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Dream11 exits fantasy gaming
Sports technology major Dream Sports, on December 4, launched a revamped version of Dream11, expanding it from a fantasy sports platform to a hangout spot for fans built around creators and livestreamers.
Dream11 revamped
"We are now a second-screen sports entertainment platform," Dream Sports co-founder Harsh Jain said in a media briefing. "Dream11 will always be the popcorn to your movie."
The launch comes a little over three months after Dream11, with over 250 million users, paused all paid contests, which contributed 95 per cent to its revenue and all of its profits.
The move followed India’s new online gaming law prohibiting money games, where a user makes a deposit, directly or indirectly, with the expectation of earning winnings on that deposit.
"Sports has crazy emotion, so it feels depressing to watch a match alone. We all want to watch the match together but no one has the time to make a plan or watch it in person. Think of this like having friends in the room," Jain said.
The new Dream11 app brings a space for users to follow matches through livestreams by prominent creators, to react and banter about match stats and break down key moments.
Jain said Dream11 has onboarded 25 creators and will continue onboarding more people. "We want to be careful about quality versus quantity in the beginning," he said.
It has also upgraded its loyalty programme, rebranding it as DreamBucks. Consumers can earn DreamBucks by watching the live streams and spend it to give "shoutouts" to creators or keep their chats pinned during streams.
Creators will take the lion's share of revenues, while Dream11 will take a smaller share, Jain added.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports was last valued at $8 billion when it collected $840 million in funding from a clutch of funds led by Falcon Edge, DST Global, D1 Capital, Redbird Capital, Tiger Global, TPG and Footpath Ventures in November 2021.
Apart from Dream11, Dream Sports also houses sports content and commerce platform FanCode, sports experiences platform DreamSetGo, mobile game development unit Dream Game Studios, fixed deposits and gold investment app Dream Money, and its philanthropic arm Dream Sports Foundation.