Park Yang-woo, Korean Culture Minister announced that the government is planning to support the game industry market & to maximize its potential. During a press conference held in Seoul in the month of May Park said,

“Large global conglomerates such as Google & Facebook are expanding in the global gaming market with new technologies. However, there is criticism that our regulations are not reflecting such changes and blocking Korean game business from growing.”

Growth of the Industry for a decade

Over the last 10 years, a steady 9.8% growth per annum was registered by the Korean game industry. With an export of about $6.4 billion a year, the gaming industry is the main reason behind 8.8% of the country’s trade surplus. By 2020, the government is expecting the gaming industry to reach 19.9 trillion won in sales & 11.5 trillion won in export.

How the Esports in Korea will benefit from the Country’s Plan?

Korean government is looking to support the esports industry as well. According to the plan, an esports centre will be set up which will give the players the opportunity to take part in amateur esports teams. Expectations regarding the growth of the esports betting are also significant as that will surely increase the interest in esports as a whole.

In order to ensure safeguards for esports players, the ministry will release a universal contract form. The country is not really worried about the COVID-9 pandemic as of now. South Korea is planning to lead in esports by hosting a joint event with Japan & China in the month of November. Talking about the feasibility of the project Kim Hyum-hwan, Director General of Content Policy Bureau of the Culture Ministry said, “We can also consider holding the event while the players stay in their own country. This is possible for esport events.”