South Korea to focus on growing console game industry in bold five year plan
A major focus on the console game sector will be undertaken by South Korea over the next five years as they share details of a new plan to revive and bolster their game industry.
As reported by Yonhap News Agency, the Ministry of Culture, Sports and Tourism will work on expanding the country’s share in the global console game market by 2028.
They’ll also aim to reduce their heavy dependence on online and mobile game platforms.
While the country has the fourth-biggest game industry in the world according to sales, its share of the global console market is only 1.5 percent.
To boost this, local companies will be supported and the Ministry will help them to cooperate with major global players like Microsoft, Sony, and Nintendo to develop blockbuster titles.
Plans include further assistance for independent game companies as the development of a wider range of video games is the goal.
While the five-year plan hones in on the gaming industry, the country continues to pay attention to all forms of content in its 2024 business plan.
On the Ministry of Culture, Sports and Tourism official website, financial support of 1.74 trillion South Korean won has been committed to Korean content including games, videos, cartoons, and webtoons.
South Korean startups shine in the gaming world
While South Korea has its fair share of huge gaming companies, like Nexon, NCSoft, and Netmarble, its smaller companies are being favored by gamers.
On April 26, a mobile role-playing game titled Reverse Three Kingdoms claimed the top spot in the Google Play Store game rankings and beat out major competition from Netmarble’s release of Arthdal Chronicles: Three Factions.
The highly-ranked game was debuted by The Technology which only recently entered the gaming market after adding ‘game business to its business purpose at a meeting in March.
A week earlier, on April 18, a game named Light of the Stars by MobiGames outperformed Kakao Games’ new title Ares: Rise of Guardians.
Again, MobiGames is relatively new to the industry as it entered the gaming business in March of last year.
While the main players continue to do well, it’s promising that smaller companies and developers are beginning to emerge.
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