Smilegate, firmly positioned alongside NEXON and KRAFTON as one of South Korea’s top three game companies by operating profit, is set to launch several new titles in 2025.
In 2024, Smilegate focused mainly on the service of its existing live games, such as the FPS Crossfire, the PC MMORPG Lost Ark, and the mobile RPG Epic Seven, with the exception of one new release.
In addition, the company continued to expand its international presence. Lost Ark entered Taiwan, another major market for MMORPGs, while the mobile RPG OUTERPLANE launched in Japan, a stronghold of subculture-driven gaming.
However, not all efforts met with success. Wonderers: Eternal World, developed by NGELGAMES, was soft-launched in Southeast Asia and Australia, but saw no further progress. Meanwhile, Blue Protocol, the highly anticipated PC MMORPG by Bandai Namco, was shut down in Japan before it could even be released in South Korea, ultimately being dropped from Smilegate’s lineup.
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On the brighter side, the release of LORDNINE provided some much-needed relief with its breakout success. Marketed under the slogan “Normalization of the Abnormal,” the game stood out with its high level of freedom in character customization and progression. It also introduced a distinctive class system that lets players combine abilities across nine different weapon types.
The success of LORDNINE helped offset some of Smilegate’s other challenges in 2024. By leveraging the operational expertise gained through Lost Ark, the game achieved remarkable popularity not only in South Korea but also in Greater China, ultimately standing out as the most prominent release of the second half of the year.
As a result, Smilegate’s 2024 financial performance showed revenue of KRW 1.5222 trillion, operating profit of KRW 514.5 billion, and net income of KRW 473.4 billion. Compared to the previous year, revenue increased by 10.2%, and operating profit rose by 4.9%, but net income dropped by 44.4%.
This performance was largely driven by Crossfire and Lost Ark. Smilegate Entertainment, the studio overseeing Crossfire, reported 2024 revenue of KRW 718.1 billion, up 7.6% year-over-year, with operating profit rising 6.2% to KRW 405.1 billion. However, net income decreased by 4.1% to KRW 347.7 billion.
In terms of revenue breakdown, game sales reached KRW 713.9 billion, reflecting a 7.4 percent increase from the previous year. Service revenue rose to KRW 1.4 billion, up 41.1 percent, while other revenue climbed to KRW 2.8 billion, a 72.1 percent increase. These gains were largely driven by the Chinese market. Even in its 17th year since launch, Crossfire continues to deliver strong performance, indicating increased performance across all segments.
On the other hand, Smilegate RPG, the studio behind Lost Ark, experienced a year-over-year decline in performance in 2024. Revenue fell by 9.1% to KRW 475.8 billion, operating profit dropped by 17% to KRW 223.3 billion, and net income saw a sharp decline of 53.8% to KRW 302.6 billion.
Domestic revenue came in at KRW 355.9 billion, down 6.6 percent year-on-year, while overseas revenue dropped to KRW 119.9 billion, a 15.9 percent decline. Despite the company's expansion into the Taiwanese market, the continued decrease in sales signals a greater need to secure and grow the user base.
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In response, the company aims to improve its performance this year by launching more than two new titles. Among them are Chaos Zero Nightmare, a strategy RPG set in a sci-fi universe, and Eclipse: The Awakening, a new MMORPG.
Chaos Zero Nightmare, currently in development by Super Creative, the studio behind Epic Seven, aims to deliver a completely new style of gameplay. Built on a foundation of turn-based RPG mechanics with collectible and upgradable characters, the game blends elements from various genres—including TCG and roguelike—to create a unique and innovative experience.
Eclipse: The Awakening is a new IP MMORPG currently being developed by Npixel, featuring strategic gameplay elements that make use of terrain elevation and environmental features. The game is being developed on Unreal Engine 5 and will be a cross-platform title, available on both mobile and PC.
What sets Eclipse: The Awakening apart is its development team, which boasts over 10 years of experience in MMORPG development. With this expertise, the team is dedicated to creating a deep and immersive gaming experience that aligns with the needs and expectations of MMORPG players. The game is planned for release later this year, with a strong focus on delivering a refined experience based on a deep understanding of the genre.
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Lost Ark Mobile, based on the original Lost Ark, and the next installment in the Crossfire IP are also in development. However, with no official statements released so far, the likelihood of a launch within the year remains low.
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Instead, Smilegate is ramping up its game publishing business through STOVE, with plans to introduce a diverse lineup of new titles. Scheduled for release later this year are V.E.D.A, a roguelike training game developed by Tripearl Games, and Archetype Blue, a deck-building roguelike from Codename Bom.
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With this approach, Smilegate aims to showcase a diverse range of new games across different genres throughout the year, while strengthening its live service operations and establishing a distinct market position.
Additionally, Smilegate is set to publish Clair Obscur: Expedition 33, developed by the French studio Sandfall Interactive. The game is scheduled for release on Steam and STOVE on April 24.
이유림 기자 press@gamevu.co.kr
