NCSoft 2024 Q1 financial report analysis: 'Guild Wars 2' aspires to be the big brother of PC games

Preface

NCSoft released its financial report for the first quarter of 2024 on May 10, which disclosed the operating data of the company and its various games. We compiled this report based on the financial report and investor relations releases. Article information.

"Guild Wars 2" aspires to be the big brother of PC games

NCSoft 2024 Q1 financial report analysis

NCSoft's first quarter 2024 financial report is prepared on an unaudited basis, and relevant data may change during the independent audit process.

Note: The amounts in this information have been rounded, and the currency units are Korean won unless otherwise specified.

★1. NCSoft’s first-quarter operations

NCSoft’s sales revenue in the first quarter of this year was 397.9 billion won, a decrease of 9% from the previous quarter and a decrease of 17% from the same period last year. Net profit was 57.1 billion won, a month-on-month increase of 127% and a year-on-year decrease of 50%.

It can be seen from the investor relations release that mobile games have become NCSoft’s main source of income since 2016, accounting for more than half of the country’s revenue.

Focus on its specific games. Among the games shown in the picture above, mobile game revenue is approximately 2.7 times that of PC games. Among them, "Lineage M" has the highest revenue share among mobile games, accounting for about 42.1%; "Guild Wars 2" has the highest revenue share among PC games, accounting for about 27.7%, and is the same as "Lineage" and "Lineage 2". 》Relatively close.

In addition, from a regional perspective, South Korea still has the highest revenue share, accounting for 65.2%; royalties, Europe and the United States, and other Asian regions account for 65.2% of the revenue. are 8.2%, 9.2%, and 17.4%.

★2. Guild Wars 2’s first-quarter operating conditions

Guild Wars 2’s sales revenue included in NCSoft in the first quarter of this year was 25.4 billion won, a month-on-month increase of 6.3% and a year-on-year increase of 24.1%. The cumulative revenue of the Guild Wars series (Guild Wars 1 + Guild Wars 2) is approximately 1.4 trillion won.

Some foreign server players have tracked the revenue of Guild Wars 2 every quarter since the release of the main body. On this basis, we will further analyze the expansion packs and world dynamic periods. distinguish.

It can be seen that the game revenue reached a peak when the main body was released, and then fell to a more stable level. The revenue had a new small climax before and after the release of each expansion pack. , reaching a low point at the end of the third season of World Dynamics and the early stages of Ice Nest Legend. In the two quarters after the release of Mystery of the Heavens, revenue has also increased to a certain extent compared to the end of Dragon's End.

In terms of quarterly comparison (the currency unit in the above chart is US dollars), game revenue in the first quarter of 2024 is the highest first-quarter revenue in the past seven years, second only to the first quarter of 2013 quarter (after the release of the main body) and the first quarter of 2016 (after the release of Battle of Maguma). Specific quarterly comparison data are shown in the figure below.

Conclusion

As the competition in the mobile game market becomes fierce, the possibility of PC games breaking the game does not necessarily exist. I hope ArenaNet can be used in future versions It will eventually bring us more surprises, further increase the user base and consumption potential, and achieve both fame and fortune.

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