According to Pearl Research with its new “Online Games Market in Korea” study, the online games market in Korea is forecasted to exceed $2 Billion in 2011. Other key points from the report include:
- 3 of the top 5 game operators in Korea grew their revenues more than 50% in 2009
- Korean game companies have prioritized establishing international operations with the United
- States, Europe, Japan and China as the leading target markets.
- Nexon’s global revenue was $585 million in 2009
- Neowiz’s overseas revenues, which consists of licensing and revenues from international, was $52 million in 2009
- South Korea has one of the highest Internet and personal computer (PC) usage rates worldwide at 80%
Challenges to the market include:
- A glut of content
- Increasing government scrutiny
- Rising development costs
