Nexon achieves record-breaking revenue in 2024 despite The First Descendant setbacks

Nexon, the publisher of popular games like MapleStory, shared its financial performance for the 2024 fiscal year, showcasing record-breaking revenue for the second year running. The company reported a total revenue of ¥446.2 billion, marking a 5% increase from the previous year. While operating income saw a slight decline of 8% year-over-year to ¥124.2 billion, net income surged by a remarkable 91% to ¥134.8 billion.

Although fourth-quarter revenue experienced a 6% decrease compared to the previous year, Nexon managed to achieve record-breaking revenue throughout the full year. The company attributed the substantial increase in net income to a rise in FX gain on cash deposits and the absence of an impairment charge incurred in 2023. Nexon reiterated its commitment to strengthening its core franchises like MapleStory, Dungeon&Fighter, and FC to achieve its 2027 mid-term objectives. These top three franchises collectively grew by 10%, generating ¥330.7 billion in revenue in 2024, representing 74% of the total revenue.

The shooter game, The First Descendant, fell short of expectations due to waning player engagement caused by a lack of fresh content. However, Nexon cited the release of the Season 2 Update in December as a positive step that contributed to improved player retention. Additionally, Nexon announced a partnership with Tencent to co-develop its Dungeon&Fighter Franchise in China. Tencent will provide additional resources for enhancing localization, developing new gameplay experiences, and adapting the game to suit the evolving preferences of Chinese gamers.

Looking ahead, Nexon anticipates a revenue growth of 1% to 13% year-over-year for the first quarter of 2025. Junghun Lee, Nexon’s president and CEO, expressed determination to reinforce established franchises such as Dungeon&Fighter for sustainable growth and profitability. The company plans to bolster its creative capabilities internally and leverage the collaboration with Tencent to foster growth. Furthermore, Nexon scheduled the launch of seven new games by 2027, each with the potential to generate annual revenues exceeding ¥10 billion ($66 million), illustrating its strategic focus on significant expansion in the foreseeable future.