Versus Systems Inc (NASDAQ:VS) (CSE:VS) (FRA:BMVB) said it has added new functionality to its patented Dynamic Regulatory Compliance prizing engine to support uses in India’s booming mobile, entertainment and gaming content market.
The company which has offices in Los Angeles and Vancouver said it will be partnering with some of its existing content partners to launch in India “within the next 60 days.”
With a population of nearly 1.4 billion, India is the largest market in the world for film production, the third-largest market for mobile phone use, and one of the fastest-growing markets in the world for smartphone adoption.
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“Combining one of the world’s largest markets with a massive user base and rapid mobile growth promises to be an excellent opportunity for the Versus prizing platform, as well as the new Versus XEO platform that allows users to win real-world prizes while watching media, sports, games, and live events on TV, PCs or mobile,” noted the company.
According to advertising technology firm, InMobi, 45% of India’s mobile users started playing games on their smartphones during the coronavirus pandemic and 84% of committed gamers said that they “game for at least an hour in a single sitting.”
India is among the top five mobile gaming markets in the world, accounting for about 13% of total game sessions globally. The country’s gaming user base crossed 365 million in March 2020, according to the KPMG Media and Entertainment Report. Its online gaming industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 40% to $2.8 billion by 2022, up from $1.1 billion in 2019, as stated in a Deloitte India report published earlier this year.
“India is one of the most attractive markets in the world for so many reasons,” said Versus Systems CEO Matthew Pierce in a statement. “Its enormous and relatively young population, highly developed sports and entertainment markets and rapid adoption of smartphones make it an ideal market for content creators and brands that want to add prizing and interactive engagement for their audiences.”
In addition to filmed entertainment and interactive gaming, India’s sports market is large and growing. Cricket is the most popular televised sport in India and the Indian Premier League was watched by 405 million viewers last year for a total of 400 billion viewing minutes, a 23% increase over 2019, according to BARC India.
Versus allows game developers to use its WINFINITE platform to create competitions that provide players with the chance to win a variety of attractive prizes. The firm’s in-game prizing and promotions engine — that allows publishers, developers, and creators of games, apps, and other interactive media content to offer prizes inside their content — can be integrated into mobile, console, and PC games, as well as streaming media and mobile apps.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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