Swipe Before Type: How Indians Watch. Listen. Play. Pay.

SWIPE BEFORE TYPE
HOW INDIANS WATCH. LISTEN. PLAY. PAY.
CONSUMER SURVEY FOR PERIOD COVERING SEPT 2024 TO SEPT 2025
HOW INDIANS WATCH. LISTEN. PLAY. PAY.
CONSUMER SURVEY FOR PERIOD COVERING SEPT 2024 TO SEPT 2025

Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.
01
INDIA’S DIGITALLY NATIVE AUDIENCE IS YOUNG WITH
HEAVY DATA USAGE AND HIGH WILLINGNESS TO PAY
-Over 46% of India’s interactive media consumers are women, up from 44% last year
– Over 2/3rds of India’s Interactive media audience is from non-metro regions
– Over 80% of users consume more than 1 GB of mobile data per day
SPLIT BY GENDER
SPLIT BY GENDER
SPLIT BY AGE-BRACKET
SPLIT BY AGE-BRACKET
SAMPLE SIZE
SAMPLE SIZE DAILY DATA CONSUMPTION
DAILY DATA CONSUMPTION SPLIT BY SMARTPHONE TYPE
SPLIT BY SMARTPHONE TYPE
SPLIT BY OCCUPATION
SPLIT BY OCCUPATION
Employed full-time
Full-time parent
Students
Self employed
Unemployed 45%
45%
27%
27%
15%
15%
10%
10%
5%
5%
10%
10%
90%
90%
3 GB 3%
13%
58% 18% 7%
80% 40% 52%
of users said 
they use UPI for  payments of users said 
they have 3+  active 
subscriptions of users 
download a new  app weekly
18-30
30-45
45+
54%
54%
46%
46%
44%
44%
33%
33% 23%
23%
3,000+
3,000+

02
Social – Passive (Eg: Facebook, Instagram)
AVOD (Eg: Youtube)
Gaming (Eg: F2P, Casual, Midcore)
Social – Active (Eg: Snapchat, EloElo)
OTT (Eg: Netflix, Amazon Prime)
Short-form video (Eg: Reels, Shorts)
Music (Eg: Spotify)
Microdramas (Eg: StoryTV, ReelShorts)
Audio series (Eg: KukuFM)
Astrology/Spiritual-tech (Eg: Astrotalk) 83%67%
49% 25%
25%
24% 10% 8%
8%
8%
NORTH
1. Passive social
2. Gaming
3. AVOD
4. Active social
5. Short-form video
WEST
1.Passive social
2. Gaming
3. Active social
4. AVOD
5. OTT
SOUTH
1. Gaming
2. AVOD
3. Active social
4. Passive social
5. Short-form video
1.AVOD
2. Passive social
3. Gaming
4. Active social
5. Short-form video
EAST
CATEGORY-WISE ENTERTAINMENT PREFERENCES (BY USAGE)
CATEGORY-WISE ENTERTAINMENT PREFERENCES (BY USAGE)
INDIA’S ENTERTAINMENT UNIVERSE HAS EXPANDED FROM PASSIVE
TO INTERACTIVE FORMS
– Nearly twice as many users prefer playing games over using OTT, music, and short form video
– New consumption patterns emerging in microdramas, astro-tech, and spiritual-tech
– Users prefer OTT and short-form video nearly equally across India 
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.

