Nexon Posts Record 2024 Revenue Thanks to Dungeon Fighter Online Growth

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Dungeon Fighter Online mobile (Dungeon&Fighter Mobile) in China. The global launch of The First Descendant was also cited as a driver of growth despite the game's average conccurrent playerbase dropping from ~200,000 at launch to around 9,000 today.

Nexon Franchise lifetime sales breakdown:

Dungeon Fighter Online (Dungeon&Fighter): $22 billion
MapleStory: $5 billion
Mabinogi: $0.7 billion
The Kingdom of the Winds: $0.6 billion
Sudden Attack: $0.8 billion
Kartrider: $1 billion

2024 Financial Snapshot

Full-Year Revenue: ¥446.2B ($3.0B USD), up 5% YoY.
Operating Income: ¥124.2B ($830M USD), down 8% YoY.
Net Income: ¥134.8B ($900M USD), up 91% YoY (boosted by forex gains).
Q4 Revenue: ¥79.7B ($530M USD), down 6% YoY, with a ¥7.0B impairment charge on underperforming projects.

Franchise Performance & Strategy

Dungeon&Fighter (53% YoY Growth):
- Mobile Success: Dungeon&Fighter Mobile drove growth in China but faces slowing engagement post-New Year updates.
- PC Struggles: Q4 sales missed targets due to weak collaboration item sales. A Q1 2025 update stabilized daily s in Korea but lags in China.
- Tencent Partnership: Tencent will assist with hyperlocalization (tailoring content to regional preferences) and new experiences to attract broader audiences in China.
- Global Expansion: The First Berserker: Khazan (March 28 release) aims to introduce the franchise to Western players.
MapleStory (Mixed Results):
- Korea Decline: Offset by 24% growth in global versions, now 35% of franchise revenue.
- MapleStory Worlds: Soft-launched in the Americas, with European/Southeast Asian expansions planned.
FC Online (Sports Management):
- Full-year revenue dipped from 2023’s record. Q4 missed targets despite a branding campaign. Expects slower 2025 due to lack of major soccer events pre-2026 World Cup.
Mabinogi & New Titles:
- Mabinogi Mobile launches in Korea March 27, alongside a UE5 overhaul (Mabinogi Eternity Project) for PC.
- games: Vindictus: Defying Fate, ARC Raiders, and Project OVERKILL (D&F spin-off).

Live-Service Challenges

The First Descendant: Q4 revenue fell due to content drought, though Season 2 improved retention.
The Finals: Stable retention but faces tough YoY comparisons post-launch hype.

2025 Outlook

Q1 Revenue Guidance: ¥109.9B–¥122.1B ( $730 M -$ 810M USD), up 1–13% YoY.
Risks: Reliance on China (38% of 2024 revenue)

Industry Context

Nexon’s Tencent partnership mirrors Blizzard’s past collaborations with NetEase, emphasizing China’s importance despite regulatory hurdles. The focus on legacy IP over new ventures (e.g., The First Descendant) reflects industry caution as live-service games face player retention woes.

While Nexon’s pipeline is ambitious, success hinges on executing in a tough market dominated by older titles (Roblox, etc). Nexon hasn't had a big new franchise in a long time and has been coasting off the success of Dungeon Fighter and MapleStory for the last 20 years.

For now, betas for ARC Raiders and NAKWON: LAST PARADISE will test Nexon’s ability to innovate beyond its core franchises.