Nexon Achieves Record-Breaking Revenue in 2024 Despite Mixed Performance of The First Descendant

Nexon, the publisher of Maple Story, has released its fiscal year 2024 earnings report, boasting record-breaking revenue for the second year in a row. Key financial highlights include: revenue of ¥446.2 billion ($2.94 billion), a 5% year-over-year increase; operating income of ¥124.2 billion ($817 million), an 8% year-over-year decrease; and net income of ¥134.8 billion ($887 million), a 91% year-over-year increase. Although Q4 revenue declined by 6% year-over-year, Nexon still achieved record-breaking full-year revenue. The company attributes the significant increase in net income to a rise in foreign exchange gains on cash deposits and the absence of an impairment charge recorded in 2023. Nexon's focus remains on strengthening and expanding its established franchises, with its three largest franchises - MapleStory, Dungeon & Fighter, and FC - experiencing 10% aggregate growth from ¥300.7 billion ($1.98 billion) in 2023 to ¥330.7 billion ($2.18 billion) in 2024. Unfortunately, The First Descendant failed to meet expectations due to a decline in player traffic resulting from a lack of new content. However, the Season 2 Update released in December showed improved player retention. Nexon has secured a co-development agreement with Tencent to enhance its Dungeon & Fighter franchise in China, aiming to attract a broader player base through localized content and evolving trends. The company expects revenue to increase by 1% to 13% year-over-year in Q1 2025. According to Junghun Lee, president and CEO of Nexon, 'Following our record-breaking revenue in 2024, we are committed to strengthening our established franchises for sustained growth and profitability. Our co-development agreement with Tencent and a disciplined increase in our creative force will drive growth, and we have a vision, plan, and balance sheet in place to achieve significant growth in the years ahead.'