HOW INDIANS WATCH

04
Content librarydepth Celeberity or influencer appeal Exclusive 
content and  shows Friends  and  family Online 
advertisements Offline 
advertisements
Youtube
Netflix
Prime Video
Instagram Reels
JioHotstar
StoryTV
Zee5
Moj
MXPlayer
Reelshorts
ENTERTAINMENT ON COMMAND IS INCREASING – MICRODRAMAS
AND SPIRITUALITY EMERGING AS NEW TRENDS
– We see an even distribution across gender, age-group, and city tiers with respect to users who watch video content
– Users spend 6 hours per week consuming video content and their content choices are driven by exclusivity, library depth, and celebrity presence
– Short-form video across Youtube and Instagram is the most consumed, while recent trends are seen emerging in microdramas and spiritual videos 
50%
50%
50%
50%
18-30
30-45
45+
40%
40%
30%
30% 20%
20% Metro Non-metro
40%
40% 60%
60%
KEY DEMOGRAPHICS
KEY DEMOGRAPHICS
WHY DO USERS WATCH?
WHY DO USERS WATCH? HOW DO USERS DISCOVER CONTENT?
HOW DO USERS DISCOVER CONTENT?
PREFERRED PLATFORMS
PREFERRED PLATFORMS PREFERRED CONTENT TYPE
PREFERRED CONTENT TYPE
6 HOURS TIME SPENT PER USER PER WEEK 6 HOURS TIME SPENT PER USER PER WEEK
WHAT ARE PEOPLE WATCHING?
WHAT ARE PEOPLE WATCHING?
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.
SHORT-FORM VIDEO
SHORT-FORM VIDEO
41%
41%
MOVIES & TV SHOWS
MOVIES & TV SHOWS
35%
35%
LIVE-SPORTS STREAMING
LIVE-SPORTS STREAMING
20%
20%
MICRODRAMAS
MICRODRAMAS
19%
19%
SPIRITUAL & RELIGIOUS VIDEOS
SPIRITUAL & RELIGIOUS VIDEOS
18%
18%

MOVIES & TV SHOWS
MOVIES & TV SHOWS
LIVE-SPORTS STREAMING
LIVE-SPORTS STREAMING
EDUCATION & SELF-HELP
EDUCATION & SELF-HELP
ANIME
ANIME
MICRODRAMAS
MICRODRAMAS
50%
50%
43%
43%
30%
30%
20%
20%
8%
8%
05
OVER 50% OF USERS ALSO PAY FOR VIDEO CONTENT – INDIA WANTS
VALUE AND QUALITY
Netflix
Prime Video
JioHotstar
Zee5
Reelshort
StoryTV
MXPlayer
Youtube
Crunchyroll
Access to 
sports 
streams
Access to premium content Ad-free  access Celeberity or influencer appeal
WHAT DO USERS BUY?
WHAT DO USERS BUY?
PREFERRED PLATFORMS
PREFERRED PLATFORMS PREFERRED CONTENT TYPE
PREFERRED CONTENT TYPE
WHAT ARE PEOPLE PAYING FOR?
WHAT ARE PEOPLE PAYING FOR?
54% PAY FOR VIDEO CONTENT 54% PAY FOR VIDEO CONTENT
33%
Premium
Monthly
Subscription
16%
Internet Data  Pack Bundle
7%
One-time
Pay per-use
20%
Premium Annual 
Subscription
WHY DO YOU USERS PAY?
WHY DO YOU USERS PAY?
Access to 
exclusive  content
WHY DO YOU USERS NOT PAY?
WHY DO YOU USERS NOT PAY?
Lack of 
good 
content Lack of
budget Poor 
value 
for money
– Every 1 in 2 users who consume video content said that they also pay for this content
– OTT platforms dominate in terms of paying preferences, though microdramas and anime are newly emerging in user wallet share 
– Users considerably prefer monthly subscriptions over annual packages, data bundles, and pay-per-use plans
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.

06
ANIME GOES MAINSTREAM, ALIGNING WITH GLOBAL TRENDS
% OF VIDEO USERS WHO
SAID THEY WATCH ANIME % OF VIDEO USERS WHO
SAID THEY WATCH ANIME WHERE DO USERS WATCH
ANIME?
WHERE DO USERS WATCH
ANIME? MOST WATCHED ANIMES BY
INDIAN USERS
MOST WATCHED ANIMES BY
INDIAN USERS
Metro Non-metro
30%
30%
12%
12%
– Roughly 1 in 3 metro users who watch video, also watch anime regularly
– Netflix is the top choice for anime consumption, followed by Crunchyroll, while nearly 10% still resort to torrents to watch anime
– Indian tastes in anime resemble those globally, with most globally popular anime also the most preferred in India
51%
51%
21%
21%
22%
22%
24%
24%
12%
12%
Netflix 
Crunchyroll 
Other OTT platforms 
Movie theatres 
Torrents  One Piece
Naruto
Death Note
Demon Slayer
Attack on Titan

