Dublin, Oct. 24, 2024 (GLOBE NEWSWIRE) -- The "South Korea Video Game Market Forecast Report by Platform Type, Age Group, Device and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The South Korea Video Game market is expected to reach US$ 5.29 Billion in 2023 to US$ 12.50 Billion by 2032, with a CAGR of 10.03 % from 2024 to 2032
The main factors driving the sector include rising disposable income, rising living standards, increased internet penetration, sponsorship and advertising by IT companies, strong demand for virtual reality games, game livestreaming, and alternatives to rent out movie theater screens. 
A small group of powerful corporations known as 3N+K2 (Nexon, NCSoft, Netmarble, Smilegate, Kakao Games, and Krafton) control the majority of the blockbuster games that have been produced in Korea in recent years. With a minimum production cost of $1 million USD, South Korea is presently the world's largest manufacturer of mobile games. Major Korean publishers are interested in collaborating with foreign creators for international publishing deals, especially those for multi-platform games, as they strive to expand beyond Asia to become global players.
Since play-to-earn games have not yet been rated by the Korean Game Rating and Administration Committee (GRAC), which is required for a game to be lawfully distributed and serviced in Korea, these plans are now concentrated on international markets. For a long time, the Korean government has been concerned that game speculation could result in addiction and gambling. Nevertheless, Korean game businesses' inclination toward web3 gaming is a permanent one.
In Korea, video games have long been a part of the culture, with over 74% of people playing them. Massively multiplayer online games (MMOs) are a favorite pastime among South Korean gamers, who particularly like roleplaying video games (RPGs), shooters, and real-time strategy games (RTSs).
Growth Drivers for the South Korea Video Game Market
Advances The video game industry in South Korea is greatly influenced by the country's dynamic pop culture and entertainment sectors.
Game material frequently draws inspiration from popular media, including K-dramas, music, and movies, incorporating well-known themes and characters that appeal to local gamers. Games are more appealing and engaging for South Korean audiences as a result of this cultural synergy. BTS Jin, a well-known video game enthusiast and expert, teamed up with Nexon in August 2023 to develop MapleStory, a massively multiplayer online role-playing game. The BTS member earlier increased the game's goods sales in the nation and served as a judge for the Golden Hands Awards, which are given out by the firm for character design. It is anticipated that this collaboration would increase the game's popularity across the nation.
Through numerous supportive measures, the South Korean government plays a crucial role in fostering the growth of the video game sector.
Encouraging policies are intended to stimulate game development and innovation, such as tax incentives and subsidies. Grants for startups and funding programs designed to assist businesses in overcoming financial obstacles so they may concentrate on producing high-caliber games are common examples of government initiatives.
To help the gambling industry, the government makes infrastructure investments in addition to financial support. This entails establishing cutting-edge facilities and resources for game makers as well as supporting trade shows and conferences. These initiatives support the domestic and international success of South Korean game creators by fostering an environment that is favorable to growth and expansion. The industry's competitiveness is increased and its continued success and growth are greatly aided by this strategic support.
The shutdown regulation, which prohibited minors from playing video games for extended periods of time in an effort to avoid addiction, was repealed by the South Korean government in 2021. The government made the decision to monitor games that are harmful to society and youth, provide counseling services to individuals, and uphold a positive and adaptable gaming culture in the nation in order to keep up with the rapidly evolving lifestyle and the steadily expanding video game industry.
South Korea Video Game Company Analysis
The major participants in the South Korea Video Game market includes Tencent Holdings, Take Two Interactive Software, Sony, Sega Sammy Holdings, Nintendo, Microsoft, Electronic Arts, Bandai Namco Holdings, Activision Blizzard.
South Korea Video Game Company News
In May 2024, according to app tracking site Appmagic, the side-scrolling action game, which was created by South Korea's Nexon and published by Tencent, shot to the top of the Chinese app store's sales charts just hours after its May 21 release.
In May 2024, to revive the nation's gaming sector, the Ministry of Culture, Sports, and Tourism of Korea has stated that it plans to increase the console market by 2028. In order to increase console sales and lessen its dependency on online and mobile platforms, the government presented its five-year plan.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $5.29 Billion |
| Forecasted Market Value (USD) by 2032 | $12.5 Billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | South Korea |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. South Korea Video Game Market
6. Market Share Analysis
6.1 Platform Type
6.2 Age Group
6.3 Device
7. Platform Type
7.1 Online
7.2 Offline
8. Age Group
8.1 Generation X
8.2 Generation Y
8.3 Generation Z
9. Device
9.1 Smartphones
9.2 Computer
9.3 Consoles
10. Porter's Five Analysis
10.1 Bargaining Power of Buyers
10.2 Bargaining Power of Suppliers
10.3 Degree of Rivalry
10.4 Threat of New Entrants
10.5 Threat of Substitutes
11. SWOT Analysis
11.1 Strength
11.2 Weakness
11.3 Opportunity
11.4 Threat
12. Company Analysis
12.1 Overview
12.2 Key Persons
12.3 Recent Development & Strategies
12.4 Product Portfolio
12.5 Financial Insight
- Tencent Holdings
- Take Two Interactive Software
- Sony
- Sega Sammy Holdings
- Nintendo
- Microsoft
- Electronic Arts
- Bandai Namco Holdings
- Activision Blizzard
For more information about this report visit https://www.researchandmarkets.com/r/57gk63
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