It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
In a candid interview with Moneycontrol, Harsh Jain, Co-Founder and CEO of Dream11, described the government’s ban on real-money gaming as a “knockout punch” for his company. However, despite the devastating blow, Jain remains an “unwavering delusional optimist”, convinced that his company will bounce back stronger than ever.
The ban on real-money gaming, which came into effect in September 2020, has caused significant financial losses for Dream11. Jain revealed that the company has lost a staggering 95% of its revenue and 100% of its profits. This means that the majority of the company’s income and profits were generated from its real-money gaming business, which is now effectively shut down.
However, Jain is quick to point out that this does not mean that Dream11 is “dead”. In fact, he believes that the company will emerge from this crisis stronger and more resilient than ever. Jain’s optimism is rooted in the company’s diverse range of products and services, which go beyond real-money gaming.
“We’re not just a one-trick pony,” Jain said. “We have a range of products and services that are doing well, and we’re going to focus on those in the future.” Jain highlighted the company’s fantasy sports platform, which is completely free of charge and has seen significant growth in recent months.
In addition to its fantasy sports platform, Dream11 also offers a range of other products and services, including a sports news and media platform, as well as a range of esports and gaming products. Jain believes that these products will help the company to diversify its revenue streams and reduce its dependence on real-money gaming.
However, Jain was clear that the loss of revenue and profits has been significant, and that the company is having to adapt to a new reality. “We’re going to have to work smarter, not harder,” he said. “We’re going to have to be more agile and more responsive to the market.”
Jain’s comments are a stark reminder of the challenges facing the real-money gaming industry in India. The industry has been plagued by controversy and regulatory uncertainty, with many companies struggling to navigate the complex and ever-changing landscape.
Despite the challenges, Jain remains convinced that the real-money gaming industry has a bright future in India. “I think this is a temporary setback,” he said. “I think the industry will bounce back, and I think Dream11 will be at the forefront of that bounce back.”
Jain’s optimism is rooted in his conviction that the company has a unique value proposition that sets it apart from its competitors. “We’re not just a gaming company,” he said. “We’re a sports company. We’re a media company. We’re an entertainment company. We’re a technology company. We’re a data company. We’re a lot of things, but we’re not just a gaming company.”
Jain’s comments are a testament to the company’s ambition and vision, and its commitment to building a sustainable and successful business. Despite the challenges it faces, Dream11 remains a major player in the Indian gaming industry, and its future prospects are looking increasingly bright.
In conclusion, while the loss of 95% of revenue and 100% of profits is a significant blow to Dream11, the company’s CEO remains an “unwavering delusional optimist”, convinced that his company will emerge from this crisis stronger and more resilient than ever. With its diverse range of products and services, and its commitment to innovation and excellence, Dream11 is well-placed to navigate the challenges facing the real-money gaming industry in India.