HOW INDIANS LISTEN

08
AUDIO IS NO LONGER NICHE, AS MUSIC AND PODCASTS
DRIVE ADOPTION
SPLIT BY GENDER
SPLIT BY GENDER
SPLIT BY AGE-BRACKET
SPLIT BY AGE-BRACKET
SPLIT BY CITY TIER
SPLIT BY CITY TIER WHAT DO USERS LISTEN TO?
WHAT DO USERS LISTEN TO?
PREFERRED PLATFORMS
PREFERRED PLATFORMS PREFERRED CONTENT TYPE
PREFERRED CONTENT TYPE
WHEN DO USERS LISTEN?
WHEN DO USERS LISTEN?
Travelling & commuting
Doing chores
Working & studying
Sleeping & relaxing
Exercising 55%
55%
54%
54%
38%
38%
32%
32%
25%
25%
18-30
30-45
45+
MetroNon-metro
45%
45% 55%
55%
52%
52%
48%
48%
45%
45%
34%
34% 22%
22%
WHAT DO USERS BUY?
WHAT DO USERS BUY?
Premium monthly subscription
Premium annual subscription
Bundle with data subscription 
UPI autopay
Pay per-use 35%
35%
23%
23%
19%
19%
16%
16%
7%
7%
YouTube
YouTube Music
Spotify
Amazon music
KukuFM
57%
Users say they 
pay for audio  content
-Audio usage is fairly equally split across genders, skews younger, with higher share of metro population compared to other categories 
– Podcasts outrank music in terms of content preferences, with audio series a growing trend 
– Nearly 60% of users say they pay in audio apps, signalling a growing willingness to pay for audio content across categories

PODCASTS
PODCASTS
45%
45%
AUDIO SERIES
AUDIO SERIES
40%
40%
MUSIC STREAMING
MUSIC STREAMING
25%
25%
AUDIOBOOKS
AUDIOBOOKS
20%
20%
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.

HOW INDIANS CONNECT

10
SOCIAL MEDIA TURNS PARTICIPATORY, WITH USERS SEEKING
BELONGING AND INTERACTION
60%
60%
40%
40%
18-30
30-45
45+
46%
46%
33%
33% 21%
21% Metro Non-metro
37%
37% 63%
63% PREFERRED PLATFORMS
PREFERRED PLATFORMS PREFERRED CATEGORIES
PREFERRED CATEGORIES
10 HOURS TIME SPENT PER USER PER WEEK 10 HOURS TIME SPENT PER USER PER WEEK
WHERE DO PEOPLE CONNECT?
WHERE DO PEOPLE CONNECT?
KEY DEMOGRAPHICS
KEY DEMOGRAPHICS
WHY DO USERS USE THESE APPS?
WHY DO USERS USE THESE APPS?
33%
Users say they 
use astrology 
apps regularly
– Social media usage skews more male, with a higher concentration of non-metro users compared to other categories 
– Users on average spend 10 hours per week on social platforms, driven by a need to interact with their immediate social circle and influencers
– While traditional social media apps are prevalent, we see emerging trends across participative social apps, astrology, and dating 
To relax
and
unwind To interact  with 
influencers To prevent feelinglonely To meet 
like-minded  people To interact
with friends and family
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.
Facebook
Instagram
Whatsapp
Snapchat
Sharechat
Eloelo
Astrotalk
Tinder
Bumble
PASSIVE SOCIAL MEDIA
PASSIVE SOCIAL MEDIA
90%
90%
ACTIVE SOCIAL MEDIA
ACTIVE SOCIAL MEDIA
57%
57%
SOCIAL & LIVE SHOPPING
SOCIAL & LIVE SHOPPING
17%
17%
LIVE VIDEO & 
AUDIO CHAT
LIVE VIDEO & 
AUDIO CHAT
15%
15%
ASTROLOGY &
SPIRITUAL PLATFORMS
ASTROLOGY &
SPIRITUAL PLATFORMS
10%
10%

