Nexon Korea, the development powerhouse behind parent Nexon Co.’s online gaming empire, reported a 15.5% decline in annual revenue to ¥269.08 billion ($2.42 billion) for fiscal year 2024, highlighting ongoing challenges in the gaming sector.
The South Korean unit, which develops PC and mobile games including the popular Dungeon&Fighter franchise, saw pre-tax profit fall 22.2% to ¥123.61 billion while net income dropped 20.6% to ¥105.70 billion, according to financial statements based on international accounting standards.
The results reflect a broader slowdown following Nexon’s record-breaking 2023, when the Tokyo-listed parent company achieved its highest-ever revenue and operating income. Despite the year-over-year decline, Nexon has maintained an aggressive growth strategy, announcing financial targets including a 15% revenue CAGR between 2023 and 2027.
Nexon Korea serves as the group’s central development hub, both creating original titles and managing the company’s investments in other Korean game developers. Its performance is particularly significant as Nexon expands its franchise development with seven new games scheduled through 2027, each potentially generating over ¥10 billion in annual revenue.
The company’s extensive portfolio includes MapleStory, which saw global growth of 24% outside Korea in 2024, and newer titles like The First Descendant, launched in 2023.
