In 2024, residents of Japan and South Korea will spend $29 billion on video games
The gaming market revenue in Japan and South Korea is declining, according to a report by the analytics company Niko Partners. It is forecasted to reach $29.2 billion in 2024, which is 2.9% less than the previous year.
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According to analysts, the majority of the revenue — around $20 billion — will come from mobile games. Japanese and Korean consumers will spend another $6.1 billion on PC games, and the remaining $3.2 billion on console games.
The decline is largely due to inflation in Japan. Analysts explain that the yen has been rapidly depreciating recently, so when players' expenditures are converted from yen to dollars, a decrease is observed. However, in yen, the expenses remain relatively stable.
Analysts anticipate that by 2028, the gaming market revenue in Japan and South Korea will slightly increase to $30.8 billion.