OVER 40% PAY ON SOCIAL APPS – ADS, SUBSCRIPTIONS, AND
MICRO-TRANSACTIONS VIA UPI DRIVE SPENDS
Premium monthly 
subscription Premium  annual 
subscription Online
Purchase Virtual 
gift/tips IAP
Spent too much time Preferred  other  
entertainment Har med
mental health Har med
physical health Didn’t want to get
addicted
PREFERRED PLATFORMS
PREFERRED PLATFORMS
WHERE DO PEOPLE PAY?
WHERE DO PEOPLE PAY?
43% PAY IN SOCIAL & COMMUNITY APPS 43% PAY IN SOCIAL & COMMUNITY APPS
– Of the users who use social and community apps, 43% say they make payments of some kind on these platforms 
– Monetization behaviour is driven by subscriptions, online purchases, and virtual gifting and tipping
– Users show increasing proclivity to pay for new-age platforms across dating, astrology, and edutainment
WHY DO USERS STOP USING AND PAYING?
WHY DO USERS STOP USING AND PAYING? WHAT DO USERS BUY?
WHAT DO USERS BUY?
40%
of users said 
they don’t mind  ads 
22%
of users said 
they are on UPI  autopay 
11
PREFERRED CATEGORIES
PREFERRED CATEGORIES
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.
Facebook
Instagram
Snapchat
Sharechat
Eloelo
Astrotalk
Bumble
Duolingo
Tinder
PASSIVE SOCIAL MEDIA 
(LIVE & SOCIAL SHOPPING)
PASSIVE SOCIAL MEDIA 
(LIVE & SOCIAL SHOPPING)
60%
60%
ACTIVE SOCIAL MEDIA 
(VIRTUAL TIPPING)
ACTIVE SOCIAL MEDIA 
(VIRTUAL TIPPING)
40%
40%
DATING 
(SUBSCRIPTION)
DATING 
(SUBSCRIPTION)
10%
10%
ASTROLOGY 
(IAP)
ASTROLOGY 
(IAP)
9%
9%
EDUTAINMENT 
(IAP & SUBCRIPTION)
EDUTAINMENT 
(IAP & SUBCRIPTION)
8%
8%

HOW INDIANS PLAY

13
KEY DEMOGRAPHICS
KEY DEMOGRAPHICS PREFERRED DEVICES
PREFERRED DEVICES
Metro Non-metro
40%
40% 60%
60%
TOP 3 MOTIVATIONS TO PLAY GAMES
TOP 3 MOTIVATIONS TO PLAY GAMES TOP 3 GAME DISCOVERY CHANNELS
TOP 3 GAME DISCOVERY CHANNELS
TOP 3 GAME SELECTION CRITERIA
TOP 3 GAME SELECTION CRITERIA
2-3
Avg. number of 
games users are 
playing at a time
97%
97% 30%
30%
Relaxation and 
destressing Socializing 
with friends To kill time Graphics quality  and artwork Engaging 
gameplay Social 
features
14%
14% 8%
8%
WOMEN, NON-METRO USERS, AND PC GAMERS ARE
REDEFINING INDIA’S GAMES LANDSCAPE
– Women represent 45% of the gamer population, 44% of whom are aged 18-30 and largely based in non-metro regions 
– While India is a predominantly mobile first country, nearly 30% of gamers said they use gaming PCs and 22% said they have access to a console 
– Gamers play an average of 2-3 games at any given time, driven by a need to relax or socialize
55%
55%
45%
45%
18-30
30-45
45+
44%
44%
33%
33% 23%
23%
Friends 
and family Appstore 
recommendations Online Ads
(in other games)
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.

Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 2,245 smartphone users conducted for analysis period of September 2024 to 2025. Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 2,245 smartphone users conducted for analysis period of September 2024 to 2025.
14
TOP GAMES PLAYED
TOP GAMES PLAYED
TOP GENRES PAID FOR
TOP GENRES PAID FOR
Ludo King
Candy Crush
Free Fire
BGMI
Coin Master
Subway Surfers
Royal Match
Temple Run
Dream11
Clash of Clans
TOP GENRES PLAYED
TOP GENRES PLAYED TOP GAMES PAID FOR
TOP GAMES PAID FOR
8 HOURS TIME SPENT PER USER PER WEEK 8 HOURS TIME SPENT PER USER PER WEEK
CASUAL AND MIDCORE GAMES DOMINATE CONSUMPTION
AND MONETISATION AS RMG DECLINES
– Users who play games, claim to spend over 8 hours per week playing 
– Casual and midcore mobile games are top preferences, while RMG and Fantasy saw a significant decline in usage compared to last year
– Over 30% of users claim to have made payments in games, with midcore mobile games leading the way in monetization preference  
33% USERS SAID THEY MAKE PAYMENTS IN GAMES 33% USERS SAID THEY MAKE PAYMENTS IN GAMES
5%
5%
50%
50%
HYPERCASUAL
HYPERCASUAL
15%
15%
RMG/FANTASY
RMG/FANTASY
20%
20%
CASUAL
CASUAL
MIDCORE
MIDCORE
45%
45%
40%
40%
15%
15%
25%
25%
CASUAL
CASUAL
HYPERCASUAL
HYPERCASUAL
RMG/FANTASY
RMG/FANTASY
MIDCORE
MIDCORE
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.
Free Fire
BGMI
Clash of Clans
Coin Master
Dream11
Candy Crush
Royal Match
COD: Mobile
Ludo King
Roblox

TOP 5 MOTIVATIONS TO PAY
TOP 5 MOTIVATIONS TO PAY
PREFERRED MODE OF PAYMENT
PREFERRED MODE OF PAYMENT
Buying 
cosmetic 
upgrades Buying  power  ups Removing ads from 
the game Unlocking  new 
levels Earning  money
IAP-Digital items
IAP- Virtual currency
Battlepass 
3
rd  party platform 
purchases Wary 
of 
addiction
Lack  of 
time  Wary of  mental health Prefer  other
categories
TOP 5 KINDS OF PAYMENT MADE
TOP 5 KINDS OF PAYMENT MADE TOP 5 REASONS FOR NOT PLAYING
TOP 5 REASONS FOR NOT PLAYING
Only playing 
for fun Budget
constraints No value 
for money Lack of SKUs Lack of trust
TOP 5 REASONS FOR NOT PAYING
TOP 5 REASONS FOR NOT PAYING
80%
10%
10%
7%
7%
3%
3%
Credit Card
Debit Card
Wallet
UPI
65%
65%
59%
59%
40%
40%
30%
30%
GAMERS SPEND ON IN-GAME UPGRADES AND POWER-UPS,
DRIVEN BY UPI
– Monetization is primarily driven by a need for cosmetic upgrades or in-game power-ups
– UPI and wallets drive over 90% of gaming transactions
– While IAPs are the most frequent form of transaction, nearly 30% of users have said they also make purchases through 3
rd  party platforms or webshops
32%
of users said 
they  don’t mind  ads in games
54%
of paying users 
monetize within  a week of install
22%
of paying users 
pay at least once  a week
Lack of social
features
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.
15

HOW INDIANS PAY

17
USER SHARE OF WALLET ANALYSIS SHOWS DIVERSE
ENTERTAINMENT PREFERENCES ACROSS PRICE POINTS
-Games command 70% share of wallet at ticket sizes above INR 1,000 
– Video and social drive spends at ticket sizes of INR 200-500 with 30% share each
– Audio dominates at the sub INR 200 range, with a 30% wallet share
IN R 1 -5 0 IN R 5 0 -1 00 IN R 1 0 0-2 00 IN R 2 0 0-5 00 IN R 5 0 0-1 ,0 00 IN R 1 ,0 0 0-5 ,0 0 0 IN R 5 ,0 0 0-1 0,0 00 IN R 1 0 ,0 00+
AUDIO

VIDEO
GAMES
AUDIO

VIDEO
GAMES
INR 1-50                              INR 50-100                         INR 100-200                       INR 200-500                      INR 500-1,000                  INR 1,000-5,000              INR 5,000-10,000               INR 10,000+      
% SHARE OF MONTHLY USER WALLET
SOCIAL
SOCIAL
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.

