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Base Year
Historical Year
Forecast Year
The South Korea Video Game market reached a value of more than USD 12.40 billion in 2023. The South Korea video game market is expected to grow at a CAGR of 8.4% between 2024 and 2032. The video game market of South Korea is expected to reach USD 25.61 billion by 2032.
South Korea Video Game Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 12.40 |
Market Size 2032 | USD Billion | 25.61 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 8.4% |
CAGR 2024-2032 - Market by Device | Mobile | 9.4% |
CAGR 2024-2032 - Market by Platform Type | Online | 9.6% |
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According to the Korea Creative Content Agency (KOCCA) , the South Korean Gaming Market reached 18.9 trillion won (209.6 billion dollars) and ranked four worldwide in 2020. Mobile games were the best-selling type, followed by PC games making 57.4% and 26% of total sales respectively in 2020.
In 2021, the South Korean government lifted the shutdown law , which aimed to prevent addiction among youth by restricting playing video games for a prolonged period. To keep up with the changing lifestyle and the steady growth of the video game industry, the government decided to keep a check on the games which are detrimental to the youth as well as society, offer counselling programs to people and maintain a flexible and wholesome gaming culture in the country.
The gaming company, NCSOFT Corp., entered the entertainment industry and launched an online platform for K-pop fans. The company's mobile app, Universe, uses AI through which fans can now interact with various celebrities. Similarly, multiplayer online role-playing game (MMORPG) company Nexon Co. is now indulged in producing films and dramas. NCSOFT's PlayerUnkown's Battlegrounds (PUBG) gained immense appreciation both in the country as well as overseas. Netmarble, one of the key players in the South Korea video game market, bought shares in Hybe and launched a game on BTS. Consumers are welcoming this unification of the entertainment and gaming industry.
Digital promotion via metaverse game titles is on the rise in the country. Companies such as Pearl Abyss Corp. have planned to put corporate logos and symbols on the building, billboards and stores in their metaverse-based video game DokeV. These digital ad marketing is aiding the economic development of the business and adding a new source of revenue for them. A similar venture is planned by Com2uS. The company established Com2Verse in April as a joint venture with its subsidiaries WYSIWYG Studios and NP.
For more than two decades, Esports matches have been live-streamed and conducted in stadiums like any other physical sports. The country has the Korean Esports Association (KeSPA), a part of the Ministry of Culture, Sports, and Tourism. These Esports are very well-liked and accepted in the country, and these gamers are treated as professional athletes by the people. Due to these reasons, Korea is seen as the Esports capital of the world , thus bolstering the country's gaming industry.
Key players in the industry are now expanding their reach by developing apps with AI-generated artists to give the fans a better interactive experience. Universe by NCSOFT and BTS World by Netmarble Corp. are two of the most used apps in the country. In August 2023, BTS Jin, known for his passion and excellence in video games, collaborated with Nexon, the company that created MapleStory, an MMORPG (massively multiplayer online role-playing game). The BTS member previously boosted the sales of the game's merchandise in the country and judged the company's character design awards called Golden Hands Awards. This partnership is expected to further popularise the game in the country.
Covid-19 and prolonged lockdown slowed down the revenue system of movie theatres in the country. Since then, many of the theatres lend out screens to gamers for 2-3 hours. Streaming games while playing is now a common way to reach out wider audience who are interested in video games.
The majority of Korean VR games are made for multiplayer. This attracts many people, such as families, friends, and couples, to indulge more in the Metaverse market. Consequently, this makes the Metaverse more accessible to those who aren't avid gamers. VR games are now very trendy among the younger generation during going on a date or hanging out with friends or families.
Moreover, the stocks of gaming companies such as Netmarble, NHN entertainment, Nexon, and NCSoft among others grew steadily when COVID-19 hit all over the world. Since people are now accustomed to home-based or indoor entertainment the market will further augment during the given forecast period. COVID-19 Pandemic Boomed the Video Game Market of South Korea.
