A photo of First Vice Culture Minister Jeon Byeong-geuk provided by the culture ministry (Image courtesy of Yonhap)
SEOUL, May 1 (Korea Bizwire) — South Korea will focus on fostering its console game sector over the next five years as part of efforts revive the country’s game industry, the culture ministry said Wednesday.
Under the five-year plan to promote the game industry, the Ministry of Culture, Sports and Tourism will work to expand the country’s share in the global console game market by 2028, aiming to reduce its heavy dependence on online and mobile game platforms.
South Korea has the fourth-biggest game industry in the world in terms of sales, posting a combined revenue of 22.2 trillion won (US$16.04 billion) in 2022, driven by the growth of online and mobile games.
However, the country’s share of the global console game market is only 1.5 percent, which constitutes 28 percent of the entire industry, with mobile games accounting for 44 percent, according to the ministry.
Also, more than 40 percent of gamers in North America and Europe play console games, the ministry added.
The government said it will help local companies cooperate with major global console game companies, like Microsoft, Sony and Nintendo, to develop blockbuster titles.
It also plans to provide support to independent game companies for the development of a wider range of video games.
(Yonhap)