THE INTERACTIVE ERA
THE AI ERA?

19
AI SLOW TO ENTER DAILY LIFE, AS INDIANS
SHOW CAUTIOUS OPTIMISM
% SAYING THEY USE AI IN DAILY LIFE
% SAYING THEY USE AI IN
DAILY LIFE ATTITUDE TOWARDS
AI GENERATED CONTENT ATTITUDE TOWARDS
AI GENERATED CONTENT ATTITUDE TOWARDS AI
COMPANIONS AND CHATBOTS ATTITUDE TOWARDS AI
COMPANIONS AND CHATBOTS
Positive 
Unaware
Negative
Indifferent 41%
41%
37%
37%
12%
12%
10%
10%
Negative
Unaware
Positive
Indifferent 42%
42%
35%
35%
12%
12%
11%
11%
Metro Non-metro
27%
27%
11%
11%
– Daily AI adoption is nearly 3x in metro cities compared to non-metro cities, with significant headroom for further penetration 
– Over 50% of users seem positively inclined or indiffierent towards AI-generated content across mediums
– The attitude towards AI companions seems to skew negative, with users claiming they would rather talk to an actual human
Source: Data and analysis based on pan-India survey of a randomized, nationally representative sample of 3,000+ smartphone users conducted for analysis period of September 2024 to 2025.

STAY TUNED FOR MORE INSIGHTS…..
LUMIKAI STATE OF INTERACTIVE MEDIA RESEARCH REPORT CY’25COMING IN MARCH 2026

THANK YOU!
PREPARED BY
PREPARED BY
SALONE SEHGAL
salone@lumikai.com
ADITYA DESHPANDE
aditya@lumikai.com
SUPPORTED BY
SUPPORTED BY
AANCHAL PANT

Important Disclaimer:
This material is prepared by Lumikai Investment Advisors, Lumikai Investment Advisors II, Lumikai Interactive LLP, and Lumikai Interactive II LLP
(together referred to as “Lumikai”) .
This material (including any information contained in it is intended to provide general information on a particular subject(s) and is not an
exhaustive treatment of such subject(s) or a substitute to obtaining professional services or advice . This material may contain information sourced
from publicly available information or other third – party sources . Lumikai does not independently verify any such sources and is not responsible for
any loss whatsoever caused due to reliance placed on information sourced from such sources . The reader should rely on their own judgment, due
diligence and conclusion . None of Lumikai, or its related entities is, by means of this material, rendering any kind of investment, legal or other
professional advice or services . The material is not an offer, or a solicitation of an offer, to buy or sell any security . The data produced in the material
is based on the past performance of the industry and companies identified therein and the same is not indicative of future performance, results or
outcomes and no representation or warranty, express or implied, is made regarding future performance results or outcomes . The reader should
seek specific advice of the relevant professional(s) for these kind of services . This material or information is not intended to be relied upon as the
sole basis for any decision which may affect you or your business . Before making any decision or taking any action that might affect your personal
finances or business, you should consult a qualified professional adviser . Without the prior written permission of Lumikai, ( i ) the information in this
report may not be disclosed or otherwise provided to others ; and (ii) this report may not be reproduced . It is the responsibility of the reader to
communicate the informative nature of this report and correctly cite sources wherever required .
Lumikai nor its related persons including their respective directors, partners, contributors, associates, managers, affiliates, or employees shall be
responsible for any loss or liability whatsoever sustained by any person or entity by reason of access to, use of or reliance on, this material . The
views or opinion expressed in the material are those of the author made at the time of writing and are subject to change without notice or
obligation to update the reader . This report is not intended for distribution to, or use by, anyone who is a citizen or resident of any jurisdiction, where
such distribution, publication, availability or use would be contrary to local law, regulation or where it could impose any registration or licensing
obligation on Lumikai and its affiliates . The report and the material therein are owned by or licensed to Lumikai and is protected by copyright and
other applicable intellectual property laws . By using this material or any Information contained in it, the user accepts this entire notice and terms of
use .
©2025 Lumikai®