Wemade, 2Q Revenue 69 Billion KRW Up 147% YoY... Mir4 Performance (Comprehensive)

[Asia Economy Reporter Kang Nahum] Wemade announced on the 11th that it recorded consolidated sales of 69 billion KRW and operating profit of 27 billion KRW in the second quarter of this year.

Thanks to the revenue growth of the mobile game 'Mir4' and an increase in license revenue, sales rose 175% compared to the same period last year. Operating profit and net profit (19 billion KRW) also turned positive.

In particular, Mir4 has achieved cumulative sales of approximately 100 billion KRW from its launch in November last year through the second quarter of this year. The Mir4 global version, based on WEMIX and applying blockchain technology, is scheduled to officially launch this month.

Jang Hyun-guk, CEO of Wemade, said during a conference call after the earnings announcement, "We plan to introduce 'Mir4 Global' applying blockchain technology," adding, "The commercial success of the game will be the first case evolving into a blockchain economy."

Wemade plans to turn the in-game currency Heukcheol of Mir4 Global into a utility coin and tokenize users' core assets, the characters, as non-fungible tokens (NFTs), thereby creating a 'blockchain economy.'

They also expressed satisfaction with the recent global CBT results. CEO Jang said, "The Mir4 Global CBT results were very satisfactory," and added, "It was impressive to see the flow where global gamers understood that the currency Heukcheol would be turned into a utility coin and that wars would break out where Heukcheol appears."

Regarding regulatory risks in China, CEO Jang stated, "There are changes in games for young children, education, and medical aspects within China, but no changes have been detected in the overall game business. We have not felt any impact on license business or publishing."

There were also investment achievements in the second quarter. The new title 'Odin: Valhalla Rising,' developed by Lionheart Studio, in which Wemade invested in 2018, achieved first place in sales on major domestic app markets immediately after its release.

Last month, Wemade formed a strategic partnership with Bithumb's largest single shareholder, Vidente, and made a large-scale investment of 80 billion KRW. They expect significant synergy with Wemade's blockchain business in the mid to long term.

Subsidiary Wemade Tree globally launched a total of three blockchain games, including 'Cryptonado for WEMIX,' and launched the NFT auction platform 'WEMIX Auction,' entering the NFT market business. In the second half of the year, they plan to focus on securing competitiveness through continuous investment in blockchain game development and various other businesses.

Another subsidiary, Wemade Max, conducted a physical division to focus capabilities by business sector and established Lightcone, a new company specializing in mobile game development. Wemade Max recorded sales of approximately 8.3 billion KRW, an operating loss of 100 million KRW, and a net loss of 800 million KRW in the second quarter.

CEO Jang said, "Thanks to the success of Mir4 and the growth of licensed games, we achieved good results in the second quarter as well," and added, "This year, Wemade will actively respond to the rapidly changing global market through various businesses it is promoting."

This content was produced with the assistance of AI translation services.