Ever since companies such as Samsung and Microsoft started sponsoring the World Cyber Olympics, the market has been experiencing positive growth. These companies aid in promotions, advertising, financing, and building partnership locally and overseas. Furthermore, due to the growing discretionary income and improved lifestyle, people are willing to spend more on recreational activities.
Gaming has become as means of socialisation in South Korea. Therefore, multiplayer games are usually much preferred among Korean population. As a result, these games are built with options such as chatting, sending requests to contacts, or sending gifts in the games. Generation Z and millennials use video games as a means of both entertainments as well as socialisation.
Due to excellent 5G internet services in South Korea, the high-tech metaverse games are growing in the country. The country has one of the world's most organised and fastest digital infrastructures. This is one of the key factors propelling the video game market growth. Moreover, easy access to smartphones, laptops, and gaming consoles also aids the market growth.
P2E games are blockchain-powered and provide users with monetary rewards based on their performance. Players can trade their cryptocurrency for trading items in the game while playing. These blockchain-based video games are illegal to play in the country, which poses a slight hindrance to the growth of the country’s video game market.
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Based on device the market can be segmented into console, mobile, and computer, among others. On the basis of platform type the market can be divided into online and offline platform.
CAGR 2024-2032 - Market by | Device |
Mobile | 9.4% |
Console | XX% |
Computer | XX% |
Others | XX% |
The rising prevalence of metaverse and multiplayer online role-playing games (MMORPG) are providing significant impetus to the industry growth across the segments. With the growing technological advancements in the industry, many old PC-based games such as KartRider and Maple Story are revamped into smartphone video games. The country is considered one of the largest producers of mobile video games, with varied genres and high-tech graphics. With the increasing discretionary income, people spend more on expensive and technologically advanced smartphones, computers, and gaming consoles.
CAGR 2024-2032 - Market by | Platform Type |
Online | 9.6% |
Offline | XX% |
The South Korea video game market is thriving due to the expansion of internet penetration and IT infrastructure in the region. The online segment secures a significant share in the market, while the offline sector is also well accepted in the country. Computer gaming rooms known as PC bangs are widespread in the country, especially among school-going students, due to ease of access and affordability. Moreover, as South Korea is considered the capital of Esports, many people pursue the career of professional gamers. The gamer community in the country is very competitive and has a considerable impact on the video gaming industry on a global level.
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Netmarble Corp. – Established in the year 2000 is one of the largest mobile-game developer companies in South Korea. The company has been producing some of the fastest-growing video games, including BTS World, MARVEL Future Fight, Lineage 2: Revolution and many more. With Tencent Holdings, the largest internet firm in Asia, CJ E&M Corporation, the largest entertainment company in Asia, and NCsoft, a well-known MMO provider, Netmarble is the largest shareholder of SGN, a renowned casual game producer.
Gravity Co. Ltd - Gravity is known for creating competitive games with a variety of genres and distinctive features. Ragnarok Online, a well-known MMORPG game that appeals to the largest gaming demographics worldwide, was produced by GRAVITY.
The first Korean video game firm to list on the NASDAQ was GRAVITY. GRAVITY has branches in the US, Europe, and Russia, where it has developed international subsidiaries and collaborative partnerships. The company have been producing and sharing the quality of Korean online games through collaborations. In addition to being successful in the online game industry, GRAVITY has also created several mobile games, including Tower of Accession, Ragnarok Ash Vacuum, and others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Device |
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Breakup by Platform Type |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the South Korean video game market attained a value/volume of nearly USD 12.40 billion.
The South Korea video game market is projected to grow at a CAGR of 8.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 25.61 billion by 2032.
Increasing disposable income, improved standards of living, growing internet penetration, sponsorship and promotion by tech-companies, high demand of VR games, livestreaming of games and options to lent movie theatre screens are the major industry drivers.
Popularity of Esports and celebrity influence are the key industrial trends.
The major players in the industry are Netmarble Corp., Gravity Co., Ltd., Doubleugames Co., Ltd., Riot Games, Inc., and NHN Corp., among others.
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