FY 2023-24, despite the vastly increased GST.

While skill gaming has taken Indian gaming to its current revenue levels, we believe that Free to Play (F2P) represents the next big opportunity. The F2P market in India is on the same level that skill gaming was in 2018 when MPL started. We are already seeing some green shoots, with an uptick in In-App Purchases (IAP) as well as willingness to try new titles.

At M-League, our success with GameDuell has strengthened our confidence in the Free-to-Play model. When M-League acquired GameDuell in 2022, it was primarily a web-based skill gaming company. Over the past two years, we have invested in transforming GameDuell into a cross-platform experience spanning web and mobile, with a strong focus on Free-to-Play. Today, close to 70% of its revenue is generated from Free-to-Play games. More importantly, we preserved and nurtured the unique and creative culture of GameDuell, and provided resources and support that has led to a 50% revenue growth since acquisition. 

2024-25 will see M-League making some significant steps in Free-to-Play gaming in India, while consolidating our leadership position in skill gaming. We also believe we’re only scratching the surface of M-League’s potential as a global gaming force. Our vision is to establish M-League as the defining platform for gaming globally from India.

Our financial results give us the confidence that we are moving in the right direction. For the financial year ending 31 March 2024, M-League had total income of US $130 million which represented a 22% increase versus the prior year. The company was breakeven with an Adjusted EBITDA of $0.2 million. This is despite absorbing headwinds associated with higher GST rates at MPL. We are pleased to report that both Gross Gaming Revenues (GGR) and the number of cash-paying monthly active users have increased by nearly 60% during the same period.

We have continued this strong financial performance for the six months ending September 2024. Gross Gaming Revenue (GGR) demonstrated exceptional growth, building on the momentum from the previous financial year. In addition, over the last six months, M-League has delivered strong and sustainable positive free cash flow and also achieved impressive growth across all key performance indicators, reinforcing our upward trajectory.

Looking ahead, M-League is well-positioned to capitalize on this sustained momentum. With a solid financial foundation, continued innovation, and a clear focus on growth, we are excited about the opportunities for M-League to contribute in establishing India as a global leader in the gaming industry.