Nexon Surges to ₩29 Trillion Valuation on Strength of Global IP Expansion Strategy
SEOUL (AJP) Nov. 28 - Tokyo-listed shares of South Korean game publisher Nexon have hit their highest level since 2021, sending its market valuation of around $20 billion on investor confidence in its live-service games and global expansion strategy of CEO Lee Jung-hun.
Nexon shared closed Thursday at ¥3,768 on the Tokyo Stock Exchange, lifting its market cap above ¥3.1 trillion (around $19.8 billion) and extending an upward trend that began after its strong third-quarter earnings announcement on Nov. 11.
The surge reflects growing market confidence in Lee’s roadmap, first outlined at the Tokyo Capital Market Briefing in September last year. The strategy aims to extend the lifecycle of existing hit franchises while aggressively developing new IP, setting a target of ¥750 billion in sales by 2027.
Since its announcement, Nexon’s market value has increased by more than 30 percent, underscoring the degree to which investors view Nexon as a global IP powerhouse rather than a Korea-centric game publisher.
Live-service games remain a major engine of growth.
MapleStory revenue tripled year over year, driven by user-focused updates and closer community communication, while Dungeon & Fighter and the FC sports franchise continued to deliver steady performance. Nexon also widened its portfolio with cross-genre hits such as the indie-style adventure Dave the Diver and the subculture favorite Blue Archive, reinforcing its ability to sustain multiple audiences and platforms simultaneously.
This year, Nexon’s “horizontal growth” has come into clearer focus as the company evolved into a multi-platform publisher spanning mobile, PC, and console.
Mabinogi Mobile, released in March, captured the original game’s spirit and won the Grand Prize at the 2025 Korea Game Awards. First Berserker: Kazan, also launched in March, secured top honors for creativity and technical achievement.
In the second half, Swedish subsidiary Embark Studios released Arc Raiders globally on Oct. 30, selling more than four million copies by mid-November. The idle RPG Maple Growing, launched on Nov. 6, delivered strong initial momentum, adding further diversity to Nexon’s gaming ecosystem.
Looking ahead, Nexon is preparing a robust pipeline intended to carry its momentum into the next several years. Vindictus: Defying Fate, a leading demo at Steam Next Fest in June, has demonstrated the potential for extending the Mabinogi IP into new markets. New titles tied to the Dungeon & Fighter universe—including Project Overkill and Dungeon & Fighter: Arad—are scheduled for release through 2027. The company is also developing new IP such as the zombie-survival title Paradise: LAST PARADISE and Nexon Games’ narrative-driven Uchi the Wayfarer.
“We plan to accelerate growth across both core franchises and new IPs under our expansion strategy,” CEO Lee said during the third-quarter earnings call, emphasizing that a diversified and globally scalable portfolio will reinforce Nexon’s long-term stability in the international market.
Japanese securities analysts expect Nexon to post record fourth-quarter and annual results, forecasting continued momentum in both live-service revenue and new releases. With its expanded global pipeline and renewed franchise strength, Nexon is increasingly viewed as a regional IP leader reshaping the trajectory of Korea’s gaming sector.
* This article, published by Economic Daily, was translated by AI and edited by AJP.
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