The mobile game company Devsisters has recently made its entry into India with the Cookie Run intellectual property (IP), but after the local launch, its stock price has fallen, disappointing investors. Devsisters successfully turned a profit this year, but the stock price continues to fluctuate, creating an unstable situation. The market assesses that Devsisters has a high risk due to its reliance on a single IP.
On Nov. 11 in the afternoon (Korea Standard Time), the Cookie Run service in India officially began, but Devsisters' stock price showed a downward trend. The company's stock closed at 30,700 won on Nov. 12, down 3.61% from the previous day. Compared to its peak of 76,300 won in the past year, it has dropped by about 60%.
The underperformance of Devsisters' stock seems to stem from the lack of interest among local Indian users, which was lower than expected. The number of pre-registrations for Cookie Run in India was 1 million, a disappointing figure given the Indian gaming population. Indian game YouTubers conducted real-time streaming broadcasts related to Cookie Run, but the view count has remained at 28,000.
Devsisters' revenue structure, which relies on a single IP, is also influencing the company's stock price. Devsisters announced a new title, Dead Side Club, last year, but terminated service during the early access phase. The company recorded operating losses of 19.9 billion won in 2022 and 48 billion won last year, and its CEO was replaced earlier this year. Although it has succeeded in turning a profit this year, it has yet to show a clear vision regarding business diversification.
An industry insider noted, "In the case of Devsisters, there appear to be many investors looking for short-term trading, which suggests high volatility in the stock price. However, this also indicates that the company has not been able to prove its growth potential."
Some analysts suggest that since Devsisters partnered with KRAFTON, which has gained local popularity with PUBG Mobile, it may achieve success in the Indian market in the future. Devsisters' studio Kingdom is in charge of developing Cookie Run's content for India, while KRAFTON handles local services and marketing. Devsisters is hopeful about KRAFTON's tailored promotional strategy in India.
However, some analysts warn that Cookie Run India and PUBG are completely different games, and thus could mismatch KRAFTON's customer base. PUBG is a player versus player (PVP) survival game, while Cookie Run India is a simple, individually enjoyed game.
A Devsisters official explained, "This year, the company has improved its foundational strength through a stable revenue base centered on live games and efficient expense management. We plan to expand global influence and revenue for each live game and enhance corporate growth through new titles."