NC is drawing attention from the gaming industry and securities firms as it fully enters the mobile casual game business. Following its successive acquisitions of development studios and platform companies, NC elevated its mobile casual game division from a center to a headquarters in July.
On the 29th, securities firms expressed positive outlooks on NC's expansion into the casual game sector. Kyobo Securities highlighted the potential for the casual game business to emerge as a new core revenue source for NC. Researcher Kim Dong-woo projected that NC's mobile casual game segment could reach sales of 686.1 billion won, surpassing the combined forecasted sales of 679.3 billion won for three Lineage Mobile titles, suggesting that the casual game business may become NC's largest revenue driver.
Korea Investment & Securities focused on synergies among acquired companies. Researcher Jung Ho-yoon stated, "As revenues from casual game studios including JustPlay continue to grow steadily, synergies between acquired companies are expected to emerge starting in the second half of the year," forecasting that the contribution of casual games to NC's performance will gradually expand from next year. Korea Investment & Securities maintained its investment recommendation for NC as 'Buy' with a target price of 390,000 won.
Shinhan Securities positively evaluated JustPlay's growth trajectory itself. Researcher Kim Ji-hyun projected that JustPlay's revenues grew by 76% year-on-year and would continue to expand at a rate exceeding 50% in the second quarter.
According to market research firm Statista, the global mobile game market is expected to reach approximately $134.2 billion (about 199 trillion won) this year, with casual games accounting for 60% of the total mobile game market.
NC has expanded its business foundation by successively acquiring JustPlay, a mobile casual platform; Lihuhu, a game development studio; and SpringComz. The company aims to broaden its operational scope beyond development capabilities to include publishing and platforms, establishing a structure that integrates the strengths of each acquired enterprise.
Elevating its mobile casual game division from a 'center' to a 'headquarters' in July also signals NC's determination to expand its business. By adding casual games as a new growth axis alongside its existing large-scale IP-centric business model, NC plans to continuously launch new titles and expand services in the global market.
NC intends to continue expanding its presence in the global mobile casual game market based on an integrated business structure covering development, publishing, and platforms. The strategy involves linking JustPlay's platform capabilities with the development strengths of Lihuhu and SpringComz while broadening its scope to include global publishing, thereby building a structure that consistently delivers diverse games.
Based on the growth momentum of acquired companies and positive market outlooks, NC's casual game expansion is expected to accelerate. NC plans to organically integrate the capabilities of each enterprise to offer various casual games to global users and continuously strengthen its competitiveness in the mobile game market.
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