It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
In a recent interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain opened up 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 remained optimistic about the company’s future. Despite the significant losses, Jain assured that Dream11 is not “dead” and that they will continue to work towards a new future.
The ban on real-money gaming was announced in September 2020, and since then, many online fantasy sports platforms have been struggling to cope with the loss of revenue. Dream11, one of the most popular fantasy sports platforms in India, was no exception. Jain revealed that the company lost 95% of its revenue and 100% of its profits due to the ban.
However, Jain’s optimism is unwavering, and he believes that the company can still thrive in the future. “We’re going to work on the future,” he said. “But yes, 95% of our group’s revenue…and basically 100% of…profit was coming from Dream11’s current business model.” Jain’s confidence in the company’s future is a testament to his leadership and vision.
Dream11’s success can be attributed to its innovative business model, which allows users to create their own teams and compete against each other. The platform has gained immense popularity in India, with millions of users participating in fantasy sports leagues every year. However, the ban on real-money gaming has put a significant dent in the company’s revenue and profits.
Despite the challenges, Jain remains committed to the company’s vision and is working towards finding new opportunities. “We’re not going to give up,” he said. “We’re going to work on new things, and we’re going to make sure that we’re relevant in the future.” Jain’s determination to succeed is a key factor in the company’s ability to adapt to the changing landscape.
The ban on real-money gaming has also led to a significant shift in the company’s focus. Jain revealed that the company is now exploring new opportunities in the digital entertainment space. “We’re looking at other areas where we can create value,” he said. “We’re looking at other areas where we can make a difference.”
Dream11’s decision to explore new opportunities is a strategic move to diversify its revenue streams and reduce reliance on a single business model. The company is also looking at other areas where it can leverage its expertise in fantasy sports, such as esports and online gaming.
In conclusion, the ban on real-money gaming has dealt a significant blow to Dream11’s revenue and profits. However, the company’s CEO, Harsh Jain, remains optimistic about the company’s future and is working towards finding new opportunities. Despite the challenges, Jain’s leadership and vision have been instrumental in the company’s success, and it will be interesting to see how Dream11 adapts to the changing landscape.
