The first half of 2023 for Korean game developer Netmarble may be financially grim. But the Seoul-based company is looking forward to releasing new titles before this year ends.
Netmarble announced that its plans to launch new titles during the second half of 2023 would push through. A press statement stated they will roll out at least six new games globally. They will also introduce three titles to Mainland China.
According to a press release, Netmarble confirmed it will launch at least six new games globally and three titles in Mainland China in the second half of 2023.
The announcement came days after its recent regulatory filing showed that it remained in the red for the second quarter of this year.
Its CEO, Young-sig Kwon, attributed the losses to sluggish sales of its existing titles and the absence of new games from January to June.
We look forward to launching new titles in the second half of the year… despite performance being affected by an absence of new games and revenue decrease of existing titles in the first half,
said Kwon.
Some games slated for a worldwide release this year included King Arthur: Legends Rise and Paragon: The Overprime.
Meanwhile, Ni no Nuni: Cross Worlds and The Seven Deadly Sins will welcome players in Mainland China soon.
Netmarble's financial report for the second quarter reported a slight increase in revenue. They generated $465.98 million in revenue, up by 0.1 percent compared to the first quarter. Their EBITDA also stood at $8.38 million. EBITDA stands for "earnings before interest, taxes, depreciation, and amortization."
But Netmarble also posted a significant decline in earnings and profitability. Their EBITDA for the second quarter of 2023 was a 46.3 percent decrease compared to the first quarter.
They also reported an operating loss of $28.76 million and a net loss of $34.04 million for the second quarter of 2023. Overseas markets remained their major revenue drivers, accounting for 86 percent of their total sales. North America was the most significant contributor, with a 52 percent share. It was followed by Korea, Europe, Southeast Asia, Japan, and other regions.
MARVEL Contest of Champions is still its top-performing title as of June. With the launch of new games, Netmarble expected an improvement in its financial performance in the second half of the year.