Sony leverages PS5 success to boost gaming biz in India, aims to cross ₹11000 crore…
India is emerging as a "good opportunity market" in the gaming business for the consumer electronic major Sony, its India Managing Director Sunil Nayyar said.
The company has reported "phenomenal growth" in the gaming business in FY24, with the robust performance of PlayStation 5 and its software peripherals.
Sony India's PlayStation dominates the console operating gaming system market here with around 95 per cent market share and has almost doubled its revenue in FY 2023-24 from the segment. However, now, it expects a moderation in the growth rates because of the high base, Nayyar said.
"Now, the base is very high because we almost achieved the double business last year. So this year, we intend to have modest growth, but we are developing the gaming business market in the country, including software development and peripherals etc," the Sony India MD told PTI.
Sony India last week filed its annual returns to report over 50.1 per cent growth from its 'other business' segment at ₹1,363.54 crore, which houses its gaming and B2B business.
"This is largely led by the gaming business. It gave us a phenomenal growth. There is no doubt about it. PlayStation 5 and our software peripherals, everything did very well.
"So, India is now becoming a very good opportunity market for gaming for Sony... We have 95 per cent in the market today as far as PS5 is concerned. We have a very strong brand here for the gaming business," Nayyar said.
Besides, Sony is also doing well in some other niche segments such as medical equipment and its sports business, where it sells Hawk-Eye systems, used in all major sporting events, including cricket, tennis, football, badminton, rugby and volleyball to visually track the trajectory of a ball and display a profile of its statistically most likely path as a moving image.
"We are also growing in various niche segments like medical equipment, where we sell a lot of products (such as Microdisplays) and even sports business, where we sell Hawk-Eye. So, even
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