Dragonfly Targets 48 Trillion Market with Neorigin Riding the Wave of Chinese License Issuance Boost

Dragonfly, a developer specializing in FPS games, announced on the 21st that it has signed an MOU with NeoOrigin, a game publishing and information security company, for a joint game development project between the two companies.

Based on this MOU, Dragonfly's IP-based games and NeoOrigin's partners in China plan to pursue strategic cooperation with the goal of 'entering the Chinese market and sourcing game content.' Both companies foresee various collaborations utilizing strategies such as ▲planning and development plans ▲service strategy establishment ▲game development know-how ▲resource personnel for mutual benefit.

NeoOrigin's affiliates, the game publishing company Mujoy and the game developer Joyport, have strong human networks in China and possess experience and know-how in obtaining Chinese game licenses (game service permits). Currently, NeoOrigin is publishing "Goddess War" in over 150 countries and has a global network and operational expertise. In particular, Joyport was the first to receive a game publishing license in Hangzhou, China, and over the past three years (2020?2022), it has obtained a total of 38 licenses, ranking among the top Chinese game companies.

According to the "2022 China Game Industry Report" published by the China Game Publishing Committee, last year the Chinese game market revenue reached 265.884 billion yuan (approximately 48 trillion KRW). To enter China, the world's second-largest game market which has recently begun reopening its gates, obtaining the local government's distribution permit called "Pan-Ho" is essential. Accordingly, Dragonfly aims to expand its distribution network by partnering with NeoOrigin, which has extensive experience in obtaining Pan-Ho licenses, as a breakthrough into the Chinese market.

Dragonfly has already achieved visible results through services such as "Fengbao Zhenqiu" (the Chinese version of Special Force 2) with the major Chinese game company Century Tiancheng, and "Tezhong Budui" (the Chinese version of Special Force 1) with Beijing 17game Network Science, Ltd. Furthermore, through the Chinese online game company CDC Games, Dragonfly held the "Special Force International Tournament Opening Ceremony," which gained recognition as an e-sports game in China.

Won Myung-su, CEO of Dragonfly, said, "We expect that the business agreement with NeoOrigin, which has extensive experience in obtaining Chinese Pan-Ho licenses, will serve as a bridge connecting Korea and China." He added, "We understand that a significant number of users in China enjoy Korean games through access bypass methods. We hope that the successful localization of Special Force will re-highlight the growth momentum in the Chinese market."