Pixel P&L: The Big Winners, Game-Changing Deals, and Industry Shakeups at IGDC 2024

It’s Thursday, November 14th. Today, we cover major announcements from the India Game Developer Conference (IGDC) 2024, including a newly signed Memorandum of Understanding between the Federation of Indian Chambers of Commerce & Industry (FICCI) and the Game Developers Association of India (GDAI) to boost India’s gaming ecosystem.

We also delve into Telangana and Tamil Nadu’s efforts to lead the animation, visual effects, gaming, and comics (AVGC) sector, highlight the winners of the IGDC 2024 Awards, and examine Bilibili’s first profitable quarter since its 2018 IPO. Stay tuned for these stories and more from the gaming industry.

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The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Game Developers Association of India (GDAI) signed a Memorandum of Understanding (MoU) at the Indian Game Developers Conference (IGDC) 2024, aiming to address key challenges and opportunities in India’s growing video gaming industry.

The collaboration seeks to establish a stronger policy framework, foster skill development, and position the sector for sustainable growth. India’s gaming industry has expanded rapidly in recent years, yet it faces hurdles ranging from regulatory ambiguity to a shortage of skilled talent.

“This agreement underscores the need for cohesive efforts to advance the sector,” said Leena Jaisani, Deputy Director General at FICCI. She noted that creating industry-friendly policies and nurturing local talent will be priorities.

GDAI Chairperson Sridhar Muppidi called the MoU a step toward addressing structural issues within the sector, such as the lack of policy clarity. “This collaboration brings policy expertise and developer representation together, which is critical for the industry’s growth,” he said.

Key initiatives include crafting policy frameworks, hosting training workshops, and creating platforms for knowledge exchange between domestic and international experts. While the partnership’s success hinges on government and industry buy-in, stakeholders view it as a potential turning point for India’s gaming ambitions.

Telangana and Tamil Nadu are intensifying efforts to position themselves as leaders in India’s animation, visual effects, gaming, and comics (AVGC) sector, as discussions at the India Game Developer Conference (IGDC) 2024 highlighted both states’ ambitions to attract talent, studios, and investments.

Telangana’s IT Minister Duddilla Sridhar Babu outlined plans for AVGC Policy 2.0, expected in January 2025, alongside the anticipated third-quarter launch of the IMAGE Tower, a dedicated AVGC infrastructure hub. Meanwhile, Tamil Nadu IT Minister Dr. Palanivel Thiagarajan pointed to his state’s upcoming inaugural AVGC policy, calling Telangana a model for its rapid policy execution and infrastructure development.

Both states, in collaboration with the Game Developers Association of India (GDAI) and the Ministry of Information and Broadcasting (MIB), have requested regional Centres of Excellence to be established in Hyderabad and Tamil Nadu. These hubs would focus on research, development, and training in game design and interactive media, addressing the growing talent gap.

The event also saw the signing of MoUs between GDAI and state governments, including Rajasthan and Sikkim, to strengthen the AVGC ecosystem across India.

The Tamil Nadu delegation joined Telangana in releasing the GDAI’s Incubator White Paper, a framework to support gaming startups nationwide. Both states emphasized a competitive yet collaborative approach, vying to become India’s premier destination for gaming innovation while aligning with broader national initiatives.

IGDC 2024 Awards Celebrate Gaming Excellence

The Indian Game Developer Conference (IGDC) 2024 Awards spotlighted standout games and talent across multiple categories. The Palace on the Hill claimed PC/Console Game of the Year, while Once Upon a Merge and Sportsverse secured Mobile Game of the Year and AR/VR Game of the Year, respectively.

Winds of Arcana: Ruination won Upcoming Game of the Year, with Shotgun-Tact honored as Student Game of the Year. The Star Named EOS took the International Game Award. Fears to Fathom – Woodbury Getaway earned Best in Gameplay, and Once Upon a Merge won Best in Visual Arts.

Shruti Verma and Laxmi Khanolkar received Women in Games honors, while Rajesh Rao entered the Hall of Fame.

Krafton Leads $19M Investment in Ruckus Games

Texas-based Ruckus Games has raised $19 million in Series A funding led by Krafton, with support from Bitkraft Ventures, Transcend, and Hypergryph. Founded in 2021 by Gearbox and Riot Games alumni and led by CEO Paul Sage, formerly of Borderlands 3, the studio is developing a roster-based co-op shooter, with early playtests planned this winter. The funding follows a $5.5 million seed round in 2022, which enabled Ruckus to build a prototype with a 14-person team.

GameSquare Secures $10M Convertible Note Deal with GigaMoon Media

Esports company GameSquare Holdings, owner of FaZe Clan, has finalized a $10 million convertible note agreement with GigaMoon Media. The deal provides non-dilutive capital to bolster GameSquare’s financial strategy and partially repay its equity line facility with Yorkville Advisors Global. The note, maturing on December 31, 2025, can convert into GameSquare common stock at $2.50 per share or 5.725 million shares of FaZe Media Series A-1 Preferred Stock. This follows GameSquare’s $20 million Pre-Paid Advance Agreement earlier this year with Yorkville, underscoring efforts to strengthen its financial foundation.

Bilibili Achieves First Quarterly Profit Since 2018 IPO

Chinese video-sharing and gaming platform Bilibili posted its first adjusted net profit of 235.9 million yuan (US$33.6 million) in Q3, reversing an 863.5 million yuan loss from the same period last year. Revenue grew 26% year-on-year to 7.31 billion yuan, fueled by an 84% surge in mobile gaming income. CEO Chen Rui attributed the milestone to improved commercialization efficiency and highlighted it as “a new starting point.” User engagement hit record highs, with 348 million monthly active users spending an average of 106 minutes daily. 

Did you know why Half-Life: Episode 3 never happened? Valve originally planned a trilogy of episodic expansions to Half-Life 2, but after Episode 2 in 2007, the series went silent. Behind the scenes, however, the challenge lay not just in narrative closure but in Valve’s philosophy of tying technological innovation to its flagship franchise.

"The ending of Half-Life: Alyx is somewhat a self-critical realization," Valve co-founder Gabe Newell explained in a recent documentary of Half-Life 2. "Half-Life represents a tool we have and promises made to customers to capitalize on innovation and opportunities to build game experiences that haven't been involved previously."

Valve engineer Brian Jacobson echoed this sentiment, stating, "Half-Life and technological innovations go hand in hand." New installments must redefine gaming as the original and Half-Life 2 did, which presented challenges for episodic formats.

While multiple prototypes for Episode 3 and Half-Life 3 were tested, none aligned with Valve’s lofty standards. The studio instead turned to VR, resulting in Half-Life: Alyx, a title that leveraged new technology to expand the franchise.

Newell has also suggested that future Half-Life projects hinge on further technological advancements, leaving fans hopeful that the saga isn’t over—just waiting for its next innovation-driven chapter.