Nexon is up for sale because of the dismal future of the Korean games industry, experts argued Monday in a discussion at the National Assembly about the potential sale of one of the country’s biggest game companies.



Earlier this month, speculation spread that NXC CEO Kim Jung-ju had decided to put on the market 98.64 percent of shares in NXC, Nexon’s biggest shareholder. Kim later said he was considering various ways to make the firm more globally competitive.



While Kim has neither confirmed nor denied the purported sale plan, it has sparked debate as to the general perception toward the games industry and the strictness of regulations here.



A number of participants called for institution-backed reform to change widespread perceptions on the dangers of gaming as an addiction, as well as measures to foster the industry.







Participants discuss the potential sale of Nexon during a discussion on the future of Korea’s gaming industry at the National Assembly on Monday. From left are Professor Kim Jeong-soo of Myongji University, Professor Han Dong-soong of Jeonju University, Rep. Kim Kyung-jin of the Party for Democracy and Peace, Korea Academic Society of Games President Wi Jong-hyun, Rep. Kim Byoung-gwan of the Democratic Party of Korea, Korea Mobile Game Association President Hwang Seong-ik and Snowpipe COO Ryu Myong. (Lim Jeong-yeo / The Korea Herald)





Specifically, some participants asked the government to reject the World Health Organization’s move to classify “gaming disorder” as a disease.



Likening the possible sale of Nexon to China’s Tencent to the hypothetical scenario of Samsung being acquired by Huawei, Wi Jong-hyun, president of the Korea Academic Society of Games, said the government must acknowledge the gaming industry as the important exporter it is and take appropriate measures to foster the market.



“Games receive discriminatory treatment in comparison to, say, K-pop. When BTS hits the top of the Billboard chart, the Korean president sends commendations, but never to the games industry, which has reaped 2 trillion won ($1.78 billion) annually from China even during the diplomatic fallout involving the US missile defense system,” Wi argued.



Wi added that development in gaming is not adequately acknowledged as part of the Korean cultural contents industry or “fourth industrial revolution,” despite its contributions to the local economy.







Wi Jong-hyun, President of the Korea Academic Society of Games (Lim Jeong-yeo / The Korea Herald)

Democratic Party of Korea Rep. Kim Byoung-gwan (Lim Jeong-yeo/The Korea Herald)





Democratic Party of Korea Rep. Kim Byoung-gwan concurred on the need to remedy unfavorable perceptions of gaming and amend industry regulations.



“Although we cannot say that regulations are the reason for (Nexon possibly being put up for sale), it is the right time for us to seriously discuss the restraints that have been suffocating the industry,” said Rep. Kim, who previously headed local game developer Webzen.



He argued that many of the regulations placed on the gaming industry, such as consumer spending limits, resemble those imposed for gambling. Currently, the law imposes a limit of 70,000 won a month for in-game purchases by minors. For adults, the ceiling is set at 500,000 won a month.







Discussion held at National Assembly on Monday (Lim Jeong-yeo/The Korea Herald)