Korea plans to grow console industry in the next five years
Country accounts for 1.5% of global console revenues, despite being fourth biggest games market in the world
Korea's Ministry of Culture, Sports, and Tourism has said it intends to grow the country's console market by 2028 in order to revitalise its games industry.
As reported by Yonhap News Agency, the government unveiled its five-year plan on Wednesday, aiming to reduce its reliance on mobile and online platforms and boost console sales.
Consoles currently make up 28% of the global games industry, but Korea's share of this market is only 1.5%, according to the ministry. By comparison, the ministry reported 40% of players in North America and Europe play on consoles.
The most recent full-year sales data show that Korean players spent 22.2 trillion won ($16.04 billion) on video games, making the nation the fourth biggest market in the world.
The ministry said it will aid local developers to work with companies such as Microsoft, Sony, and Nintendo to develop future titles over the next five years, as well as support independent studios.
Last November, Niko Partners reported that the Korean PC games market made up 55% of East Asia's revenue. It predicted that the East Asia PC and mobile games markets may reach $30.8 billion by 2027.
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