Devsisters has once again pulled out a strategy centered on the Cookie Run intellectual property (IP). As profitability has deteriorated sharply, concerns are emerging in some corners of the market as the company repeats a pattern of seeking a rebound with new titles based on the same IP. Depending on the performance of the new title Cookie Run: OvenSmash, results could either rebound or remain sluggish, putting the new game on the test bench that could determine the company's future direction.
On the 23rd, Devsisters held a pre-release media hands-on event for Cookie Run: OvenSmash and unveiled the new title. Scheduled for a global launch on the 26th, the game is a real-time battle action title based on the Cookie Run IP and is a new release coming after about two years. Pre-registrations have surpassed 3 million, heightening expectations ahead of launch.
The new title combines a modern-setting fantasy universe with real-time PvP (player vs. player) combat to differentiate itself from previous entries. Emphasizing team-based domination modes and competitive structures, it highlights gameplay similar to Brawl Stars. The company said it "actively reflected user feedback to improve combat balance and content completeness."
A Devsisters official said, "Cookie Run: OvenSmash is a core project that embodies the expansion and evolution strategy the company is emphasizing this year," adding, "As the first real-time PvP versus game in the Cookie Run IP, we focused on providing an expanded experience through a new urban fantasy-concept universe while maintaining the appeal of existing characters." The official added, "In line with the recent short-form consumption trend among users, we adopted a short play structure of about three minutes per match to improve accessibility."
However, the market's focus is on structural limits rather than gameplay. Devsisters' revenue last year was 294.7 billion won, up 24.8% from a year earlier, but operating profit was just 6.2 billion won, plunging 77%. In particular, the company swung to a loss in the fourth quarter, posting an operating loss of 12.6 billion won. While Cookie Run: Kingdom's global success boosted revenue, a surge in marketing expense and labor costs ate into profitability.
With most revenue concentrated in Cookie Run: Kingdom and the securing of new growth drivers delayed, diversification of the business portfolio remains limited. Brokerages are also voicing concern. In January this year, Kyobo Securities cut Devsisters' target price to 50,000 won from 59,000 won. Over the past year, Devsisters' share price, which had fallen about 10%, climbed to the mid-50,000 won level, then plunged to the high-20,000 won range, and has since rebounded, repeatedly showing a seesaw pattern.
The situation is especially urgent at subsidiary Press A, which handled development of the new title. After the past failure of Dead Cide Club, it has not produced a clear hit and has fallen into a state of complete capital impairment. As it survives on funding support from the parent company, analysts say the success or failure of Cookie Run: OvenSmash could determine not only Press A's fate but also the parent company's results.
To break through, Devsisters is pushing a "Cookie Run Universe" strategy. At DevNow 2026, the company presented a vision to "evolve into a global IP company based on Cookie Run," emphasizing a multiverse structure that connects the universes across games. Cookie Run: Kingdom will continue expanding its universe in May with Act 2 of the "War of the Timelines of Fate."
The new lineup will continue. Cookie Run: Crumble (second half, underdog-feel idle RPG), officially unveiled at DevNow, and the long-term project Cookie Run: New World (targeting 2029, cross-platform open world for PC, console, and mobile) are also based on the Cookie Run IP. The company is also pursuing expansion beyond games in parallel. Through a New York Times Square pop-up store (April), a TCG World Championship, and an AR project (2027), it aims to grow Cookie Run into a cultural IP.