By Sagar V. Mankar 
Nexon Co. has achieved a remarkable milestone in 2024, becoming the first Korean gaming company to surpass 4 trillion won ($2.8 billion) in annual sales. The company’s record-breaking performance represents a 5% increase from the previous year, marking a significant moment in its 30-year history.
The company’s success was largely driven by its three key franchises – Dungeon & Fighter, MapleStory, and FC (Football Club) – which together accounted for 74% of Nexon’s total revenue. According to financial reports, Dungeon & Fighter emerged as the standout performer, with a remarkable 53% year-over-year increase in sales, primarily fueled by the successful launch of its mobile version in China last May.
MapleStory, another cornerstone of Nexon’s portfolio, demonstrated impressive global growth. While the game faced some challenges in its Korean market, its global version saw a 24% increase in revenue, now representing 35% of the franchise’s total earnings. The company’s strategic focus on localized content and targeted promotions has played a crucial role in this international success. A major winter update in December 2024 helped improve player engagement in Korea as well, which contributed to better-than-expected Q4 results and set a strong foundation for Q1 2025, with projected sales growth of over 30% year-over-year.
In addition, MapleStory Worlds, a new extension of the franchise, performed “better than expected” in Q4, particularly in Korea. The game also had a soft launch in North and South America, which showed promising results. Nexon has already begun expanding into Europe as of January 2025, with further plans to enter the Southeast Asian market later this year.
Meanwhile, the FC franchise delivered its second-highest full-year revenue in 2024. However, it experienced a decline compared to its record-setting performance in 2023. In Q4, revenue saw year-over-year growth but did “not meet expectations” due to an underwhelming October branding campaign. Looking ahead to 2025, Nexon anticipates a period of steady performance for the franchise but expects lower fan enthusiasm due to the absence of major international soccer events before the 2026 World Cup.
Nexon’s shooter games also experienced mixed results. The First Descendant underperformed in Q4 due to declining traffic, mainly caused by a lack of fresh content. However, a Season 2 update in December helped improve player retention, setting a positive outlook for the second episode of Season 2, scheduled for March 2025. THE FINALS met performance expectations with stable retention, though Q1 2025 revenue is expected to decline compared to Q1 2024, which had benefited from a strong launch in December of the previous year.
Looking ahead, Nexon has unveiled ambitious plans for expansion. CEO Junghun Lee announced that the company will launch seven new games by 2027, each with the potential to generate annual revenue exceeding 10 billion yen. “Following record-breaking revenue in 2024, Nexon is committed to strengthening established franchises like Dungeon&Fighter for sustained growth and profitability,” Lee stated.
To support these growth initiatives, Nexon has formed a strategic partnership with Tencent for co-development projects. This collaboration aims to enhance the company’s production capacity for hyperlocalization and create new gaming experiences, particularly targeting the Chinese market.
Nexon’s upcoming releases include The First Berserker: Khazan, scheduled for March 28, which will introduce the Dungeon&Fighter franchise to a global audience. The company is also expanding its Mabinogi franchise with MABINOGI MOBILE, set to launch in Korea on March 27.
For the first quarter of 2025, Nexon projects revenue between 109.9 to 122.1 billion yen, representing a potential growth of 1% to 13% compared to the same period last year.