South Korea's 5-Year Plan To Grow Its Console Gaming Market By 2028

Franca Quarneti

May 01, 2024

South Korea’s Ministry of Culture, Sports, and Tourism aims to bolster the country’s console gaming sector by 2028, aiming to diversify its gaming industry away from a heavy reliance on mobile and online platforms.

On Wednesday, the government unveiled its five-year plan, as reported by Yonhap News Agency (via GamesIndustry.biz).

See Also: The Shifting Paradigms of Asia’s Video Game Industry

Currently, consoles constitute 28% of the global gaming market, yet South Korea’s share is a mere 1.5%, significantly lagging behind North America and Europe where 40% of players opt for consoles.

Despite this, South Korea is the fourth-largest gaming market globally, with players spending a substantial 22.2 trillion won ($16.04 billion) on video games annually.

To achieve its goal, the ministry plans to support local developers in collaborating with major console manufacturers such as Microsoft Corp. (NASDAQ:MSFT), Sony Group Corp. (NYSE:SONY) and Nintendo ADR (OTC:NTDOY) to create new titles over the next five years.

Additionally, it will offer assistance to independent studios in their endeavors.

This strategic shift follows reports from last November by Niko Partners, indicating that South Korea’s PC gaming market accounted for 55% of East Asia’s gaming revenue.

Moreover, projections suggest that by 2027, the combined PC and mobile gaming markets in East Asia could reach a staggering $30.8 billion.

Read Next: Square Enix’s Financial Blow: $140M Loss From Game Cancellations

Image created using photos from Canva.

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