Korea's largest game exhibition, G-Star, is just around the corner, but the outlook for a hit is not bright. The total number of booths this year is 3,010, down 10.4% from last year's 3,359. With major Korean game companies such as Nexon, Kakao Games, Smilegate, Wemade, and Pearl Abyss all skipping the event, concerns are being raised in and out of the game industry that "G-Star has even lost its pull as Korea's flagship event."
Major game companies such as Nexon, Pearl Abyss, and Kakao Games focused on overseas stages this year, including Gamescom in Germany and the Tokyo Game Show in Japan, instead of G-Star. In the domestic market, meanwhile, they shifted strategies to their own fan events or subculture gatherings, leading to assessments that G-Star is no longer as necessary as it once was.
In contrast, the growth of AGF (Anime X Game Festival), to be held at Kintex in Ilsan at the end of the year, is clear. When it first launched in 2018, it began as a subculture event centered on animation, but the share of game exhibitions expanded significantly in 2023 when HoYoverse's Genshin Impact joined as the main sponsor. AGF is co-hosted by ANIPLUS, Daewon Media, and D&C Media, with Japan's Sony Music Entertainment participating as a partner. Marking its sixth edition, AGF 2025 will run from Dec. 5 to 7, with Smilegate serving as the main sponsor for the second consecutive year. Griffline, StudioBside, Galaxy Store, and Megabox have also joined as official sponsors.
AGF's growth is also proven by the numbers. AGF 2024 drew 72,081 visitors based on the organizing committee's tally, setting an all-time record. This year, the event will run for three days, one day longer than last year, and with more participating companies than last year, more than 100,000 visitors are expected. Smilegate will participate under the Kazena brand and unveil a massive booth centered on Chaos Zero Nightmare and Prophecy of the Future: The Unseen Future. StudioBside will showcase the new title Star Savior, Hypergryph will present Arknights: Endfield, Netmarble will return with Fate/Grand Order, SHIFT UP with Goddess of Victory: Nikke, and NEOWIZ with BrownDust2.
The reason game companies are moving to AGF is not simply expansion in scale. It is because the very purpose of the event has changed. While G-Star in the past was a B2C showcase to unveil new titles and raise awareness, AGF is assessed to have evolved into an experiential fandom festival targeting fans of games already in service. Last year, Smilegate operated a universe experience zone and a photo zone at its Love Lab booth, and Netmarble hosted a Japanese voice actor event at its Fate/Grand Order booth. SHIFT UP combined a fan art exhibition with merchandise sales at its Goddess of Victory: Nikke booth, monetizing the fan experience itself. Major game companies are expected to continue exhibiting in the same way this year.
Differences in participation fee structures also influenced companies' decisions. While the surface-level booth rental fees are similar, G-Star requires separate payments for auxiliary expenses such as large structure construction, lighting, and staffing, leading to additional expenditures in the hundreds of millions of won. By contrast, AGF allows exhibitions with basic booth formats and has lighter on-site operating expenses, earning it a reputation among small and midsize developers and merchandise vendors as a "small but efficient festival."
As G-Star has grown, the gap has widened. Major game companies have poured more budget each year into booth design and stage production for brand competition, with construction costs alone for some booths reaching billions of won. Including staffing, demo equipment, and broadcast systems, total participation fees can approach 10 billion won. AGF, on the other hand, allows some expenses to be recouped through merchandise sales or fan events within booths. With fans highly active in character consumption, there are many cases of generating tens of millions of won in sales on-site alone. If G-Star is an event focused on brand exposure through massive promotional spending, AGF is being evaluated as a "revenue-centered festival" that combines fan spending with on-site sales.
AGF's fandom structure has moved beyond simple event stages to establish itself as a new marketing model. With cosplayers, fan communities, and virtual YouTubers converging into content, a structure has formed in which visitors become the very drivers of success. On-site, the event functions as a venue for direct communication between fans and developers, resulting in higher IP loyalty and repurchase rates. At last year's AGF, wait times for popular booths exceeded two hours, and some fans lined up from the day before opening.
Amid this trend, G-Star is also seeking change. By inviting renowned overseas developers and expanding a global speaker lineup, it is trying to shed the image of a "home turf party." This year's G-Star will feature overseas developers such as Warhorse Studios of the Czech Republic, Japan's Atlus, and Bandai Namco, which will either set up direct B2C booths or join as G-CON speakers. Global hits such as Kingdom Come: Deliverance 2, Metaphor: ReFantazio, and the Ace Combat 30th anniversary will also take the stage. Still, the share of overseas game company participation is assessed to be limited compared to major overseas exhibitions like Gamescom or the Tokyo Game Show. A game industry official said, "Attracting renowned overseas developers is a positive change, but it falls short of filling the void left by big domestic companies."