South Korea's gaming industry showed a stark divide between haves and have-nots last year. Major publishers rode new releases to record results while mid-sized and smaller studios without fresh titles sank deeper into losses.
The nation's Big Four game publishers—Nexon, Krafton, Netmarble, and NCSoft—all posted strong results in 2024, according to industry data released Saturday.
Nexon, the industry's largest player, recorded revenue of 4.51 trillion won ($475.1 billion yen at an exchange rate of 948.7 won per 100 yen), marking its second consecutive year above the 4 trillion won threshold and setting an all-time high.
The company's performance was driven by "Arc Raiders," a new shooter that sold 10 million copies within two months of its October global launch. Revenue from the MapleStory franchise jumped 42% year-on-year following the global launch of "MapleStory World."
Krafton saw revenue rise 22.8% to 3.33 trillion won on the back of dual hits "inZOI" and "Mimesis." Netmarble posted 2.84 trillion won in revenue as in-house titles "Seven Knights Reverse" and "Vampyr" exceeded expectations. Both companies set new revenue records.
NCSoft's revenue declined slightly, but the company swung to an operating profit of 16.1 billion won thanks to its new title "Aion 2."
Smaller competitors facing a drought of new releases struggled. Pearl Abyss, which focused on developing its next title rather than launching new games, posted a net loss of 7.6 billion won. The company is betting on "Crimson Desert," a triple-A title slated for release this year.
Kakao Games saw revenue fall 25.9% to 465 billion won while its net loss widened to 143 billion won. "We fully recognize market concerns about delayed releases," CEO Han Sang-woo said, adding that the company plans to unveil multiple titles sequentially this year.
Webzen reported operating profit of 29.7 billion won, down 45.5%, and revenue of 174.4 billion won, down 18.8%, due to a lack of new releases.
"Last year's results clearly diverged based on whether companies had hit releases," an industry official said. "Competition for new titles will intensify this year between major publishers looking to maintain momentum and smaller studios seeking a turnaround."
