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Who are the top Korean gaming companies for 2023? When people think about the Korean market, K-pop, K-Beauty, and gaming are the top industries that come to mind. South Koreans love gaming. Over 50% of South Koreans play games on their smartphones. They have businesses just for people to play computer games (PC Bang). Esports is played on TV daily. South Korea was the birthplace of e-sports thanks to the popular Blizzard game Starcraft. Now, the top South Korean gamers participate in games like Overwatch, FIFA Online, League of Legends, and more.
Koreans also love mobile games. Currently, mobile gaming is more common in Korea than console gaming or PC gaming. Furthermore, Korea has over 35 million smartphone users. Therefore there is a high demand for all forms of gaming. Especially role-playing games where 90% of all mobile gaming revenue came from this genre. The South Korean gaming industry is stronger than ever. The top 3 major game publishers NEXON, NCSoft, and Netmarble have come to dominate the Korean market.
Korea has an incredible gaming infrastructure, culture, and high penetration. Hopefully, despite government regulations, more Korean gaming companies will succeed and take advantage of the opportunity in the Korean gaming market.
Billionaire founder Jungju Kim planned to sell a 98.64% stake in NXC, which is the holding company that owns 48% of Nexon. However, that bid failed, and instead, the company planned to re-examine its ongoing projects and stop work on games that are not performing.
NCSoft is the Korean gaming company behind the hit games Lineage 2 and Guild Wars 2. Most of their profits are coming from the mobile gaming sector. However, the good news for NCSOFT is that their main games Lineage and Guild Wars continue to hold strong even in 2022.
Netmarble has had a lot of success overseas. They are one of the leaders in the mobile gaming market in South Korea. In addition, some of their successful releases include Lineage 2, Marvel Future Fight, and Cookie Jam, just to name a few. Netmarble averages annual sales of just under $2 billion. For 2022, they expect their revenue to hit $3 billion with new mobile game titles that will launch this year. Some of the new titles launched in 2021 include Seven Knights Revolution, Second Country: Cross Worlds, and Marvel Future Revolution.
Netmarble has also invested in NCSoft Corp. and HYBE. Both companies have done well during the COVID-19 crisis. The value of NC Soft shares owned by Netmarbel stands at around $1.5 billion. In addition, Netmarble is the second-largest shareholder of HYBE with 450,000 shares (Around 25% equity stake).
They also own a 5.6% stake in Kakao Games and a 3.9% stake in Kakao Bank. Kakao Games, Kakao Bank, and HYBE. In addition, to companies, Netmarble has been investing in R&D in regard to data infrastructures and AI technology.
Pearl Abyss, founded in 2010, is best known for its open-world MMORPG Black Desert Online. The game alone has generated over $1 billion in gross sales in four years. The game has over 10 million users from 150 countries. Furthermore, it is played in 12 different languages. Their release of Black Desert Mobile was also a big hit and the company is growing by double every year. They bought Iceland-based CCP Eve Online for $425 million. Therefore, their expansion into the US will now be easier due to this acquisition.
Gamevil, founded in 2000, went public in 2009 on Kosdaq. They merged with Com2us and in 2013 was renamed Gamevil Com2us. However, in Korea, the two companies are separately operated. Gamevil has over 500 million mobile downloads. Com2us is known mainly for its hit game Summoners War. The game generated over $1 Billion in revenue since 2014. Com2uS acquired German sports simulation game developer OOTP Developments.
Korean gaming company GRAVITY is one of the fastest-growing game developers in Korea. GRAVITY is the only Korean gaming company that is listed on NASDAQ. They became known for their MMORPG Ragnarok Online as well as their IPTV service game that uses Pororo characters. Nearly all of its revenue comes from the games based on the Ragnarok franchise which GRAVITY holds the IP for. GRAVITY is becoming a global company in the online game business by strengthening its development, and technology, and exploring potential overseas markets. The company has established global branches and joint ventures in the US, Europe, and Russia. However, their primary market is in Southeast Asia.
GRAVITY is also successful in the mobile game industry. They have developed various mobile games such as Tower of Accession, Ragnarok Ash Vacuum, etc. Their newest mobile game is Ragnarok M: Eternal Love. They outsource Ragnarok mobile game development to partners in exchange for rights to the Chinese market. This means that GRAVITY has minimal game development costs.
