K-games are on the rise
For decades, gaming has been an unofficial national sport in South Korea, where the industry’s revenue is estimated at $14.6 billion, which makes it the fourth largest in the world behind China, the United States, and Japan.
Establish as a powerhouse in gaming
K-pop and K-dramas are lucrative cultural exports for South Korea. Now, the country is working to establish itself as a powerhouse in gaming as well. Gamers are accustomed to the exciting fantasy worlds of American studios like Rockstar (Grand Theft Auto) or the Japanese company Square Enix (Final Fantasy). But a new wave of Korean titles, including the recently released Crimson Desert, could change that.
Authentic export
The rise of Korean games marks a clear shift compared to 13 years ago, when conservatives in the country called for laws that would classify video games as an addiction, alongside alcohol, drugs, and gambling. Last year, President Lee Jae Myung described them as a truly authentic export. The Korean government has increased its support for the gaming industry, said Darang Candra, research director at Niko Partners, which tracks the Asian video game market.
He noted that the National Assembly proposed several game-related laws last year that “aim to move games from being a regulated activity to a cultural and industrial sector supported by policy.”
Gaming initiatives receive funding boost
Gaming initiatives will receive $49.7 million from a $477.4 million funding pool provided by the Korea Creative Content Agency, an organization affiliated with the Ministry of Culture, Sports and Tourism. By comparison, the broadcasting industry, whose films and television shows have lit up screens for many years, will receive $60.5 million.