Korean game makers target Southeast Asia, India as next growth engines

SEOUL, December 01 (AJP) - South Korea's major game publishers are expanding their focus on Southeast Asia and India, betting on the regions’ rapidly growing mobile-first user base and rising spending power.

Companies are not only exporting games but also investing, forming joint ventures, and reorganizing operations to secure long-term positions in the markets.

Industry officials say Southeast Asia has emerged as the world’s second-largest market for mobile game downloads, driven by a young demographic and widespread smartphone adoption. While current revenue remains modest, the expansion of e-wallets and mobile payment services is seen as a catalyst for sharp medium-term growth.

India, meanwhile, has evolved into one of the world’s largest gaming consumer markets, with 400–500 million users, roughly one-third of whom are paying customers. The market generates an estimated $3 billion in annual revenue, and falling data costs combined with fintech expansion are lifting average revenue per user.

Krafton has taken the most aggressive approach in India. Its localized version of PUBG Mobile, BGMI, has surpassed 240 million downloads, helping push Krafton’s mobile-game revenue up more than 30 percent year-on-year, with India now accounting for around 10 percent of the total.

The company has invested over $200 million in Indian gaming, digital content and fintech firms since 2021, and plans to deploy at least $50 million annually going forward. Krafton aims to build an independent local ecosystem by backing startups, esports leagues and collaborations with streamers and domestic brands.

NCSoft is positioning Southeast Asia as a key distribution and service hub. Last year, it set up NCV Games, its first regional joint venture, in Singapore with Vietnamese tech firm VNG, which dominates Vietnam’s messaging, payments and gaming platforms.

The partnership provides NCSoft with an almost fully independent distribution network in Southeast Asia, adding a third operational pillar alongside its Korean and Western businesses.

Netmarble is also strengthening its Southeast Asian presence through local subsidiaries and targeted marketing. Its Thai subsidiary has served as a strategic base for early market expansion, and the company has intensified outreach during major game launches. For the global release of its RPG remake Seven Knights Rebirth in September, Netmarble held offline showcases in Thailand and Taiwan.

The game went on to record top sales rankings in more than 20 countries, including Taiwan, Singapore and Indonesia. Netmarble has maintained an 8–9 percent revenue share from Southeast Asia in recent years.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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