NHN is aiming for a 'turnaround' with the announcement of new mid-core game releases this year. A mid-core game refers to a genre that lies between casual games, which can be enjoyed easily, and hardcore games that require complex strategies. Jung Woo-jin, CEO of NHN, pledged during the 2025 New Year's address to demonstrate performance in the gaming business. Currently, the casual genre, HanGame web board, serves as a cash cow for NHN's institutional sector. However, this is interpreted as a strategy to present various genres of games to create new revenue sources.
◇ HanGame web board accounts for 40% of sales… insufficient for improving game performance
According to NHN on the 8th, the sales of HanGame web board, which is the main focus of 'PC online games', reached 44 billion won in the third quarter of last year, accounting for 39% of the total gaming sector revenue (112.5 billion won). NHN explained that 'based on the third-quarter results of last year, the revenue proportions for PC games and mobile games are about 4 to 6. The revenue from PC games is driven by web board games, while mobile game revenue is led by the games from Japan's NHN PlayArt.'
HanGame web board, celebrating its 25th anniversary, is NHN's 'legacy work' but still plays a significant cash cow role for the company. The web board refers to casual games that can be played online, such as poker, Go-stop, and Baduk (Go). The user age range is diverse, from the younger generation to middle-aged individuals, and the game rules are simple, making it easy for new users to join. NHN's revenue from PC online games has grown for five consecutive quarters since the third quarter of 2023.
However, from NHN's perspective, it is difficult to rely solely on revenue from HanGame web board. CEO Jung Woo-jin has consistently promised to increase game sector revenue by 20% to 30%, but the growth rate has remained in the single digits. NHN is aiming for a global web board entry this year with the social casino game 'Pebble City'. However, to reach the figures proposed by CEO Jung, new revenue sources are necessary, in addition to the web board. The mobile games 'Line Disney Tsum Tsum' and 'Yokai Watch Punipuni', which have been released for over 10 years, are also losing freshness.
◇ Transitioning to mid-core games… 'means diversification of genres'
NHN is preparing eight new games this year. In February, a final test for the open-world shooting role-playing game (RPG) 'Darkest Days', set against a zombie apocalypse backdrop, will be conducted through Steam Next Fest. NHN is responsible for both development and distribution. Additionally, the goal is to release the subculture genre game 'Abyss D.I.A.' in the second quarter of this year. Abyss D.I.A. is a collectible RPG where players solve the threats of the unknown space 'Abyss Slit' alongside beautiful girl characters. Other new puzzle and action games are also in preparation, but specific release dates have not yet been disclosed.
An NHN official noted that 'as HanGame web board serves as a robust source of revenue, investment in new game development is possible.' They also explained that 'it is significant to diversify genres from the existing casual game-focused portfolio to mid-core games.'
Kim Hyun-yong, a researcher at Hyundai Motor Securities, said, 'Entering the peak season for web boards in the first quarter, and with multiple new releases like 'Darkest Days' and 'Abyss D.I.A.' scheduled from April, momentum is expected to manifest.' Jung Ho-yoon, a researcher at Korea Investment Securities, stated, 'As there have been no notable new releases in 2023 and 2024, we can expect performance improvement through new game launches,' and added, 'The risk of revenue decline in the existing lineup is limited, so even if a new title succeeds modestly, it can lead to performance improvement.'