Wemade Reports Q3 Operating Profit of 26.4 Billion Won... "Preparing Around 20 New Titles"

Revenue rises quarter on quarter on "Mir" licensing income
"Game development to continue regardless of management control transfer"

Wemade said on November 11 that its consolidated operating profit for the third quarter of this year is estimated to have risen 0.3% year on year to 26.4 billion won. Revenue fell 10.8% to 146 billion won over the same period, while net profit dropped 90.9% to 5.2 billion won.

Wemade CI. Courtesy of Wemade.

Compared with the previous quarter, revenue rose 35% as it reflected licensing income in China from the intellectual property (IP) rights to "The Legend of Mir 2" and "The Legend of Mir 3." However, revenue declined year on year due to lower sales from existing games. Operating profit edged up as overall expenses, including labor and advertising and promotional costs, decreased.

Wemade said it is preparing a lineup of around 20 games targeting domestic and overseas markets, including "Night Crows W," "Mir 5," "Project TAL," new titles based on the "Hundred Note" IP, "Project IL," and "Project MO."

"Night Crows W," which is targeted for release in the second quarter of next year, is being developed through close cooperation among related companies, including publisher Wemade and developer Mad Engine, to strengthen its competitiveness in the global market. "Night Crows" is also accelerating preparations for launch after obtaining approval for foreign games in China last June.

Wemade is set to change its largest shareholder next month after founder and Chairman of the Board Park Kwan-ho decided to sell his entire stake to a Chinese-led consortium. The sale is valued at 920 billion won. Wemade and its subsidiary Wemade Max say they will continue developing games regardless of the transfer of management control.

This content was produced with the assistance of AI translation services.