Pearl Abyss Q2 2020: EVE Online is doing great, NA/EU drives 48% of company revenues


Pearl Abyss dropped its second quarter financial report today: The South Korean MMO company saw its revenues decline ever so slightly, down to 131.7 billion KRW (111 million USD), representing a drop of 1.1% since last quarter and 8.4% since last year. But of course, as we noted last quarter, last year saw the launch of Black Desert on console and mobile, so that’s a hard one to beat.

Interestingly, while Black Desert’s revenues declined YOY and QOQ, EVE Online improved its revenues significantly both to the quarter and to the year. Last quarter, we were confused by CCP Games CEO Hilmar Petursson suggesting the game was “going through a steep upward trend” – a trend that was not evident at the time either in the revenues or the playerbase estimates. At the time, we wondered whether Petursson was referring to April revenue and that we’d have more clarity in Q2, and here we are confirming that was indeed the case.

Another noteworthy bit here is that the western market continues its climb in terms of PA’s revenues: North America and Europe now represent 48% of the company’s revenue, more than double its percentage since this time last year. (Contrast this, for example, with NCsoft, where westerners account for only 4% of revenues this past quarter.)

The company’s presentation briefly notes that it’s got multiple games in the pipeline, including Crimson Desert, DokeV, and Plan 8, plus ongoing updates to Black Desert and Shadow Arena. EVE Echoes, of course, launched this morning, so we’ll see its initial successes reflected next quarter.

Pearl Abyss has already been in the news this week for wholesome reasons, including new benefits for employees – like pet insurance, birthday gifts, and cleaning services. Please come clean my house too, Pearl Abyss!


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This is basically the biggest reason why I quit playing Black Desert. A majority share of their revenue comes from NA/EU but they entirely and completely ignore any and all feedback from the NA/EU regions when it comes to their game(s). Even their responses on topics often times completely ignore issues or are sidestepped entirely for puff questions like about Ranger thigh thickness. It’s tiresome to support a company, even with play time, who only sees you as a payday while only listening to their KR audience for feedback. Every other region feels and experiences the same thing.

Nosy Gamer

The 6% drop in Black Desert revenue basically came from a drop in Black Desert Mobile. Besides PA stating that on the call, you can see the drop in revenue from mobile games go from 54% down to 43% of PA’s total revenue. While PA didn’t explicitly say this on the call, a significant factor in EVE’s 31.9% increase in revenue came from the re-opening of the Serenity server in China in late April.

And the market seemed to like what they heard on the call, because Pearl Abyss’ stock price went up 5.6% in Thursday’s trading :)


I understand that EVE is what it is.

That being said, if they offered an ‘Opt-Out of PvP Flag Option’, I would be happy to subscribe the game to be able to play that way.

Probably never happen, but I do wonder how much money the company is leaving on the table by sticking to the whole PvP everywhere all-the-time model.

Oh well.

Kickstarter Donor

But they still ignore NA/EU feedback in anything they do. Literally just a cashcow for them