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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Wemade achieved a turnaround to profitability after four quarters, driven by licensing revenue from its intellectual property (IP) based on the “Mir” series.
The company reported a consolidated revenue of KRW 214.4 billion and an operating profit of KRW 51.8 billion in Q3, as announced on November 5. Compared to the same period last year, revenue fell by 9%, while operating profit increased by 14.1%.
Wemade attributed this improvement to increased revenue from its "Mir" IP licensing, with sales rising by 25% from the previous quarter. This growth is linked to a five-year exclusive licensing agreement signed by Wemade subsidiary, ElektriP, with Actoz Soft in August of last year, covering "Legend of Mir 2 and 3" for the Chinese market. This agreement is expected to generate annual revenue of KRW 100 billion for Wemade.
Looking ahead, Wemade is focusing on developing new projects to sustain significant performance. The company is set to launch a new MMORPG, Legend of YMIR, which features realistic graphics created with Unreal Engine 5 and draws on the rugged and mystical ambiance of Norse mythology. Wemade promises an advanced MMORPG experience for players.
Currently, Wemade is gradually releasing information about Legend of YMIR through “Director’s Preview” videos to engage and communicate with users.
Wemade also recently revamped its blockchain gaming platform, Wemix Play, to be more community-centered, enhancing features that facilitate user interaction. The company is also preparing various strategies aimed at boosting Wemix's value and expanding its ecosystem.
Meanwhile, subsidiary Wemade Max recorded a Q3 revenue of KRW 19 billion, with an operating loss of KRW 2.1 billion and a net loss of KRW 4.8 billion. Despite a 3.1% year-over-year revenue increase, driven by new releases such as Legend of Mir 2: Legacy, Wemade Max could not avoid a return to losses.
Wemade stated that Wemade Max is focusing on long-term growth, including the development of 10 new titles and the integration of its subsidiary, Mad Engine, as a driving force for future business growth.
Another subsidiary, Wemade Play, reported a Q3 revenue of KRW 29 billion and an operating loss of KRW 960 million. Revenue decreased by 2.9% year-over-year, and the company also returned to operating losses.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
