A study has shown that among gaming platforms, 'console' is expected to exhibit the greatest growth over the next two years. The console gaming market has experienced a downturn due to declining sales of console devices following the COVID-19 pandemic. However, with triple-A titles like Call of Duty performing well and the upcoming next-generation Nintendo Switch and 'Grand Theft Auto 6 (GTA 6)' about to be released, expectations are rising for a revitalization in the console industry.
According to industry sources on the 31st, video game market research firm Newzoo recently noted to Reuters that consoles are likely to be the largest growth driver in the gaming industry by 2027. Newzoo estimates that console software revenue will grow by 7% from 2024 to 2027.
Newzoo reported that the total playtime for console games last year increased by 6%, with the highest playtime occurring in the fourth quarter when the new 'Call of Duty 6' from Activision Blizzard was released.
Newzoo analyzed that over the next two years, Take-Two's anticipated title 'GTA 6' and Nintendo's next-generation Switch will lead the console market. Although GTA 6 is said to be released in the second half of this year, a specific schedule has not yet been announced. The launch date, price, specifications, and other details of the Nintendo Switch 2 are expected to be disclosed at the Nintendo Direct event on the 2nd of next month.
The domestic gaming industry is also focusing on developing console games. According to the Korea Creative Content Agency, console games accounted for 4.9% (1.1291 trillion won) of total game market revenue in 2023, marking an increase of 0.8% compared to the previous year. Although domestic console game revenue decreased from 1.0925 trillion won in 2020 to 1.0510 trillion in 2021, it showed growth with increases to 1.1196 trillion won in 2022 and 1.1291 trillion won in 2023.
This year, Korean gaming companies are also set to unveil major console titles. Pearl Abyss's 'Crimson Desert' and NCSOFT's 'LLL' are expected to launch in the second half of the year. Nexon's flagship intellectual property (IP) 'Dungeon & Fighter' has released 'First Berserker: Kazan' globally on the 28th, making it into the revenue rankings on the global gaming platform 'Steam'. KRAFTON's new title 'Enjoy' also saw its early access version released on the same day, achieving the number one spot on Steam.
An industry official stated, 'Domestic gaming companies are establishing a multi-platform strategy to create games that can be applied across PC, mobile, and consoles' and noted, 'This is a big picture aimed at capturing global users beyond just the domestic market.'