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Nexon revenue fell by 6% year-over-year to ¥79.7 billion ($531.3 million) in Q4 2024.
The company recorded an operating loss of ¥1.7bn ($11.3m), impacted by a ¥7.0bn ($46.7m) impairment loss. Excluding this, operating income was ¥5.3 billion ($35.3m). Net income exceeded expectations at ¥32bn ($213.3m).
Nexon said that it achieved record-breaking full-year revenue of ¥446.2bn ($2.97bn) in 2024, a 5% increase YoY driven by Dungeon & Fighter Mobile in China. Operating income declined 8% to ¥124.2bn ($828m) due to investments in its IP portfolio. Net income surged 91% to ¥134.8bn ($898.7m).
Franchise performances
Nexon saw success in three main franchises in 2024 including MapleStory, Dungeon&Fighter, and FC. The three franchises grew by 10% YoY to ¥330.7bn ($2.2bn), making up 74% of total revenue (up from 71% in 2023).
Dungeon & Fighter led the growth, surging 53% following the successful launch of Dungeon & Fighter Mobile in China. However, growth slowed in Q4 and into early 2025 for Dungeon & Fighter Mobile.
“The subsequent New Year update released in Q1 has been slow to retain users as well as attract new and returning players,” said Nexon. “As a result, we expect a lower-than-anticipated Q1 revenue.”
Nexon aims to expand in China by offering more diversified, “hyperlocalised” content and new experiences to attract a broader audience. To support this, the company has entered a co-development agreement with Tencent, leveraging Tencent’s production capacity to help attract “a wide range of players in China’s large game market”.
Elsewhere, the MapleStory franchise saw a revenue decline in 2024, but Global MapleStory grew 24%, now accounting for 35% of franchise revenue.
Moreover, the Mabinogi franchise has seen steady growth for seven years. Nexon plans to accelerate this with a mobile expansion, with pre-registration for Mabinogi Mobile now open ahead of its March 27th launch in South Korea.
Vision for the future
“Following record-breaking revenue in 2024, Nexon is committed to strengthening established franchises like Dungeon&Fighter for sustained growth and profitability,” said Nexon president and CEO Junghun Lee.
He added: “A disciplined increase in our own creative force, plus a new co-development agreement with Tencent, will provide the resources needed to drive growth. Additionally, seven new games scheduled for launch by 2027, each have potential to generate annual revenue over ¥10 billion.
“We have the vision, plan, and balance sheet to drive significant growth in the years ahead. As a reflection of our confidence in Nexon’s mid-term growth initiative, and to enhance shareholder value, the board of directors has authorised deploying the company’s deep cash reserves on a one year ¥100 billion share buyback which will begin on February 14th.”
