Song Jae-joon, CEO of CRIT Ventures, poses at the venture capital's headquarters in Seoul, Wednesday. Courtesy of CRIT Ventures

It was the 2000s when Song Jae-joon spearheaded Korea's first mobile game boom. Beginning with a simple black-and-white game on LG's early feature phones, his startup — then called Gamevil — gained widespread recognition by developing casual games that captivated Koreans.

By 2010, the rise of smartphones marked a turning point. With computing power rivaling that of personal computers, mobile games were suddenly able to deliver sophisticated gameplay. At the same time, the advent of app stores made launching global services easier than ever, accelerating market growth.

Amid the rapid evolution, Song's company survived and thrived. Rebranded as Com2uS after acquiring a rival in 2013, the firm has remained a key player in the gaming industry while branching out into content production and the emerging Web3 space. Over two decades, Song has accumulated expertise in game development, investment and even cryptocurrency issuance.

"The gaming industry is fundamentally hit-driven, making it incredibly challenging to predict whether a game will succeed or not," Song said in a recent interview with The Korea Times. "It's difficult to rely solely on financial engineering. Informed decisions require extensive industry experience and accumulated expertise."

In 2020, Song transitioned his career into venture capital (VC), founding CRIT Ventures, the corporate VC arm of Com2uS. Specializing in investment in gaming, content, Web 3 and ICT startups, it has invested in more than 100 startups over four years. It deployed 90 billion won in 2023 and 22.5 billion won in 2024.

"In Silicon Valley, the so-called 'PayPal Mafia' created a virtuous cycle, investing, sharing knowledge and mentoring others who then went on to succeed and invest in turn. Korea, though slower to follow this path, is now seeing its first-generation entrepreneurs step into investor roles," Song said.

"I realized that sharing my insights and expertise with entrepreneurs could be a meaningful contribution to the Korean startup ecosystem."

Members of K-pop girl group Le Sserafim pose on the red carpet during the Asia Artist Awards 2024 at IMPACT Muang Thong Thani on the outskirts of Bangkok, December 2024. Yonhap-EPA

What's next for K-content, Korea's current most promising industry

Looking ahead, Song identifies "K-content"— Korea's rapidly growing presence in gaming, music and media — as the country's most promising industry. Traditionally, Korea's economic growth has been driven by industries such as semiconductors, shipbuilding and cars. But according to Song, the global demand for K-content has opened new frontiers.

"One area where other countries find it difficult to compete with Korea is content," Song explained. "The intersection of content and IT has fueled its global spread."

The numbers back him up. According to Billboard's "The Year in Touring 2023" report, K-pop performances accounted for 5.1 percent of global concert market revenue from November 2022 to September 2023.

Similarly, Netflix's "What We Watched the Second Half of 2023" report revealed that Korean content led among non-English series, commanding a 9 percent share of global viewing hours, followed by Spanish at 7 percent and Japanese at 5 percent.

"The spread of K-content is still in its early stages, but its market share is already substantial," Song noted. "The key question is this: how can we structure this business and monetize the industry? If we industrialize it strategically, K-content could capture even more global attention and become a major economic driver for Korea."

Actor Lee Jung-jae reprises his role of Seong Gi-hun in Netflix's "Squid Game" Season 2. Courtesy of Netflix

However, investing in K-content doesn't necessarily mean making direct investments in Korea's major entertainment companies. Song suggests that looking at adjacent domains can be equally critical.

For instance, one of CRIT's standout portfolio companies is DOD, an entertainment startup. Unlike traditional agencies that train rookies, DOD focuses on signing established artists entering the so-called free-agent market. With CRIT's early seed investment, DOD's valuation has skyrocketed nearly tenfold, achieving rapid growth.

Another portfolio success is Chartmetric, a U.S.-based startup founded by a Korean entrepreneur. The company aggregates global music data and delivers insights via a subscription-based software-as-a-service platform, making it an indispensable tool for industry professionals.

As CRIT Ventures enters 2025, it is poised to seize this wave of opportunities. The firm is ready to attract attention from global limited partners eager to explore Korea's burgeoning market. Adding to its global reach, CRIT Ventures' U.S. subsidiary focuses not only on the Web3 industry but also serves as a bridge, connecting overseas players with Korean startups.

"The gaming industry has successfully developed intellectual properties (IP) that create substantial value and drive profitability. Each major game company has its own distinctive IP," Song said. "I believe the content domain will also gradually follow suit, becoming more structured and commercialized over time."

CRIT Ventures has already proven its ability to attract international capital. In 2021, five global gaming companies invested in a global interactive content fund co-managed by CRIT Ventures and Korea Investment Partners. Among them was Supercell, the developer of Clash of Clans, marking the first time the company invested in a Korean fund.

"Global companies in the content business must seriously consider Korea's growing market share, especially with the explosive rise of K-content," Song emphasized.