According to a new study compiled by Pearl Research and recently published by Research and Markets, approximately 67% of Korean users in their 20s purchase paid digital content. They forecast that the Korean market will exceed $1.7 billion by 2011.
While not surprising, the study found that casual games that are free-to-play, easy to learn, and can be played in “micro-slices”, i.e. games that can be played in ten minute or less segments at a time.
Some highlighted key findings from the study include:
- South Korea has a sophisticated information technology (IT) infrastructure with 80% of households connected to the Internet.
- Korea has one of the highest adoption rates of purchasing virtual items and micro-transactions. Approximately 67% of those in the 20-30 age cohort purchased online paid content. Of those who have purchased digital content, 91% purchased music while 39% purchased community and avatar items
- A common strategy in Korea is the operation of large game portals that provide a wide selection of games, including massively-multiplayer online role-playing games (MMORPGs), casual, and web board games all within one convenient site. Top game portals such as CJ Internet’s Netmarble, NHN’s Hangame, and Neowiz’s Pmang can attract 500,000 to 1 million unique visitors a day. More than 11 million Korean adults visit game portals every month, according to this reports estimates.
- While South Korea has a robust games market, critical challenges include intense domestic competition; prevalence of “me-too” or derivative titles; challenges in expanding overseas to the US and China; and rising development costs. The “Games Market in Korea” report provides an in-depth analysis of the Korean online games market and contains an executive summary; 2007 to 2011 forecasts for the online games platforms; inhibitors and drivers to growth; deep marketplace analysis; discussion of key market players, and strategic conclusions.
With all the flurry surrounding Korea’s neighbor to the west, it’s often easy to lose site of the ‘other’ gigantic market in Asia. With a 67% purchase rate, Pearl’s prediction of $1.7 billion by 2011 could be spot on. The question is…who’s handling all these microtransactions, and how do you and your title reach the market before it’s too late? The answer is already staring you in the face. fatfoogoo can bring your title to the Korean marketplace in days rather than months. With out vast experience in multi currency transactions, fraud detection and prevention, and plug and play integration, we can help YOU today!
Tags: Asia, China, cj internet, free to play, games market, internet korea, korea report, korean market, korean users, marketplace analysis, micro transactions, mmorpgs, Neowiz, netmarble, nhn, online role playing games, role playing games, South Korea, US