Korean Game That Made an Impression at Console Daejeon... Aiming for Global Reach by Year-End

Neowiz's 'P-ui Geojit' Wins 3 Awards at Gamescom, First Korean Console Game
New Console Titles Coming by Year-End... Targeting Global Market

'P's Lie' image [Source=Neowiz]

[Asia Economy Reporter Yuri Choi] Korean console games have made a mark in the global market, winning the first-ever triple crown at Europe's largest game show. Domestic game companies are set to intensify their efforts to target the world's largest game market, the console game market, following the online and mobile markets from the end of this year.

Neowiz's 'P's Falsehood' Becomes First Korean Console Game to Win Triple Crown at Gamescom

On the 29th, Neowiz's console game in development, 'P's Falsehood,' won three awards at the 'Gamescom Awards' held in Cologne, Germany. It was selected as the 'Most Anticipated PlayStation Game,' 'Best Action Adventure Game,' and 'Best Role-Playing Game.' This is the first time a console game developed by a Korean game company has won a triple crown.

Winning at Gamescom, one of the world's top three game shows, not only recognizes the game's quality but also suggests expectations for commercial success. Last year, Japan's FromSoftware's 'Elden Ring,' which was selected as the 'Most Anticipated PlayStation Game,' has sold over 17 million copies globally since its release, gaining huge popularity.

Besides Neowiz, other Korean game companies also showcased numerous new console titles. Nexon revealed a new trailer for 'First Descendant,' currently in development for PC and console platforms, for the first time. Pearl Abyss unofficially held an event to validate the gameplay of its new console title 'Red Desert.'

Gamescom is held ahead of the fourth quarter, the peak season for console games. It is a fierce battleground for global game companies. This year, major companies such as Tencent, Warner Bros., and Sega focused their console lineups. An industry insider commented, "At this Gamescom, Korean game companies promoted many new console titles without massively multiplayer online role-playing games (MMORPGs). Since global game shows mainly feature console and PC games, the positive reception of Korean games is encouraging."

A Flood of New Console Titles from Year-End... Diverse Genres

Domestic game companies will actively target the global console game market starting from the end of this year. Not only large companies like the 3N (Nexon, NCSoft, Netmarble) but also small and medium-sized game companies are preparing to launch titles across various genres.

Krafton will release the survival horror game 'The Callisto Protocol' this December. It is highly anticipated as the next work of developer Glen Schofield, known for the hit 'Dead Space.' Nexon will implement 'KartRider: Drift,' scheduled for release at year-end, in a cross-play environment across mobile, PC, and console.

NCSoft aims for a global release of its PC and console new title 'TL' in the first half of next year. Netmarble is preparing to launch 'Overprime,' and Com2uS recently announced plans to expand its MMORPG 'Summoners War: Chronicles' to consoles.

$86 Trillion Global Console Market... Essential for North America and Europe Strategy

The reason game companies are focusing on console games is to expand overseas. In the North American and European markets, the console share is similar to or higher than mobile and PC, so targeting consoles is essential to broaden their stage. According to the Korea Creative Content Agency, the global console game market was $55.8 billion (about 75 trillion KRW) in 2020, accounting for 27% of the entire game market. This is the result of an average annual growth rate of over 15% during the COVID-19 pandemic. It is estimated to have grown to $64 billion (about 86 trillion KRW) this year.

The console game market is dominated by top global game developers, making initial entry challenging, but the hit cycle is long. Additionally, the ability to utilize intellectual property (IP) in various ways such as animation, movies, and character businesses is also attractive. Professor Kim Jung-tae of Dongyang University said, "Unlike Korea, 30-40% of the market in North America and Europe is console games. As domestic game companies show movements to shift to the package game market, they will continue to challenge consoles for global expansion."

This content was produced with the assistance of AI translation services.