RESEARCH NOTES

South Korean Game Market Reaches KRW 23.85 Trillion… Entering a 5-Year Phase of 'Moderate Expansion'

South Korea's domestic game industry sales in 2024 increased by 3.9% year-on-year to reach a record-high KRW 23.8515 trillion, but the growth rate dropped to 3.9% from 21.3% in 2020, signaling that the market has entered a phase of 'moderate expansion.' By sector, mobile games maintained more than half the share at KRW 14.071 trillion (59.0%), while console games posted the highest growth rate at 4.8%, indicating a shift in momentum toward console and PC blockbusters. Export values rebounded slightly to USD 8.50346 billion, maintaining the country's 4th place global market share at 7.2% behind China, the US, and Japan, while export diversification progressed with increased shares in North America and China. In 2025 corporate earnings, Nexon (KRW 4.5072 trillion) and Krafton (KRW 3.3266 trillion) achieved record-high performances, whereas companies like Kakao Games and Webzen struggled, sharpening the polarization based on the ownership of global IPs. In summary, the South Korean game market has already achieved growth in scale and now stands at a turning point moving toward a phase of 'qualitative competition' centered on IP and global competitiveness.