게임의 투자 가치 평가 요소 연구 : 국내 벤처캐피탈 게임 투자를 중심으로

The game industry, within the landscape of venture capital (VC) investments, exhibits both substantial employment generation and a significant share of the invested capital. However, VC investment in the game industry has been steadily declining. This study addresses this issue by investigating the degree of consideration given to evaluation factors in venture capital investment decisions within the game sector. These factors were analyzed across investment stages, revenue models, and project scales. Data were collected through in-depth interviews with venture capitalists from domestic firms, who specialize in evaluating investments in game development projects. The findings of this study reveal that the average degrees of consideration for product/service, entrepreneur/team, and market factors were 3.50, 4.08, and 3.35, respectively, thereby underscoring the paramount importance of the entrepreneur/team factor. Specifically, the product/service factor exhibited an increasing degree of consideration in the later investment stages, whereas the entrepreneur/team factor received greater emphasis during the initial stages. The market factor demonstrated minor fluctuations in the degree of consideration across different stages. This research concerning evaluation factors for assessing the profitability of game projects offers a foundational basis for the judgment of venture capitalists in the game sector, potentially mitigating the complexity of investment decisions and expanding opportunities for investment review. Furthermore, it holds significance by enhancing small and medium-sized game developers' understanding of the crucial elements valued by venture capital firms, thereby facilitating their preparation for investment attraction and increasing their likelihood of securing funding.