Webzen is a Korean gaming company that focuses on PC and mobile gaming. They are best known for their MU series. Webzen has over 600 employees that help operate its global games portal Webzen.com. In 2023 they will continue to focus on MU Origin 2, QubeTown, and other mobile games for the global market. MU Origin 2 has gained a massive following in China. In addition, Webzen has offices in Dublin, Los Angeles, and Japan.
Smilegate RPG is the subsidiary of South Korean gaming company Smilegate. Their top game is their PC game Lost Ark and Crossfire. Lost Ark is a multiplayer online role-playing game that was launched in 2018. Crossfire is still one of the most-played online FPS games in China. The game was in development for 7 years with a budget of a little over $88 million. It is currently the 5th most played game in PC bangs in Korea. Lost Ark won 6 awards including the Grand Prize at the 2019 Korea Game Awards.
Korean game developer DoubleU Games is the top Korean game company dedicated to social casino games. They develop and distribute software for both online and mobile-based games. Their most famous game is DoubleU Casino which is now available in over 120 countries. Other popular games include Take5, DoubleDown Casino, and Ellen Slots. Their target market is users of Facebook and mobile phones. They generated over $420 million in sales in 2018 and surpassed $500 million in 2019 and 2020. Their current market cap sits at around $1 billion. The development of new social titles, in new verticals, will be their plans moving forward.
DoubleU Games invested $1.5 million into Epic Games. Epic Games released the super popular Fortnite in 2017, as well as Roblox, Minecraft, and Zepeto. This investment will mean that DoubleU Games will focus on the metaverse in 2023.
WeMade Entertainment is a Korean gaming company. They are responsible for the hit game FishingStrike, which was developed by their affiliate company WeMade Plus. They got the IP rights to Legend of Mir 2 and pushed it along with Icarus M. Their focus for 2023 will be to focus on IP protection, attaining new licenses, and new games.
Neowiz, founded in 2007, is the operator of a popular Korean games portal called Pmang. They offer many games through this portal and have acquired many gaming developers. They have a partnership with EA to enter the Japanese gaming market. Neowiz is a subsidiary of Neowiz Holdings. Some of their top games include Tapsonic World Champion, Muse Maker, Jump Arena, and Larva Match just to name a few.
NEOWIZ is in partnership with Taiwanese game publisher Cayenne Entertainment Technology Co. for the distribution of the mobile baseball game Slugger. This partnership has given Neowiz entry into not only Taiwan but also Macao and Hong Kong.
Eyedentity Entertainment is the maker of the popular action MMORPG game Dragon Nest. They have their esports business brand called World Esports Games & Leagues. Furthermore, they plan to host four different types of esports events throughout the year. These leagues will strengthen the connection between the Chinese and Korean gaming communities.
John is the Co-Founder of Seoulz. He has covered the Korean startup & tech scene for over eight years and has written over 700 articles regarding the Korean startup ecosystem. He has brought global attention to Korea's tech scene using Google SEO. Email him at jo...@seoulz.com
The Reagan Leadership Center is an immersive, educational experience designed to inspire the next generation of student leaders. The Reagan Leadership Center allows students to face the responsibilities and challenges faced by the executive branch, military, and media. While visiting the Reagan Leadership Center, students will have the opportunity to role play in a realistic, interactive environment. Students become advisors to the president, top level military officials, members of the White House Press Corps, or even President Reagan! Along with a combination of pre-visit curriculum materials and post-visit activities, students will practice and improve their critical thinking and decision-making skills.
The Reagan Foundation is at the forefront of incorporating technology into its Education programs, and the Reagan Leadership Center is our crown jewel. During their field trip, students role-play as members of the Presidential cabinet in the Oval Office, as military leaders aboard an aircraft carrier's command center, and as members of the media in the White House Press Room. We provide videos, news clippings, group activities, and tablets for students to work through the above, intertwined scenarios.
The year is 1983 and democracy is about to face its biggest test since the Cuban missile crises. The island nation of Grenada become the new hot spot where the lives of American students hang in the balance. Players assume roles of President Reagan, cabinet members, military leaders and even the Press Corp, where they will make real-time decisions to bring our American students back safely while preserving stability in the region. The world is watching and awaiting your decision.
This room is a scaled replica of the Oval Office during the Reagan administration. Students assigned to this module become presidential advisors and must vote on the most effective way to protect the American medical students trapped on the island of Grenada. Discussion in this module focuses on international relations, the effects of military involvement in other countries, and the high price of protecting and maintaining freedom.
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