South Korean mobile games developer Netmarble has had a rough year so far, continuing the downward turn of 2022 where the company fell deep into the red. Compared to a $188 million net profit in 2021, Netmarble’s steep dive last year left the company with a striking $717 million loss.
Significant declines have continued through 2023, with both revenue and EBITDA falling in Q1 as the overseas market made up the lion’s share of company revenues.
Difficulties have only continued from there. Year-on-year EBITDA slumped by a concerning 49% in the second quarter with sales still falling. Netmarble’s casual mobile games were one of the few pillars holding the company up.
Naturally, all of this has led to a shuttering of games, with BTS World slated for a place on the chopping block this December.
While all of this suggests Netmarble is endlessly mired in rare mobile gloom, trapped in a downward spiral, it turns out this isn’t so.
Second wind
On September 6 2023, Netmarble launched Seven Knights Idle Adventure, a new mobile RPG in the Seven Knights series featuring new and familiar characters, casual gameplay and 10v10 battles. The title ranked second on Google Play and first on the App Store five days on from launch, and has sparked newfound optimism with investors.
As a result, Seven Knights Idle Adventure has carried Netmarble to its sharpest rise in share value the company has seen in nearly nine months, Market Screener reported. In fact, a 17% rise was seen during today’s early afternoon trading, following an 8.8% rise yesterday. As of right now, September 12, shares in Netmarble are worth up to $40.73 each.
Is this the beginning of a swing back to success for Netmarble? Only time will tell. With its legacy of successful mobile games, the developer still earned a place in our Top 50 Game Makers list this year.
