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Despite being the world’s fourth-largest gaming market, the country accounts for 1.5% of global console revenue.
South Korea’s Ministry of Culture, Sports, and Tourism said it intends to grow the domestic console market by 2028 to revitalize the gaming industry.
According to reports Yonhap Newsthe government announced on Wednesday a five-year plan aimed at reducing reliance on mobile and online platforms and increasing console sales.
According to the ministry, consoles currently account for 28% of the global gaming industry, but South Korea’s share of this market is only 1.5%. By comparison, the ministry reported that 40% of players in North America and Europe play on consoles.
South Korean players spent 22.2 trillion won ($16.04 billion) on video games, making South Korea the fourth-largest market in the world, according to the latest full-year sales data.
The ministry said it will help local developers develop future titles over the next five years in collaboration with companies such as Microsoft, Sony and Nintendo, as well as support independent studios.
Last November, Nico Partners reported: South Korea’s PC gaming market accounts for 55% of East Asia’s revenue. The report predicted that the East Asian PC and mobile gaming market could reach $30.8 billion by 2027.
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“South Korea’s Ministry of Culture, Sports, and Tourism said it intends to grow the domestic console market by 2028 to revitalize the gaming industry. As Yonhap News reported…”
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Source link: https://www.gamesindustry.biz/korea-plans-to-grow-console-industry-in-the-next-five-years
