Market Insights Advertising & Media Metaverse

Metaverse Digital Media - South Korea

South Korea

The Metaverse Digital Media market is anticipated to witness a significant growth, with its value projected to reach €8.7m by 2024.
This growth is expected to continue at an annual growth rate of 15.11% from 2024 to 2030, resulting in a projected market volume of €20.3m by 2030.
It is worth noting that United States generates the highest value in this market segment, with a projected market volume of €182.8m in 2024.
In terms of user base, the number of users in the Metaverse Digital Media market is expected to reach 139.7k users by 2030.
The user penetration rate is projected to be 0.2% in 2024 and is expected to increase to 0.3% by 2030.
Furthermore, the average value per user (ARPU) is anticipated to amount to €96.5.
These numbers highlight the potential growth and profitability of the market, particularly in South Korea.
South Korea is leading the way in the Metaverse Digital Media market, with a strong focus on immersive gaming experiences.

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Analyst Opinion

The Metaverse Digital Media market in South Korea is experiencing significant growth and development due to several key factors. Customer preferences for immersive and interactive digital experiences, along with the country's advanced technology infrastructure, are driving the demand for metaverse digital media products and services.

Additionally, local special circumstances, such as the popularity of gaming culture and the presence of major technology companies, further contribute to the growth of the market. Customer preferences in South Korea are shifting towards immersive and interactive digital experiences. With a tech-savvy population and a high level of digital adoption, South Korean consumers are increasingly seeking out innovative forms of entertainment and media.

The metaverse offers a unique and immersive digital environment that allows users to interact with virtual worlds, socialize with others, and engage in various activities. This aligns with the preferences of South Korean consumers who are looking for more engaging and interactive forms of entertainment. Trends in the market indicate a growing demand for metaverse digital media products and services.

South Korea has a strong gaming culture, with a large number of avid gamers and esports enthusiasts. This has created a fertile ground for the development of metaverse gaming platforms and virtual reality experiences. Companies in the market are capitalizing on this trend by creating virtual worlds and games that cater to the preferences of South Korean gamers.

Additionally, the market is witnessing an increase in the adoption of augmented reality (AR) and virtual reality (VR) technologies in various industries, such as education, healthcare, and retail. Local special circumstances in South Korea contribute to the growth of the metaverse digital media market. The country is home to major technology companies, such as Samsung and LG, which have the resources and expertise to develop advanced metaverse technologies.

These companies are investing in research and development to create cutting-edge metaverse products and services. Furthermore, South Korea has a robust internet infrastructure and high-speed connectivity, which enables seamless and immersive metaverse experiences. This infrastructure advantage positions South Korea as a favorable market for metaverse digital media companies.

Underlying macroeconomic factors also play a role in the development of the metaverse digital media market in South Korea. The country has a strong economy and a high level of disposable income, which allows consumers to spend on entertainment and digital media experiences. Additionally, the government has recognized the potential of the metaverse industry and is actively supporting its growth through policies and initiatives.

This supportive environment encourages innovation and investment in the metaverse digital media market. In conclusion, the Metaverse Digital Media market in South Korea is experiencing significant growth and development due to customer preferences for immersive and interactive digital experiences, local special circumstances such as the gaming culture and presence of major technology companies, and underlying macroeconomic factors such as a strong economy and government support. These factors contribute to the increasing demand for metaverse digital media products and services in South Korea, making it a promising market for companies operating in this industry.

Methodology

Data coverage:

Figures are based on in-app spending, consumer spending.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.