Mgame Reports 19.3 Billion KRW in Revenue and 4 Billion KRW in Operating Profit for Q1 2024
China's 'Yeolhyeol Gangho Online' New Server Opens in June
Overseas Sales Expected to Increase in Second Half of the Year
Mgame announced on the 16th that it recorded sales of 19.3 billion KRW, operating profit of 4 billion KRW, and net profit of 3.3 billion KRW on a consolidated basis for the first quarter of this year.
In the first quarter, the representative PC MMORPGs 'Yeolhyeol Gangho Online' and 'Knight Online' achieved steady results in China, North America, and Europe. Compared to the same period last year, which recorded the highest first-quarter sales since the company's founding, sales and operating profit decreased by 5.7% and 6.5%, respectively.
In North America and Europe, 'Knight Online' recorded the highest cumulative sales since its service launch due to the opening of new servers in the first quarter of last year. It has maintained an upward leveling trend to date. In July, to celebrate the 20th anniversary of the North American and European service, large-scale events and influencer-based promotions are planned.
At the end of next month, China’s 'Yeolhyeol Gangho Online' will open new servers and implement updates adding new pets (ryeongsu), expecting growth in overseas sales in the second half of the year. In the second half of this year, 'Yeolhyeol Gangho Online' will celebrate its 20th anniversary of domestic service with a large-scale update that includes level increases and new maps. The update will be promptly applied to China after the domestic update.
Two new titles are also being prepared for release. Based on the IP of the company’s side-scrolling MMORPG 'GwiHon', 'GwiHonM', which implements the worldview and characters in a mobile environment, is scheduled to be released in the summer season. Currently, a beta test is underway on One Store, receiving favorable reviews for successfully capturing the nostalgia of the original work.
In the fourth quarter, Chinese game company Kingnet will release the mobile MMORPG 'Jeonmin Gangho', developed based on the graphics of 'Yeolhyeol Gangho Online', in Korea, and publish one new mobile game. 'Jeonmin Gangho' was released in China in August last year, ranked first in the App Store popularity rankings, and was selected as an 'Excellent Mobile Game' at the '2023 Top 10 Games' awards hosted by the China Game Industry Research Institute, proving its excellent game quality.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Groups of 5 or More Now Restricted"... Unrelenting Running Craze Leaves Citizens and Police Exhausted
- Despite Warnings of "Do Not Enter, You May Not Make It Out Alive"... Foreign Tourist Stranded After Unauthorized Climb on Jeju Sanbangsan
- Signed Without Viewing for 1.6 Billion Won... Jamsil and Seongbuk Jeonse Prices Jump 200 Million Won in a Month [Real Estate AtoZ]
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
Mgame CEO Kwon Yi-hyung said, "The overseas sales of 'Yeolhyeol Gangho Online' and 'Knight Online', which each recorded sales of over 30 billion KRW last year, are steadily maintained this year as well," adding, "In the second half, we expect good performance with the release of mobile MMORPGs 'GwiHonM' and 'Jeonmin Gangho', which are based on our popular IPs."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
