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With an eye toward reducing dependence on mobile platforms, South Korea's government laid out a five-year plan Wednesday to bolster its console gaming sector, which currently represents a mere 1.5% of the global market.
Revitalizing South Korea's Gaming Industry Through Consoles
Yonhap News reports that South Korea's culture ministry announced it will concentrate on growing its console game sector over the next five years to revitalize the nation's gaming business.
The Ministry of Culture, Sports, and Tourism will seek to increase the nation's market share of console games worldwide by 2028 as part of the five-year strategy to boost the gaming industry. The goal is to lessen the country's heavy reliance on online and mobile gaming platforms.
Driven by the expansion of online and mobile games, South Korea's game business is the fourth largest in the world in terms of sales, with a combined revenue of 22.2 trillion won (US$16.04 billion) in 2022.
According to the government, mobile games make up 44% of the sector, while the country only has a 1.5% part in the worldwide console game market, which makes up 28% of the whole market.
Government Support for Independent Game Developers
The government announced that it will assist regional businesses in collaborating with major international console gaming companies, such as Microsoft, Sony, and Nintendo, to create hit games.
Furthermore, the government is committed to fostering a more diverse gaming landscape by supporting independent game developers in creating a more comprehensive array of video games.
According to Telecompaper, the ministry has outlined a comprehensive plan to nurture a stable start-up environment. This includes facilitating connections between independent game companies and industry giants and providing "multi-year support" to games with the potential for significant global growth.
Additionally, the government is committed to enhancing user safety while promoting more significant usage and will revamp the regulatory framework.
Photo: Venson Chou/Unsplash
