Rep. Kim Seung-soo of the People Power Party pointed out that government support for the gaming industry falls far short of its contribution to exports. While gaming accounts for over 60% of K-content exports, its share of the budget is less than 7%, and it has been sidelined in discussions held by presidential committees.
During the National Assembly Culture, Sports and Tourism Committee's parliamentary audit of the Korea Creative Content Agency (KOCCA) on October 12, Rep. Kim criticized KOCCA President Kim Yoon-ji, saying, "The government treats gaming like an 'abandoned child.'"
The first point Rep. Kim raised was the gap between exports and budget allocation. According to the Ministry of Culture, Sports and Tourism's '2025 Content Industry Survey (based on 2024 data)', the gaming industry accounted for $8.50347 billion, or 60.4%, of total content industry exports of $14.07543 billion in 2024. However, out of the 2026 content industry budget of 1.6177 trillion won compiled by Rep. Kim's office, the gaming-related budget amounted to only 112.3 billion won, or just 6.9%. Rep. Kim also noted that no budget for gaming industry support was included in this year's supplementary budget.
He also took issue with budget cuts for next year. During his questioning, Rep. Kim said, "The 7.5 billion won allocated for purchasing AI tools to support startups was completely cut from next year's budget," adding, "The budget for talent cultivation projects was also completely cut."
He also cited marginalization in the policy discussion process. According to Rep. Kim's office, sub-committee meetings of the presidential Popular Culture Exchange Committee were held 23 times over a one-year period, but only two of them were gaming-related meetings. Rep. Kim criticized the government for touting the expansion of K-content exports while effectively 'passing over' gaming, which accounts for the largest share.
He also disclosed how figures were changed during the submission of materials. Rep. Kim said, "While the music sub-committee met eight times, they initially submitted data stating there were no meetings for the gaming sub-committee, but after I pointed it out, they immediately revised it to two meetings." He added, "Even in the Cultural Arts Policy Advisory Committee formed in November last year, only the gaming sub-committee failed to hold a single meeting."
The sale of Wemade's stake was also brought to the table. Rep. Kim expressed concern that as Wemade's equity is transferred to Chinese capital, its flagship IP 'Mir' is effectively being handed over to China. According to data from Rep. Kim's office, Wemade has generated around 100 billion won annually in revenue from licensing the Mir IP, and Boston Consulting Group (BCG) previously estimated the market size of the Mir IP at approximately 6.7 trillion won. Rep. Kim said, "While market valuation ranges from 6 trillion to 9 trillion won, it was sold at a bargain price of 920 billion won."
On June 30, Wemade disclosed that founder and Chairman Park Kwan-ho had signed a share purchase agreement to transfer his 39.33% stake to NeoPulse. The transaction amount is 920 billion won. NeoPulse is an investment platform wholly owned by Hong Kong-based asset manager Shengsong Investment, and had previously acquired a 0.92% existing stake in Wemade last year. The deal is scheduled to be completed on October 30, after which NeoPulse will become the largest shareholder with a combined 40.25% stake including its existing holdings.
Rep. Kim also brought up President Kim's past remarks. He pointed out that while President Kim named securing outstanding content IP and expanding its value as the key to K-content success during her press conference marking 100 days in office on September 17, KOCCA appears to have stood by while a leading domestic IP is sold off to foreign capital at a bargain price. Rep. Kim inquired about plans to restore South Korea's status as a gaming powerhouse and measures to ensure job stability for Wemade employees, while asking KOCCA to proactively ensure that sufficient budget for gaming industry support is reflected in next year's budget allocation.
President Kim responded, "We are continuously paying close attention," adding, "In particular, we will continue to do our best for IP discovery and the expansion of new businesses in the gaming industry."
