The Korean Times reported that the Culture Ministry of South Korea is planning to focus on developing its console game industry in the coming five years to revive the country’s game industry.

Korea to focus on fostering console game industry over next 5 years: culture ministry https://t.co/fnh66swZE2

— IconEra (@IconEra_) May 1, 2024

The country is devising a five-year plan to promote the game industry, and the Ministry of Culture, Sports and Tourism aims to expand South Korea’s share in the global console game market by 2028. This effort aims to reduce the country’s heavy dependence on online and mobile game platforms.

It’s interesting to note that there have been previous instances where countries have focused solely on developing gaming consoles as a means to enter the gaming industry. Russia, for example, has been following a similar approach and aims to carve its own niche in the industry, just like South Korea.

In their report released in November of last year, Niko Partners highlighted that the Korean PC games market accounted for a substantial 55% share of East Asia’s total gaming revenue. Looking ahead, they offered a forecast suggesting that the combined PC and mobile gaming sectors in East Asia could potentially achieve a significant milestone, projecting a staggering revenue potential of $30.8 billion by the year 2027.

Even amidst evolving gaming trends, it’s evident that South Korean gamers maintain a steadfast devotion to RPGs, a genre that exerted a considerable influence by contributing to approximately 58% of the nation’s overall mobile games market revenue during the initial six months of 2020. This enduring popularity can be attributed to the distinctive blend of social interaction and competitive dynamics intrinsic to RPGs, including immersive live online gameplay, strategic team-based challenges, and the communal aspect of sharing in-app purchases among fellow players.

It comes as no surprise that a large portion of console games comes from North America and Europe. The Culture Ministry of South Korea expressed their desire to be a part of this rapidly growing industry and has plans to change this statistic. The government has also pledged to assist local companies in collaborating with major console game companies such as Microsoft, Sony, and Nintendo in developing blockbuster titles.