Q4 2022: Nexon counts huge YOY revenue boost, pushes harder into blockchain


Nexon’s Q4 2022 financial figures are the latest to arrive this week, as CEO Owen Mahoney presided over a mostly decent quarter for the Tokyo-and-Seoul-based gaming giant. The company reported Q4 revenues of ¥81.1 billion ($617M US), an almost 50% boost compared to the final quarter of 2021. However, the company also counted a ¥7.9 billion ($60M US) net loss YOY, owing to a “[foreign exchange] loss primarily on U.S. dollar-denominated cash deposits.”

So to what does Nexon attribute its successes? FIFA ONLINE 4, MapleStory, HIT2, and Dungeon&Fighter, which continue their hot streak in South Korea and China. MapleStory M drove revenues overseas as well, though apparently it wasn’t enough to make up for poor showings by Choices and Blue Archive in North America and Europe. The company expects revenues in our region to increase next quarter thanks to KartRider: Drift.

During its conference call, the company admitted to lower-than-expected mobile revenues as well as continuing losses on crypto: “Loss on revaluation of investments in crypto-assets made through an exchange due to a change in the market environment, and share of loss of investments accounted for using equity method recorded in accordance with the business performances of equity method affiliates, increased year-over-year.”

Those losses, plus the fact that the word “crypto” is mentioned in the reports only in reference to said losses, might make you think that Nexon is finally getting out of the crypto business, but on the contrary, it’s apparently time to double down: Nexon announced Nexon Block Corporation to manage its P2E/crypto ambitions. MapleStory will apparently be the IP singled out for this dishonor with MapleStory Universe, a metaverse mess that includes a blockchain PC game, a blockchain mobile game, a blockchain platform, and a blockchain toolset.

As for the company’s actual MMOs? “Nexon is scheduled to conduct a closed-beta test for THE FINALS in Q1. Several more Virtual Worlds are in late-stage development, including WARS OF PRASIA, VEILED EXPERTS, The First Descendant, Warhaven and MABINOGI MOBILE.”

Source: Nexon
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