South Korea Video Game Overview
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.
Platform Type - Industry is divided into 2 viewpoints:
1. Online2. Offline
Age Group - Industry is divided into 3 viewpoints:
1. Generation X2. Generation Y
3. Generation Z
Device - Industry is divided into 3 viewpoints:
1. Smartphones2. Computer
3. Consoles
All companies have been covered with 5 Viewpoints
1. Overview2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight
Company Analysis
1. Tencent Holdings2. Take Two Interactive Software
3. Sony
4. Sega Sammy Holdings
5. Nintendo
6. Microsoft
7. Electronic Arts
8. Bandai Namco Holdings
9. Activision Blizzard
Table of Contents
Companies Mentioned
- Tencent Holdings
- Take Two Interactive Software
- Sony
- Sega Sammy Holdings
- Nintendo
- Microsoft
- Electronic Arts
- Bandai Namco Holdings
- Activision Blizzard
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 5.29 Billion |
| Forecasted Market Value ( USD | $ 12.5 Billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | South Korea |
| No. of Companies Mentioned | 9 |
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