It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
The Indian government’s sudden ban on real-money gaming in September 2020 was a massive blow to the online gaming industry, with many companies struggling to come to terms with the sudden loss of revenue and profits. Among those affected was Dream11, one of the most popular online fantasy sports platforms in the country. In an exclusive interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain spoke candidly about the impact of the ban on his company, describing it as a “knockout punch”. Despite the massive losses, Jain remained optimistic about the future of his company.
“We’re going to work on the future,” Jain said. “But yes, 95% of our group’s revenue…and basically 100% of our profit was coming from Dream11’s current business model.” He added that this didn’t mean Dream11 was “dead”, and that the company was already working on new ideas and strategies to stay afloat.
Dream11, which was founded in 2008, had grown rapidly in recent years, with a user base of over 100 million and a valuation of over $2.5 billion. The company had become one of the most successful startups in India, with a strong presence in the online gaming industry. However, the real-money gaming ban brought all of that to a grinding halt.
The ban was a major setback for Dream11, which had built its business model around real-money gaming. The company had invested heavily in marketing and advertising, and had built a large team of employees to manage its operations. Suddenly, all of that was rendered useless.
Jain acknowledged that the ban had been a significant blow to the company, but he remained adamant that it was not the end of the road for Dream11. “I’m still a delusional optimist,” he said. “I think there are opportunities out there…We’re going to work on new ideas, new models, and new opportunities.”
So, what is Dream11 doing to recover from the ban? Jain revealed that the company is already working on new ideas and strategies to stay afloat. “We’re exploring new areas, new markets, and new opportunities,” he said. “We’re going to create new products and services that are going to be exciting for our users.”
One area that Dream11 is exploring is the online gaming industry’s growing focus on esports. Jain believes that esports has huge potential in India, and that Dream11 can capitalize on this trend. “Esports is a huge opportunity in India,” he said. “We’re already working on some exciting projects in this space, and I think we can make a big impact.”
Another area that Dream11 is exploring is the growth of online gaming in other countries. Jain believes that the ban in India has created an opportunity for the company to expand its operations abroad. “We’re already looking at other markets, other countries, and other opportunities,” he said. “We’re going to create a global presence for Dream11, and I think we can be successful in many other countries.”
Despite the challenges posed by the ban, Jain remains confident about the future of Dream11. “I think we’re going to come out of this even stronger,” he said. “We’re going to adapt, we’re going to innovate, and we’re going to create new opportunities for ourselves and our users.”
In conclusion, while the real-money gaming ban has been a significant setback for Dream11, the company’s CEO remains optimistic about the future. Jain believes that the ban has created an opportunity for the company to explore new ideas and strategies, and that Dream11 can emerge from this crisis even stronger than before.
