Tag Archives: billions

Korea’s government is backing the nation’s games industry with a 350 billion won ($200 million) investment until 2012, aiming to expand the country’s game exports to 5 trillion won ($3.39 billion) per year.

According to a report in Korean news publication Digital Chosunilbo, Culture, Sports and Tourism Minster Yu In-chon revealed the plans in a recent meeting, citing the potential for the games industry to drive future growth.

More on Gamasutra.

According to the PricewaterhouseCoopers comprehensive Global Entertainment and Media Outlook report for 2008 on Reuters, the videogame industry should be worth $68 billion by the year 2012.

Console games will continue drive sales, with an expected growth of 6.9 percent from $24.9 billion in 2007 to $34.7 billion in 2012. The report also predicts an increase at a compound annual rate of 6.3 percent, with sales up to $11.7 billion in 2012 from $8.6 billion in 2007 in the US.

Online games, which generated $6.6 billion in 2007, will also grow to $14.4 billion in 2012.

Loads more numbers and graphs through the link.

By Mike Bowden