Government Announces Plan to Promote Content Industry
Systematic Support for Console Genre Production and Promotion
Growing G-Star to be One of the Top 3 Game Shows in the World,
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, ‘G-Star is to grow into one of the top 3 game shows in the world. The level of Korean console games will be elevated. The government has aligned its game industry growth strategy with platform strengthening and expanding intellectual property (IP). The plan is for South Korea to lead the way in advancing to become one of the top 4 content powerhouses in the world, with games taking the forefront.’,
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, ‘At the 8th Content Industry Promotion Committee held at the LH Enterprise Growth Center in Seongnam, Gyeonggi-do on the 18th, under the chairmanship of Prime Minister Han Duck-soo, the Ministry of Culture, Sports and Tourism announced a basic plan for promoting the content industry based on this content. In the game sector of the MCST plan, the support for console genre mentioned in the comprehensive 5-year plan for game industry promotion announced on the 1st of last month was emphasized, and the expansion and revision of Korea’s largest game exhibition G-Star emerged anew.’,
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, ‘The domestic game industry has been steadily growing, achieving a record high revenue of 22.2 trillion won in 2022. It ranks 4th in the world in terms of scale. However, last year, due to a lack of development capacity due to the economic downturn and the impact of rising labor costs, the performance sharply declined. The MCST stated that through this promotion plan, it will provide comprehensive support to enable the game industry to release games that can once again conquer the global market.’,
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, ‘First, the government plans to concentrate on promoting the console genre, which has recently emerged as a core area of the game industry, to greatly improve the level of Korean games. It will systematically support from discovering excellent console games through collaboration with global console platform companies such as Microsoft, Sony, and Nintendo, to promotion and marketing. Considering the nature of the console genre, which requires a long production period and high production costs, it will establish multi-year production support measures.’,
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, ‘Recently, the performance of domestic game companies in the console sector has been quite impressive. Neowiz’s “The False of P” achieved a 1085% increase in operating profit in the first quarter of this year based on its success. Sales and net profit also increased by 42% and 365%, respectively. Shift Up’s “Stella Blade” released last month also gained popularity in Japan and North America, the home territories of console games. Nexon’s “Dave The Diver” was the first Korean game to win the game design category at the “British Academy of Film and Television Arts (BAFTA)” in April.’,
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, ‘The key to success in console games is to create games with excellent quality gameplay that can appeal to international markets. It needs to encompass not only high-quality graphics but also fresh yet solid stories, unique characters, dramatic production, and convenient usability. An industry insider stated, “For console games to succeed, there needs to be something new that can captivate gamers.”‘,
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, ‘The government will support expanding the largest domestic game show, G-Star, which will be held in November this year, into a comprehensive exhibition that combines games, music, webtoons, and other content industries to grow into one of the top 3 game shows in the world. As cases of expanding IPs based on games to other content areas such as movies, animations, and webtoons are increasing significantly, it will broaden the exhibition field by organizing exhibitions based on game IPs such as eSports tournaments and K-pop performances.’,
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, ‘Yoon Yang-soo, director of the MCST’s Content Policy Division, stated, “We will collaborate with Busan to transform G-Star into a comprehensive arts festival that can become like the world’s largest festival ‘South by Southwest’ held annually in Texas, USA.”’