Korea Aims to Expand Console Market by 2028

The Korean Ministry of Culture, Sports, and Tourism has announced plans to revitalize the country's gaming industry by growing its console market over the next five years. According to a report by Yonhap News Agency, the government unveiled a five-year plan to reduce dependence on mobile and online platforms and increase console sales. Currently, consoles account for 28% of the global gaming market, but Korea's share is limited to 1.5%, whereas 40% of players in North America and Europe use consoles. The latest sales data indicate that Korean gamers spent 22.2 trillion won ($16.04 billion) on video games, making Korea the fourth-largest gaming market globally. To achieve its goals, the ministry will support local developers in collaborating with major companies like Microsoft, Sony, and Nintendo to develop new titles and will also provide assistance to independent studios over the next five years. A report by Niko Partners in November noted that the Korean PC gaming market accounted for 55% of East Asia's revenue and predicted that the East Asia PC and mobile gaming markets may reach $30.8 billion by 2027.