Dream11 expands to 11 countries globally
The move comes a few months after Dream11 pivoted to a free-to-play model and doubled down on alternative revenue streams, following the real-money gaming ban in India.
Gaming platform Dream11 on Tuesday expanded its services globally to 11 countries, as it looks to diversify its revenue streams following the recent real-money gaming ban in India, which shut down the company’s core business.
According to a social media post, Dream11 is introducing its services in New Zealand, Australia, Malaysia, Sri Lanka, Bangladesh, Nepal, the UAE, South Africa, the UK, the US, and Canada.
The Tencent and Tiger Global-backed company is testing different revenue streams in India, and according to a Mint report, the firm is eyeing to enter the stock broking segment.
These steps are in line with the company’s peers, who have undertaken global expansion, set up alternate revenue channels, and made pivots to cope with the financial ramifications of the real-money gaming ban, which triggered a knee-jerk reaction across a sector generating approximately $3.2 to $3.7 billion in revenue.
Since Dream11’s parent company, Dream Sports, shut down its real-money gaming arm, the company pivoted to ad-supported free-to-play social games with non-cash rewards. The shutdown of its RMG arm will trigger about a 95% loss in its revenue. The firm also had to discontinue its Team India sponsorship.
However, unlike other companies, Dream11 had other revenue-generating ventures, although not on the scale of its fantasy sports platform. The firm runs sports streaming platform FanCode, sports travel service DreamSetGo, and its game development arm, Dream Game Studios.
Moreover, the company has also entered the finance segment with Dream Money—a personal money management app that offers investments in gold, fixed deposits, and expense tracking services.
Edited by Suman Singh