[Weekend Money] This Year's Most Anticipated Game Industry Title Is...

Crimson Desert to Launch in March... Drawing Attention from Global Gaming Media
Stock Boost in Store for Developer Pearl Abyss
"If Performance Meets Expectations, Shareholder Returns Are Also Likely"

Investors are focusing their attention on Pearl Abyss, the developer of "Crimson Desert," which is considered this year's most anticipated game. Securities analysts say Pearl Abyss's earnings will largely be determined by how well Crimson Desert performs.

The new title Crimson Desert, developed by Pearl Abyss, is scheduled to be released worldwide for PC and console platforms on March 20, 2026. It is an open-world action-adventure game that follows the journey of the protagonist Kliff and his Grey Mane companions across the vast continent of Pywel. Players can create their own style of action by using the equipment and skills they obtain through adventures, and by taking advantage of mounts and the environment depending on the situation. Global gaming outlets such as IGN and MMORPG.com have previously selected Crimson Desert as one of this year's most anticipated titles.

A scene from Crimson Desert's second preview 'Combat and Growth.' Pearl Abyss website

Lee Hyojin, a research analyst at Meritz Securities, raised her target price for Pearl Abyss shares to 62,000 won, projecting strong global performance after the launch of Crimson Desert. She said, "We initially expected 6.96 million copies to be sold in the 21 months following release, but if performance in China is strong, we project that sales could exceed 9 million copies," adding, "'Stellar Blade' sold more than 7 million copies, including DLC, over the 21 months after its launch. We are raising our fair value estimate to reflect this earnings upgrade."

She had earlier forecast that Pearl Abyss's revenue and operating profit for the fourth quarter of last year would represent "a quarter with no special factors." She estimated revenue at 86.9 billion won and an operating loss of 7.5 billion won, noting, "Crimson Desert's marketing expenses are heavily incurred when participating in events, but there was not much related impact in the fourth quarter, and marketing spending is expected to begin this month."

In North America, sales are expected to be driven mainly by consoles. Six weeks ahead of launch, Crimson Desert has already entered the top 10 in pre-orders in major regions across North America and Europe. According to VGChartz, a total of 89.44 million PlayStation 5 units have been sold worldwide, with North America and Europe accounting for 70% of those sales. This indicates how large a share Western markets hold in console sales. Crimson Desert also recently surpassed 2 million registrations on the Steam wishlist.

The growing influence of Chinese Steam on recent game sales is another key factor. The analyst said, "The upside surprises delivered by Japanese game companies in 2023-2024 came from simultaneous releases on console and PC, and since then the role of Steam has grown, with Chinese performance recently accounting for a larger share of total sales," adding, "Following 'Black Myth: Wukong,' Chinese gamers' interest in single-player games has risen significantly." She went on to say, "Last August, Crimson Desert set up a B2C booth at ChinaJoy and participated in the event, which drew a highly enthusiastic response," and explained, "During the period in which the release date was pushed back from the original November window to March, Pearl Abyss added Chinese-language dubbing."

There is also potential for future expansion into mobile gaming. The analyst said, "Pearl Abyss is considering the option of signing a contract with an external game company for the development of a mobile version of Crimson Desert," adding, "In connection with this, we cannot rule out the possibility of equity investment by a global company." She continued, "If performance meets expectations, we project that the company will end this year with more than 600 billion won in cash, which would allow it to consider shareholder returns."