Korea to focus on fostering console game industry over next 5 years: culture ministry

[Gamernyc78]

Korea to focus on fostering console game industry over next 5 years: culture ministry

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.

m.koreatimes.co.kr

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.

Korea has the fourth-biggest game industry in the world in terms of sales, posting a combined revenue of 22.2 trillion won ($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)

 

[Evilnemesis8]

Makes sense, they have a lot of local Online PC games(MMOs, etc) and mobile games.
The local economy in Korea is not doing the best and young people have less disposable income.

It's an appealing growth opportunity for them to try and make console games that would hit in the NA+EU market while still getting the usual Asia cash. Not an insignificant amount of studios do have HD development via PC as well titles, so it's not like they don't have zero technical expertise in the graphical rendering side of things.

 

[xollowsob]

Samsung is Korean, right?

I wonder if we will see them take another stab at buying the Xbox brand, or, if they will have a stab at entering the console race...

 

[Box]

Good bring on more Korean Games, so far they have been hitting out of the park

 

[Gamernyc78]

Samsung is Korean, right?

I wonder if we will see them take another stab at buying the Xbox brand, or, if they will have a stab at entering the console race...

I'd love samsung in gaming

 

[voke]

Lies of P, now Stellar Blade.

They're gonna body this industry 100%

 

[voke]

Samsung is Korean, right?

I wonder if we will see them take another stab at buying the Xbox brand, or, if they will have a stab at entering the console race...

Samsung is going to be one of the OEM once MS drops out so this already happening in a way.

 

[Jim Ryan]

Excellent, since PlayStation basically is console now.

 

[Systemshock2023]

About time that the most populated region on earth had more presence in the gaming industry. Japan has been declining since the mid 00s with sudden bursts of brilliance here and there.

Lies of P was one of the best games of 2023, and with amazing optimization to boot (something from software doesn't seem to understand)

Hopefully lies and stellar blade are the first among many great games to come.

 

[mibu no ookami]

Samsung is Korean, right?

I wonder if we will see them take another stab at buying the Xbox brand, or, if they will have a stab at entering the console race...

This coming from the guy who left 4 laughing emojis on my posts but never rebutted any of them... Now I can see why.

No, they're not going to buy Xbox. The government wants more console sales because it'll protect game development in the country. Microsoft puts billions of dollars into Xbox and the brand is dead.

Samsung has a market cap of 37 billion dollars. Buying the Xbox brand would be a money pit, especially as they wouldn't be able to afford the software development side. So Xbox plus no games, plus no gamepass... Sounds like a recipe for success huh?

 

[Evilnemesis8]

Lies of P was one of the best games of 2023, and with amazing optimization to boot (something from software doesn't seem to understand)

Hopefully lies and stellar blade are the first among many great games to come.

I know players on PC were like "Sooo... This is what it feels to play a souls game at 120+ FPS with no stutters"

A few tears were shed, no doubt.

 

[xollowsob]

This coming from the guy who left 4 laughing emojis on my posts but never rebutted any of them... Now I can see why.

Are you getting me mixed up with someone else? I don't often leave emojis and 4 seems autistically extreme...it could have been me.

No, they're not going to buy Xbox. The government wants more console sales because it'll protect game development in the country. Microsoft puts billions of dollars into Xbox and the brand is dead.

At one point, Samsung were in talks with MS to buy the Xbox brand. Which, I'm sure you know, seems as you've been playing games longer than I was born.

Samsung has a market cap of 37 billion dollars. Buying the Xbox brand would be a money pit, especially as they wouldn't be able to afford the software development side. So Xbox plus no games, plus no gamepass... Sounds like a recipe for success huh?

Samsung were rumoured to be interested many years ago, before the series consoles and acquisitions. EA and Disney were also rumoured to be in discussion to buy the brand.

 

[BroodCorp]

It needs fostering because right now things are looking bleek.

Edit: so they mean Korea specifically and not the console industry overall.

More people making console games is a good thing. I want that sector of gaming to continue to thrive.

 

[mibu no ookami]

Are you getting me mixed up with someone else? I don't often leave emojis and 4 seems autistically extreme...it could have been me.

It was definitely you.

At one point, Samsung were in talks with MS to buy the Xbox brand. Which, I'm sure you know, seems as you've been playing games longer than I was born.

I'm sure Xbox had a lot of suitors when they were riding on in the 360 days. They can't sell at all in Europe and Asia now and their North American sales are dwindling. There is no value in the brand. Samsung would be better off creating a Galaxy Console rather than spending billions? buying Xbox and trying to recuperate it.

Samsung were rumoured to be interested many years ago, before the series consoles and acquisitions. EA and Disney were also rumoured to be in discussion to buy the brand.

As I said, many were probably interested after the 360, especially when they saw Microsoft's strategy of a media first console. That could have been huge, but things change.

Look at Google and Youtube TV and Disney with Hulu.

If Sony had rebranded PlayStation Vue into a more platform agnostic name and focused on getting it up on more devices it could have been a major competitor to YTTV and Hulu live. Combine that with Crunchyroll and PS+ and potentially with Sony buying Paramount and getting Paramount+, Sony could have been a serious contender in the streaming space.

In this same period of time Netflix dwarfed them in Market Cap.

 

[Airbus]

Refreshing news

Glad to see south korea getting serious about console gaming

And I want to see more country to join the party aswell

 

[Gamernyc78]

Hero Project hopefully pans out.

 

[Eternal_Wings]

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.

Korea has the fourth-biggest game industry in the world in terms of sales, posting a combined revenue of 22.2 trillion won ($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)

Source

 

[Etifilio]

hopefully Sony takes this opportunity to acquire a lot of studios in Korea, there's a lot of potential in the country

 

[Eternal_Wings]

hopefully Sony takes this opportunity to acquire a lot of studios in Korea, there's a lot of potential in the country

ShiftUp would be a solid get.

 

[Etifilio]

ShiftUp would be a solid get.

no doubt, they need to watch NeoWiz too, Lies Of P should've been a PlayStation console exclusive game