Nexon hits record $2.97bn revenue in 2024 as Dungeon & Fighter Mobile fuels growth
Summary
Nexon achieved record full-year 2024 revenue of $2.97bn, up 5% YoY
Growth was driven primarily by the China launch of Dungeon & Fighter Mobile
Q4 showed weakness with revenue down 6% YoY and an operating loss of $11.3m
Net income surged 91% to $898.7m for the full year
"We have the vision, plan, and balance sheet to drive significant growth in the years ahead."
01
Full-year 2024 financials - records set despite Q4 softness
Full-year revenue: ¥446.2bn ($2.97bn), ↑ 5% YoY
Operating income: ¥124.2bn ($828m), ↓ 8% YoY due to IP portfolio investments
Net income: ¥134.8bn ($898.7m), ↑ 91% YoY
Q4 revenue: ¥79.7bn ($531.3m), ↓ 6% YoY
Q4 operating loss: ¥1.7bn ($11.3m), impacted by a ¥7.0bn ($46.7m) impairment charge
Excluding the impairment, Q4 operating income stood at ¥5.3bn ($35.3m)
02
Franchise performance - three pillars drive 74% of total revenue
MapleStory, Dungeon & Fighter, and FC combined grew 10% YoY to $2.2bn
The three franchises now represent 74% of total revenue, up from 71% in 2023
Dungeon & Fighter led growth with a 53% surge following Dungeon & Fighter Mobile launch in China
MapleStory franchise saw overall revenue decline, but Global MapleStory grew 24%
Global MapleStory now accounts for 35% of total franchise revenue
Mabinogi has delivered steady growth for seven consecutive years
03
Dungeon & Fighter Mobile momentum slowing into 2025
Q4 2024 and early 2025 showed a slowdown in Dungeon & Fighter Mobile performance
"The subsequent New Year update released in Q1 has been slow to retain users as well as attract new and returning players."
Nexon expects lower-than-anticipated Q1 2025 revenue as a result
The company is responding with more diversified, hyperlocalised content strategies for China
04
Tencent co-development deal targets China's broad player base
Nexon has entered a co-development agreement with Tencent to expand in China
The deal leverages Tencent's production capacity to reach a wider range of Chinese players
Strategy focuses on diversified, localised content to broaden audience appeal beyond core D&F fans
05
Pipeline and shareholder returns signal confidence in mid-term growth
Seven new games are scheduled for launch by 2027, each targeting over ¥10bn in annual revenue
Mabinogi Mobile pre-registration is open, with launch in South Korea set for March 27th
Nexon's board authorised a ¥100bn share buyback starting February 14th, reflecting balance sheet strength
"A disciplined increase in our own creative force, plus a new co-development agreement with Tencent, will provide the resources needed to drive growth."
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