Wemade, Kkamagwi Nolja's Stock Price Also 'Soars High'

Night Crow Exceeds Expectations for Initial Concurrent Users
Operating Profit Expected to Turn Positive in Second Half of This Year
Wemix Play Ecosystem Expansion Anticipated

The massively multiplayer online role-playing game (MMORPG) 'Night Crow' has successfully attracted attention during its initial service period, leading to a rapid rise in Wemade's stock price. The number of concurrent users increased beyond expectations, boosting expectations for improved performance.

According to the financial investment industry on the 21st, Wemade's stock price rose 63.5% this month. During the same period, the KOSDAQ index only increased by 3.3%. Domestic institutional investors and foreign investors led the stock price increase with net purchases of 35.9 billion KRW and 17.7 billion KRW, respectively.

Night Crow, developed by Mad Engine, is serviced by Wemade. Wemade holds a 40.6% stake in Mad Engine. Wemade began servicing Night Crow in over 170 countries worldwide, excluding Korea and China, starting from the 12th. The number of concurrent users reached 100,000 on the first day of service and exceeded 300,000 within eight days. The gaming industry estimates that cumulative sales have surpassed 20 million USD.

Previously, Wemade launched Night Crow domestically in April last year. After its domestic release, it ranked first in sales on both the Google Play Store and Apple App Store. Wemade then prepared for nearly a year to launch Night Crow overseas. The game was released as a blockchain game linking in-game quest offices and peer-to-peer trading systems with blockchain technology. The initial success appears to be driven not only by high quality but also by the in-game economic system gaining popularity through word of mouth.

Heungkuk Securities estimates that Wemade will achieve operating revenue of 956.6 billion KRW and operating profit of 60.4 billion KRW this year. Operating revenue is expected to increase by 57.6% compared to last year, and operating profit is expected to turn positive. Kim Ji-hyun, a researcher at Heungkuk Securities, analyzed, "The overseas market launch performance of Night Crow will be better than the domestic launch," and "Launching titles like 'Mir4' and 'MirM' in the Chinese market will help improve performance."

However, he added, "Even if sales grow explosively, operating profit will turn positive only in the second half of this year due to increased Night Crow payment fees and overseas marketing expenses."

Besides Night Crow, Wemade plans to release several anticipated titles this year, including 'Fantastic4 Baseball' and 'Legend of Imir.' Ahn Jae-min, a researcher at NH Investment & Securities, said, "We are raising the initial daily average sales estimate of Night Crow from 800 million KRW to 1.2 billion KRW," and raised the target stock price from 70,000 KRW to 85,000 KRW.

Riding on Night Crow's popularity, more investors are viewing Wemade's performance and stock price trend optimistically. Some expect Wemade's blockchain platform 'Wemix Play' to become a catalyst for significant growth. Researcher Kim analyzed, "As the number of games using Wemix Play increases, the ecosystem can expand," and "It will serve as a foundation that enhances the possibility of new titles' success."