Marketing spends muted for now, product comes first: Vikrant Mudaliar, CMO of Dream11
In an interview with Storyboard18, Vikrant Mudaliar, Chief Marketing Officer, Dream11 discussed about navigating to free to play model and building a sustainable sports-tech ecosystem.
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As regulatory changes reshape India’s online gaming sector, Dream11 has taken a decisive turn, adopting a free-to-play model while expanding into new revenue streams. The move signals not just a business shift, but a reimagining of what fantasy sports can be in India. In an interview with Storyboard18, Vikrant Mudaliar, Chief Marketing Officer, Dream11 discussed about navigating this transition and building a sustainable sports-tech ecosystem.
The decision to go free-to-play may have shifted the revenue lens, but it has also opened up opportunities for scale, experimentation, and richer integrations. Dream11 now faces the task of balancing growth with sustainability. Mudaliar spoke in-depth about the strategies driving user engagement in this new phase.
Dream11 has gone through a significant pivot recently, moving into a free-to-play model. What strategies have been implemented to maintain and grow user engagement in this new format?
Even in the free-to-play model, Dream11 continues to fund prizes to keep fans engaged. Our loyal base of fantasy cricket users—many of whom visit daily—remains strong, proving passion for the game outweighs money. We’ve streamlined contests to focus on cricket and added integrations like live match streaming via Fancode, while our wider portfolio—Fancode, DreamSetGo, DreamCricket, DreamMoney—creates richer, cross-promotional experiences to sustain long-term engagement.
Of course, we’ve also refined the types of contests we offer. Earlier, contests ran across multiple sports and matches. Now, we’re more focused—currently centered on cricket. We’re reviewing whether to expand into other sports and matches, which may happen in the near future.
You’ve onboarded brands like Swiggy, Astrotalk, and Tata. What criteria does Dream11 use to select advertising partners, and how do these collaborations enhance user experience?
Some of these partnerships are still in pilot stages. The primary criteria is alignment—does the brand’s objective and audience match our user base? And can the integration feel natural rather than forced?
There are, of course, commercials involved, but it’s not only about revenue. We’re prioritizing meaningful, contextual partnerships that add value to our users’ experience. Earlier, Dream11 was an ad-free platform, and we shied away from advertising because we wanted to keep the focus sharp. But the landscape has changed, and we’re now exploring brand collaborations that feel seamless and relevant.
We’ve seen how native integrations can work well in such ecosystems. Going forward, we’re looking at partnerships across categories—urban-centric as well as tier-3 and tier-4 focused. With a 250 million user base, segmentation is possible, and that opens doors to different kinds of advertisers.
You mentioned “seamless” advertising. Many users worry ads will feel intrusive. How do you make sure the experience doesn’t get cluttered?
That’s a fair concern. Our philosophy is clear: few, but meaningful ads. If you open the app right now, you’ll hardly notice them because they’re built into the user flow. No overkill, no spammy pop-ups.
Second, our integrations will often be tied to sports events. For example, if a brand is already sponsoring a cricket tournament, we can create customized fantasy contests around that event. Rewards might include not just products but also match tickets or unique fan experiences. That’s when advertising becomes additive rather than disruptive.
Critics argue that ad-based models cannot sustain fantasy platforms the way real-money gaming did. How do you plan to make this model sustainable?
Sustainability won’t come from ads alone. At Dream Sports, we’re looking at the portfolio as a whole. Ads and sponsorships are one piece of the puzzle. Additional revenue streams from other offerings—content, experiences, fintech products—will supplement this.
Will it take time? Yes. Will it reach the same scale as before? Time will tell. But this pivot is about building a diversified, long-term ecosystem rather than relying on a single model.
Some say Dream11’s aspirational appeal came from the money factor. Without cash winnings, won’t engagement drop?
I’d respectfully disagree. If you look back at our brand campaigns over the past 7–8 years, none of them centered on money. Our positioning has always been about the spirit of cricket, the thrill of building your own team, and the pride of competition. Campaigns like “Aapki team mein kaun?” never mentioned money—they tapped into fandom and passion.
That’s where our aspirational appeal truly lies. And as long as we remain centered in sport, particularly cricket, that emotional connect will remain. Of course, it means we need to be innovative in engaging fans—through streaming, rewards, and partnerships—but the essence hasn’t changed.
You’ve been a major advertiser yourself. How much have Dream11’s own marketing spends been cut post-pivot?
Naturally, spends are muted right now. The pivot happened mid-financial year, and we’re prioritizing product over promotion. Until we fully implement the new proposition, aggressive advertising isn’t necessary. Once we see traction and adoption, marketing spends will follow. For now, it’s a pause.
Some critics say Dream11 is starting to look more like an ad-tech platform than a fantasy sports platform. How do you respond?
Honestly, if we were making that much ad revenue, I’d take it as a compliment! But the reality is far from it. Right now, ads are very selectively placed—you’d struggle to even find them on the app. Also, our product is unique. Where else can you simultaneously create a fantasy cricket team, compete on a leaderboard, win rewards, and stream the live match—all in one place? That’s not ad-tech. That’s sports-tech.
How do you ensure advertisers see this as more than a short-term experiment?
The depth of integrations is the answer. For example, if we’re planning something around the Women’s World Cup or IPL next year, that requires months of product development and customization. By definition, these aren’t short-term plays.
At a macro level, ad monetization is now part of every digital ecosystem—from OTTs to e-commerce. Everyone has realized that advertising can be a healthy revenue stream. Our goal is to make it richer, more contextual, and something only Dream11 can offer.
And what revenue growth are you targeting from advertising in the next year?
Too early to give numbers. Right now, our focus is value creation for brands, not revenue obsession. As more of our pioneering initiatives in the sports ecosystem take shape, revenue will follow. Let’s revisit this conversation in three months—you’ll see the traction for yourself.
