kbr-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.
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.
Surpassing the KRW 20 Trillion Mark Followed by 3% Growth Rates: A 5-Year Data-Driven Look at the South Korean Game Market Through the Game White Paper and Corporate Earnings Executive Summary: Single-Digit Growth After Breaking the KRW 20 Trillion Barrier While the overall scale of the South Korean game market has steadily expanded over the past five years, its growth velocity has slowed noticeably. According to the "2025 Korea Game White Paper" published by the Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency on March 25, 2026, domestic game industry sales for 2024 were tallied at KRW 23.8515 trillion, representing a 3.9% increase year-on-year. This marks the largest scale in history. However, compared to a few years ago when double-digit growth was recorded, the pace of expansion has noticeably decelerated. It is closer to the truth to view the market as h…
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