Neowiz Records 931 Billion Won in Revenue and 6.5 Billion Won in Operating Profit in Q3 2024
Neowiz reported a revenue of 931 billion won and an operating profit of 6.5 billion won for the third quarter of 2024. Compared to the previous quarter, revenue increased by 7%, and operating profit rose by 36%. However, year-on-year figures show a decrease of 21% and 68%, respectively. The company turned to a net loss of 1.4 billion won, primarily due to foreign exchange losses caused by currency fluctuations.
In the PC and console games segment, revenue reached 36.9 billion won, maintaining a similar level to the previous quarter. Year-on-year, revenue decreased by 33% due to the absence of the “Lies of P” launch effect. During the third quarter, sales slightly increased thanks to discounts across different platforms and the release of DLC soundtracks and art to mark the first anniversary of “Lies of P”.
The mobile games segment saw 45.7 billion won in revenue, a 20% increase from the previous quarter but a 14% decrease year-on-year. “Brown Dust 2” boosted sales with its ‘Diet Rush’ season event in July and summer events in August. The game’s strong base of loyal users significantly contributed to its performance.
Additional support came from the initial performance of “The Legend of Heroes: The Gagharv Trilogy” (hereafter referred to as “The Legend of Heroes”), developed by subsidiary Pow Games. The Legend of Heroes is set for release in its main target markets, Japan and Taiwan. Other revenues saw a decrease of 9% from the previous quarter but rose by 12% year-on-year to 10.6 billion won.
Neowiz plans to strengthen its intellectual property (IP) competitiveness and expand its global PC and console lineup. The company is focusing on discovering new titles with solid storylines and compelling narratives.
“Brown Dust 2,” a key IP for Neowiz, has a major update scheduled to celebrate its 1.5-year anniversary in December. It will participate in Japan’s largest subculture event, “Comic Market,” and Korea’s subculture game and animation event, “AGF 2024”. By maintaining a story-centric gameplay with story packs and high-quality cutscenes, Neowiz aims to further bolster the IP’s competitiveness.
In 2025, Neowiz plans to release a DLC for “Lies of P,” expanding the original story. The current focus is on enhancing the game’s quality. Additionally, new PC and console projects led by directors Jin Seung-ho and Lee Sang-gyun are underway. Information on new games, including “survival action adventure” and “life simulation” genres, will be disclosed sequentially.
Apart from developing in-house games, Neowiz is actively pursuing investments and publishing opportunities. Recently, the company secured the global rights for a single-player RPG set in a Western noir backdrop by signing a publishing agreement with Zaka Zane. Last November, Neowiz also invested in “Blank.” Both Zaka Zane and Blank are Polish game developers. Through close collaboration, Neowiz aims to enhance its competitiveness in the global market while strengthening its PC and console lineup.