Nexon Achieves Record-Breaking Earnings in 2024 Despite The First Descendant’s Underwhelming Performance
By Financial statements further confirm plans to launch seven distinct video games by 2027.
Maple Legend publisher Nexon has released its earnings report for the fiscal year 2024, showcasing record-setting revenue for the second consecutive year.
The Figures:
- Revenue: ¥446.2 billion ($2.94 billion), an increase of 5% year-on-year
- Operating profit: ¥124.2 billion ($817 million), a decrease of 8% year-on-year
- Net profit: ¥134.8 billion ($887 million), an increase of 91% year-on-year
The Highlights:
While Q4 revenue saw a decline of 6% year-on-year, Nexon “achieved record-breaking total revenue for the full year.” Net profit increased by 84%, although Nexon attributes this to a favorable foreign exchange impact on cash deposits and “an impairment charge recorded in 2023 on investment in an equity-method company,” which did not occur again in 2024.
The company emphasized that enhancing and expanding existing franchises remains a crucial focus for attaining its mid-term goals set for 2027, with its top three franchises – MapleStory, Dungeon & Fighter, and FC – collectively rising by 10% from ¥300.7 billion ($1.98 billion) in 2023 to ¥330.7 billion ($2.18 billion) in 2024, representing 74% of its earnings in 2024 compared to 71% in 2023.
The shooter game The First Descendant performed “below expectations […] due to a decline in player traffic related to a lack of new content.” However, Nexon noted that the Season 2 Update released in December “improved player retention.”
Nexon has entered into a co-development agreement with Tencent to secure “additional creative resources” for the development of its Dungeon & Fighter Franchise.