It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
In a candid interview, Dream11 Co-Founder and CEO Harsh Jain spoke about the devastating impact of the government’s ban on real-money gaming on his company. Jain described the ban as a “knockout punch”, but surprisingly, he remains an “optimist” and is already looking towards the future. In this blog post, we’ll delve into Jain’s thoughts on the ban, its effects on his company, and his plans for the future.
The Real Money-Gaming Ban: A Devastating Blow
On February 24, 2021, the Indian government announced a blanket ban on online gaming platforms that involved real money. The decision was taken to protect the country’s youth from the alleged negative effects of gaming. The ban had a severe impact on the Indian gaming industry, with many companies struggling to come to terms with the sudden loss of revenue.
Dream11, one of the leading fantasy sports platforms in India, was severely affected by the ban. In an interview with Moneycontrol, Jain revealed that the company had lost 95% of its revenue due to the ban. This is a staggering figure, given that Dream11 was one of the largest players in the Indian gaming market.
Not only did the company lose a significant chunk of its revenue, but it also saw its profits drop to almost zero. Jain stated, “We’re going to work on the future. But yes, 95% of our group’s revenue…and basically 100% of our profit was coming from Dream11’s current business model.” This is a stark reminder of the devastating impact the ban had on the company.
The Ban: A ‘Knockout Punch’
Jain was brutally honest about the impact of the ban, describing it as a “knockout punch”. This is a fitting analogy, given the severity of the blow the company received. The ban forced Dream11 to stop its operations and lay off a significant number of employees.
However, despite the devastating impact of the ban, Jain remains optimistic about the future. He believes that the company can still recover and thrive in the future. In his own words, “I’m a delusional optimist. I think we’ll find a way to make it work.”
The Future of Dream11
So, what does the future hold for Dream11? Jain is tight-lipped about the company’s plans, but he did hint that the company is exploring new revenue streams. He stated, “We’re going to work on other products, other businesses. We’re going to find a way to make it work.”
However, it’s unclear what these new products and businesses will be. Jain did mention that the company is looking at creating new content and exploring other formats, but he refused to provide any further details.
Conclusion
The real money-gaming ban has been a devastating blow to Dream11 and the Indian gaming industry as a whole. The company has lost a significant chunk of its revenue and profits, and it’s unclear what the future holds.
However, Jain’s optimism is admirable, and it’s clear that he is committed to finding a way to make the company work. The question on everyone’s mind is what new products and businesses Dream11 will explore in the future.
Only time will tell, but one thing is certain – the Indian gaming industry will be watching with bated breath as Dream11 navigates this challenging period.
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