The Korean government presented a plan that aims at supporting the game industry market. The country’s esports growth is also a part of the plan.
Korea’s Government Plan to Support the Game Industry
Korean Culture Minister Park Yang-woo has announced that the government has a plan for supporting the game industry market. The plan includes active revision of the country’s regulatory system which will ultimately lead to growth of the industry.
During a press conference in Seoul earlier in May, Park said: “Large global conglomerates such as Google and Facebook are expanding in the global gaming market with new technologies. However, there is criticism that our regulations are not reflecting such changes and blocking Korean game business from growing.”
Consistent Growth of the Game Industry for a Decade
Looking back a decade, a steady 9.8% growth per annum was registered by the Korean game industry. With an approximate export of $6.4 billion a year, the gaming industry is responsible for 8.8% of the country’s trade surplus. This definitively proves that the game industry is one of the top economic sectors for the country, and already a heaven for mobile gaming.
Furthermore, in the next four years, some 102,000 new jobs are expected to be created with the support of the Culture Ministry. Apart from the new workplaces, by 2024 the government expects the industry growth to reach 11.5 trillion won in export and 19.9 trillion won in sales. According to Kim Hyun-hwan, Director General of Content Policy Bureau of the Culture Ministry, this growth will be accomplished with the help of small and medium-size companies.
Esports in Korea Will Also Benefit from the Country’s Plan
In addition to the game industry, Korea’s government plan is also looking to support the esports industry. Minister Yang-woo commented on the subject: “As a current leader of the esport industry, we will create an ecosystem to stretch out further.” According to the plan, an esport center will be established, which will grant players the opportunity to participate in in amateur esports teams. This comes at a time when interest in esports as a whole and esports betting has grown.
The ministry has also planned the release of a universal contract form in order to ensure safeguards for esports players. Commenting on the tensions surrounding the global coronavirus (COVID-19) pandemic, Kim noted that the country is not worried.
South Korea plans on continuing to lead in esports by hosting a joint event with China and Japan in November.
Responding to qualms about the feasibility of the project, Kim said: “We can also consider holding the event while the players stay in their own country. This is possible for esport events.”