Last Friday, the Ministry of Culture, Sports and Tourism and the Ministry of Science, ICT and Future Planning announced a set of measures designed to help promote the industry.

Those measures include new investment, especially in virtual reality (VR) technologies, a sector believed to have high growth potential; deregulations including raising maximum betting limits in some web-based games; and helping game companies on their overseas expansion efforts. South Korea’s online game market had grown rapidly, but in the last few years its growth reached a plateau with the market size being around 9.97 trillion won (US$8.7 billion). The number of new users is on the decline, as the domestic game industry is believed to have matured and competition from China has risen rapidly.

As part of these efforts, the culture ministry also plans to build what it calls a “game boost center,” a planned city with a cluster of IT companies, in Pangyo, south of Seoul. The center, slated to be completed by April 2018, is expected to take a central role in the growth of the industry. Culture Minister Kim Jong-deok said, “The gaming industry can create high-quality jobs for young people including programmers and graphic desighers… The ministry will work closely with the Ministry of Science to usher in the renaissance of the gaming industry.”

Source: Yonhap News Agency