Sayart.net - Mixed Financial Performances in South Korean Gaming Industry for 2023

Nexon Achieves Record Operating Profit, While NCSoft, Netmarble, Wemade, and Kakao Games Face Varied Results

Courtesy of NEXON

In 2023, Tokyo-listed Nexon reported a record-breaking operating profit of 134.7 billion yen, up 30% YoY, driven by major franchises like MapleStory, FC Online, and Wars of Prasia. However, the net profit decreased by 30% to 70.6 billion yen. 

▲ Courtesy of NEXON

NCSoft's operating profit for the same period was 137.3 billion won, down 75% YoY. The revenue also slumped 31% to 1.78 trillion won, with the poor performance of mobile games in the Lineage franchise being a significant factor.

Netmarble narrowed its operating loss to 69.6 billion won, missing market consensus. The company logged a net loss of 313.3 billion won, with plans for new game releases starting in April.

Wemade faced an operating loss of 112.6 billion won due to increased labor costs, despite a revenue jump of 31% to 607.2 billion won.

▲ Courtesy of NCSOFT

Kakao Games reported a 57.7% decline in operating profit to 74.5 billion won. Revenue slumped 10.8% to 1.02 trillion won, and the company continued to report a net loss of 329.5 billion won.

Each company outlined future plans, including Nexon's upcoming game releases, NCSoft's global release of Throne and Liberty, Netmarble's anticipation for meaningful results from Q2, Wemade's focus on new games, and Kakao Games' global releases like ArcheAge War and Odin: Valhalla Rising.

The varied financial performances reflect the challenges and opportunities within the South Korean gaming industry amid the ongoing impact of the Covid-19 pandemic.

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