Game CEOs gaining greater status

By Jun Ji-hye

Game industry leaders appear to be gaining greater status, in line with game companies' growing clout over the Korean economy, as automakers, shipbuilders and other traditional manufacturers are increasingly losing their prestige, according to industry analysts Tuesday.

They said the game industry has not been highly recognized as a key industry and it still faces criticism from some parents and politicians claiming that games are harmful to young people. This claim was supported by the World Health Organization's inclusion of gaming disorder in the 11th Revision of the International Classification of Diseases in September last year. Despite this, the industry has generated positive effects for the economy, contributing to increasing the amount of content exports and creating jobs.

Game industry leaders have been invited to high-profile meetings by overseas business moguls as well as by President Moon Jae-in and other politicians.

Most recently, there was a meeting that received huge attention from businessmen and the media ― one hosted by SoftBank CEO Masayoshi Son, also known as Son Jeong-ui, in Seoul, July 4.

The dinner was attended by big names such as Samsung Electronics Vice Chairman Lee Jae-yong, Hyundai Motor Group Executive Vice Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo, and among them was NCSOFT Founder and CEO Kim Taek-jin.

Industry officials said the Japanese billionaire businessman and the heads of major Korean business groups discussed global economic issues.

“I would say NCSOFT CEO Kim Taek-jin's participation in the meeting reflected the game industry's elevated status as one of the major industries of the nation,” an official from a game company said, asking not to be named.

The official said NCSOFT and other game companies have been pushing to transform themselves into comprehensive IT firms, actively developing advanced technologies such as artificial intelligence.

“The latest such moves of game companies may have contributed to enhancing their positions,” the official said.

Kim also accompanied President Moon on a tour to Sweden last month, along with other key figures in the game industry, including Netmarble Chairman Bang Joon-hyuk, Nexon Korea CEO Lee Jung-hun, Com2uS CEO Song Byeong-jun and Korea Association of Game Industry President Kang Shin-chul.

President Moon also invited Kim and Bang to Cheong Wa Dae for a meeting in January when the President listened to 120 businessmen's views on pending economic issues.

According to data published by the Ministry of Culture, Sports and Tourism, exports of the game industry were tallied at $5.9 billion in 2017, up 46.7 percent from the previous year, accounting for 67.2 percent of the entire content exports.

The data also showed that the industry has contributed to creating jobs as the number of employees of game firms increased by 10.7 percent at 81,932 during the same period.