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South Korea’s gaming culture is one of the strongest in the world with an estimated 35 million gamers. While the vast majority see it as a hobby and fun way to pass the time with friends, there is a growing subculture making a good living from it.
Despite being the world’s 29th most populous country with just under 52 million people, South Korea is the 4th largest video game market in the world. The country is known for embracing developing technology and has dedicated a lot of time and money to building a world-class IT infrastructure.
Government investment in the IT sector and high-speed internet connections saw personal computers become more affordable and wider connectivity across South Korea. This is just one reason behind the growth in software and game development, as well as the ability for citizens to enjoy high-speed internet access that makes gaming possible.
Both PC and mobile gaming are popular in the country and it is widely regarded as the world’s eSports capital. Gaming companies like Nexon, NCSoft, and Netmarble have driven the industry with a selection of games that have found worldwide success, including Project Magnum, Lineage, Guild Wars, and Cookie Jam.
Due to the size of the country, Korea’s gaming market is smaller than that of the U.S. and China. However, the country is the largest producer of games with production costs that exceed $1 million and per-person spending on games is also higher.
But how do people make a living from essentially playing games? There are two main ways of doing this: visiting gambling sites or gaming competitively.
In South Korea, online casino games such as roulette, slots, blackjack, and poker are popular. Sports betting is also popular, with baseball, football, and golf being the most popular markets. There are lots of options for South Koreans to bet online safely with dedicated sites reviewing platforms and providing customers with an impartial guide on the safest to use. Customers will also have a choice whether they want to gamble using South Korean Won or cryptocurrencies (source: https://newkoreancasinos.com/).
Betting on eSports is also popular for those who aren’t as skilled as those who play, but there are lots of ways for gamers to improve should they want to compete. Dedicated gamers put a lot of time into their practice to become the best at specific games. Some players even visit cram schools (hagwons) where they are taught the best techniques for some of the most popular games. It is this dedication that has paved the way for South Korea to lead the way in eSports competitions.
Much like other popular global sports, elite players compete in televised events and in front of sold-out arenas. They can earn significant sums from prize money and sponsorship deals in the same way that Lionel Messi, LeBron James, and Tiger Woods all have.
Gaming influencers can also earn a lot of money from their social channels where they can create videos and stream to their audience directly. Some of the biggest earners in 2023 include Sang Hyeok Lee whose earnings to date are just below $1.5 million. Other gamers that have gone over the $1 million threshold for earnings this year include Sung Choo Cho, Byung Ryul Lee, Jung Young Park, and Ryung Woo Park.
Of the thousands of eSports games held so far in 2023, League of Legends has awarded the most prize money at just under $35 million with Starcraft II in second place with around $23.5 million in prize money.
Virtual reality gaming is becoming the future of the South Korean games market as many developers are interested in exploring the Metaverse space. This will see gamers brought together in an immersive experience that will appeal to those looking to enjoy the social aspect of gaming.
Blockchain technology will also help the gaming industry develop the possibility of digital assets in gaming platforms. This will give gamers another opportunity to earn and trade while playing.
