'Equipped with New Weapons' Pearl Abyss CEO Jung Kyung-in: "Korean Game Companies Are Taking Uncharted Paths"

[2022 Hot IT Companies③] Pearl Abyss

Persistence in PC and Console Games
New Release 'Red Desert' Coming Next Year, 'Dokkaebi' and 'Plan 8' Awaiting
Entry into Chinese Market Possible... Challenge in Metaverse

Jung Kyung-in, CEO of Pearl Abyss

"Pearl Abyss is taking a path that Korean game companies have not ventured down. Through our upcoming titles, we will be recognized as a game developer loved globally." Jeong Kyung-in, CEO of Pearl Abyss, expressed this ambition in an interview with Asia Economy on the 22nd. Pearl Abyss is preparing to launch new titles such as ‘Red Desert’ next year, followed by ‘Dokkaebi’ and ‘Plan 8’.

Targeting North America and Europe... Boarding the Metaverse

Starting as a small company with seven employees, Pearl Abyss has grown into a game company with about 880 employees and a market capitalization of 8 trillion KRW in just 10 years, thanks to the success of the game ‘Black Desert’. As one of the few domestic game companies with proven success in the North American market, it is set to solidify its position as a global game company starting next year.

While most domestic game companies focus their efforts on mobile games, Pearl Abyss steadfastly concentrates on PC and console games. New titles such as ‘Red Desert’, ‘Dokkaebi’, and ‘Plan 8’ will primarily target the PC and console game markets. This is because users in the North American market, the largest market in the world, tend to prefer consoles. CEO Jeong explained, "North America and Europe are major markets where the console game market is larger," adding, "If we gain recognition in the console market with new titles like Red Desert, Dokkaebi, and Plan 8, Pearl Abyss will become a company competing with top-tier game developers."

In particular, ‘Dokkaebi’ has attracted worldwide attention even before its release due to its metaverse elements. Dokkaebi is an open-world action-adventure game where the protagonist embarks on a journey to find dokkaebi, presented through a unique worldview. It has drawn attention by incorporating K-content such as traditional Korean games. CEO Jeong said, "Since Dokkaebi is set in a modern background, it is suitable for showcasing metaverse content," and added, "Within the video, you can see real-world spaces and brands, and these contents will serve as a bridge connecting the real and virtual worlds."

Pearl Abyss owns its own game engine. A development team of about 50 people, including Chairman Kim Dae-il, continues the legacy of engine development in Korea. CEO Jeong believes this technological capability will create great synergy when the metaverse era arrives. He emphasized, "One of the most important elements in the metaverse is the technology to realistically display 3D graphics in virtual spaces, and the core foundation is the game engine," adding, "Since Pearl Abyss’s game engine technology is world-class, it will be utilized even more importantly, and we are preparing for that."

Advancing into the Chinese Market with ‘Black Desert’

In June, Pearl Abyss received a game service license (panho) from the Chinese government, enabling entry into the Chinese market, which is worth approximately 45 trillion KRW. Pearl Abyss is actively preparing to target Chinese users with ‘Black Desert Mobile’. CEO Jeong stated, "We recently completed a smooth technical test in China," and added, "We are in the final stages of working with local partners for service."

The company is also open to the possibility of adopting the ‘Play to Earn (P2E)’ model, a hot topic in the gaming industry recently. Given Pearl Abyss’s possession of proprietary engine and graphic technologies, there is high anticipation for its entry into businesses related to non-fungible tokens (NFTs) and P2E. He said, "The company is interested and considering this at an organizational level."

Pearl Abyss is currently constructing a new headquarters in Gwacheon Knowledge Information Town with an investment of 174.5 billion KRW, and is building the largest art center in the domestic game industry near Pyeongchon, Anyang City, with an investment of 30 billion KRW. These facilities will serve as technological forward bases for new titles. CEO Jeong emphasized, "We have top-level 3D scanning and motion capture studios that can stand alongside global major developers," and added, "Pearl Abyss will create AAA (blockbuster) titles that will be loved by users worldwide for a long time."