South Korea Video Game Market to Grow at a CAGR of 8.4% During 2024-2032, Aided by the Supportive Infrastructure and Increasing Technological Advancement

The presence of strong infrastructure and high interest in e-sports are supporting the growth of the South Korea video game market. The country is the fourth-largest in the global video gaming market in terms of revenue. The video gaming market in the country has increased by 123.9% from 2012 to 2022, from KRW 9.75 trillion in 2012 to KRW 21.83 trillion. About 71% of the population in South Korea played video games in 2021, including mobile games, PC games, and console games. The internet connectivity in the country accounted for 97% in 2022, providing a strong infrastructure base for the gaming community.

In addition, the rising popularity of South Korean video games in China is aiding the market. Since late 2022, at least 18 of South Korea’s major video games received a license for commercial release in mainland China. Notably, titles like Dungeon & Fighter Mobile and The King of Fighters All Star have secured licenses, indicating a positive trend. Due to increased demand, South Korean gaming giants such as Nexon, NCSoft, and Netmarble are positive about prospects in mainland China.

In April 2024, SM Entertainment Co., Ltd, a South Korean multinational entertainment agency, and Kakao Games Corp., a South Korean video game publisher, partnered to develop a mobile game titled "SM Game Station," leveraging SM's artist intellectual property. Kakao Games Corp. will handle global publishing and service, with Metabora overseeing game development. Players will manage artists' schedules, promote albums, and nurture new talents within the game. Both companies aim to offer a unique entertainment experience by merging Kakao's gaming expertise with SM Entertainment's rich content.

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Market Breakup by Device and Platform Type:

• The market is segmented based on product into console, mobile, and computer.

• Based on platform type, the market can be divided into online and offline.

Key Findings of the Report:

• The market benefits from increased internet penetration and the presence of strong IT infrastructure in the country. 

• The increased interest of the South Korean population in e-sports and the organisation of e-sporting championships and leagues are supporting the market growth. 

• The integration of advanced technologies like AR, VR, 3D, among others is enhancing the experience of users, thereby attracting more gaming enthusiasts. 

• The increasing collaborations and partnerships by leading market players, and the growing demand for South Korean video games in mainland China, among other regions, aid the market development.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea video game market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the device and platform type of video game in South Korea. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea video game market are Netmarble Corp., Gravity Co., Ltd., Doubleugames Co., Ltd., Riot Games, Inc, and NHN Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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