According to an article on Business Korea, the Korean government is planning to invest at least $209 million USD over the next five years to promote the growth of the game industry.
This comes in a year where game developer 4:33 Creative Labs raised around $110 million USD from Tencent / Line, Smilegate bought a $110 million USD stake in Sunday Toz, Devsisters went public at a $627 million USD valuation, we announced over $1 billion USD investment from China into the industry, and discussed how Smilegate's 'Crossfire' has been the most valuable game in the industry, worldwide, for two straight years.
President Park's administration has been very gung-ho in supporting creative industries, but does the Korean gaming industry really need a handout? Regardless, The Ministry of Culture, Sports and Tourism released the plan for its promotion. According to the plan, over-the-top services are prepared so that various types of content can be provided via wired Internet networks, and an industrial ecosystem be established for games using next-generation platforms.
Samsung Electronics and other Korean corporations aim to form a new council to this end. Assistance with artificial intelligence and user experience R&D is expanded at the same time. When it comes to the regulations applied to the industry, the government is going to relax those so as to ensure a higher level of autonomy while improving the game rating system.
“Excessive government regulations hinder the development of any industry, and the goal should be seen on a global perspective,” said the ministry, adding, “It is more preferable for the industry itself to try to fulfill its social responsibility than for the government to pose coercive constraints.”