Korean gov’t unveils plans to diversify game industry

“Dave the Diver”

The South Korean government on Wednesday unveiled plans to bolster the console gaming sector as it seeks to diversify the industry landscape currently focused on mobile and online platforms.

The Ministry of Culture, Sports, and Tourism announced on Wednesday comprehensive plans to promote the game industry during a cabinet meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok.

As part of the five-year initiative that spans from 2024 to 2028, the government aims to provide coordinated support for companies venturing into console games by facilitating platform entry and promotion efforts.

In addition, programs will be implemented to share the expertise of leading companies to address perceived gaps in experience in the production and distribution of console games.

In addition, the government will identify games with significant growth potential in the global market and provide appropriate support for consulting, promotion, and distribution.

Major players in the industry such as Nexon Korea Corp., NCsoft Corp. and Neowiz have already taken steps to enter the console arena.

Nexon, through its sub-brand Mint Rocket, has released the PlayStation version of the marine adventure game “Dave the Diver”.

“Throne and Liberty”

NCsoft, known for the massively multiplayer online role-playing game (MMORPG) “Lineage,” is working on the console version of “Throne and Liberty,” with co-chief executive officer Kim Taek-jin emphasizing efforts to diversify both console and genre.

The Korean gaming industry‘s attention to console gaming reflects a broader drive for diversification.

According to market research firm Grand View Research, the global gaming market is projected to grow to about $583.6 billion by 2030, up from $242.3 billion in 2023.

In the U.S. market alone, consoles account for 29.4 percent, with mobile accounting for 45.7 percent and PC for 24.9 percent, underscoring the importance of diversifying revenue streams beyond mobile and PC platforms.

“The plan includes various support measures to enable the game industry to overcome crises by actively challenging new markets beyond its traditional strengths,” said Jeon Byung-geuk, First Vice Minister of the culture ministry.