It is possible, but the available figures do not establish that India’s gaming market will be bigger than Bollywood by 2029. Lumikai forecast that gaming would exceed $9.2 billion in FY29, while PwC’s later outlook put video games and e-sports at $3.96 billion in 2029. Neither forecast is a like-for-like comparison with Bollywood: the gaming estimates differ in scope, and the available film figures cover the broader film segment rather than Hindi-language cinema alone.
What the forecasts say
The headline claim traces to Lumikai’s 2024 State of India Interactive Media and Gaming Report, produced with Google. Lumikai estimated India’s gaming market at $3.8 billion in FY24 and forecast it would exceed $9.2 billion by FY29, describing that projection as a 20% five-year compound annual growth rate. These are estimates and a forecast, not audited market totals.
A later PwC India outlook, published in December 2025, gives a substantially smaller 2029 figure: $3.96 billion for video games and e-sports. The sources do not provide a complete reconciliation of their definitions, so the two forecasts should not be combined into a single growth trajectory or treated as interchangeable estimates.
| Source and period | Gaming figure | What it measures |
|---|---|---|
| Lumikai, FY24 estimate | $3.8 billion | Gaming revenue estimate; Lumikai includes subscriptions, in-app purchases and advertising. |
| Lumikai, FY29 forecast | More than $9.2 billion | Forecast based on Lumikai’s market definition; reported as a 20% five-year CAGR from FY24. |
| PwC India, 2029 forecast | $3.96 billion | Video games and e-sports revenue in PwC’s outlook; its categories include social/casual, traditional, cloud/subscription and e-sports. |
The table shows why a confident “gaming will overtake Bollywood” headline needs qualification: Lumikai’s forecast is more than twice PwC’s later estimate, and the reports do not publish a bridge that explains the difference. Their market labels and revenue categories are not fully aligned.
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Why “bigger than Bollywood” is not yet a proven comparison
Bollywood usually means the Hindi-language film industry, but a market-size comparison can instead refer to theatrical box office, or to a wider film business that includes other revenue streams. The available FICCI-EY figures are for the film segment, not a standalone Bollywood total. They therefore cannot establish the size of Hindi-language cinema specifically.
FICCI-EY reported film-segment revenue of INR187 billion in calendar 2024 and INR205 billion in calendar 2025. Those are reported actuals for a broader category, not a 2029 Bollywood forecast. A current film actual also cannot by itself prove whether gaming will cross it in 2029. The figures are in rupees while the gaming forecasts above are in US dollars, and no exchange-rate basis is supplied here for a direct numerical comparison.
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There is also a calendar-versus-fiscal-year issue: Lumikai labels its periods FY24 and FY29, while FICCI-EY reports calendar-year film figures. Even if the market scopes matched, those periods would need to be aligned before comparing values.
What is driving the gaming-market estimates
A large audience, but not all players spend
Lumikai estimated 591 million active gamers in FY24 and said 23 million net new gamers were added that year. Its definition of a gamer is someone who played a video game during FY24; it is not a count of paying customers. Lumikai also estimated that 148 million users made in-game purchases during FY24, while in-app purchase revenue grew 41% year over year.
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Social and casual games dominate PwC’s mix
PwC estimated that social and casual formats generated $2.4 billion, or 88.2% of its estimated Indian gaming revenue in 2024, and forecast $3.6 billion for that segment in 2029. It described traditional console and PC gaming as comparatively small. These segment figures help explain the category mix behind PwC’s outlook, but they do not resolve the difference between PwC’s market definition and Lumikai’s.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the latest market conditions matter
FICCI-EY’s March 2026 release says video-game revenue fell 17% in 2025 following the ban on money gaming that took effect in August 2025. That decline is a reminder that regulatory changes can alter both revenue and the composition of the market. It also means the FY24 growth narrative should not be read as a guarantee that the same pace will continue through FY29.
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The regulatory update is not, on its own, a revised 2029 gaming forecast, and FICCI-EY’s film figures still do not isolate Bollywood. It therefore adds important context without settling the cross-over question.
How to read the claim
- As a Lumikai forecast: gaming exceeding $9.2 billion by FY29 is the projection behind the claim.
- As a comparison with Bollywood: the claim is unproven because there is no aligned 2029 forecast here for Hindi-language film revenue, and the reported film actuals cover a broader segment.
- As a consensus forecast: it is not one. PwC’s later 2029 projection for video games and e-sports is $3.96 billion, and the reports’ scopes are not reconciled.
For now, the defensible conclusion is that Lumikai projected a major expansion in gaming, not that a like-for-like, 2029 comparison has demonstrated gaming will overtake Bollywood.
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