Following “P’s Lie,” “The Shape of Dreams” surpasses 1 million copies sold.
Indie game “Hello Seoul: Itaewon” scheduled for release in the second half of 2026.
Neowiz’s strategy of strengthening its PC and console portfolio centered on indie games has been effective, resulting in record-breaking performance.
Neowiz announced on the 10th that, based on its consolidated financial statements under Korean International Financial Reporting Standards (K-IFRS), it recorded annual sales of KRW 432.7 billion and operating profit of KRW 60 billion for 2024. These figures represent an 18% and 82% increase, respectively, compared to the previous year. Net income for the period reached KRW 45.8 billion, successfully returning to profitability.
Proving Global Competitiveness with “P’s Lie” and “The Shape of Dreams”
This achievement is the result of Neowiz discovering and nurturing strong IPs based on indie games and enhancing its business structure with a balanced portfolio encompassing PC, console, and mobile.
In particular, the dark fantasy indie action RPG “P’s Lie,” released in 2023, has become a global steady seller, driving increased profitability. The DLC “P’s Lie: Overture,” released in September of last year, swept the “Best Expansion Pack” category at prestigious global award ceremonies such as the Golden Joystick Awards and the New York Game Awards, proving the global competitiveness of indie game-based IP.
Last September, Neowiz’s new indie game “Shape of Dreams,” released, achieved box office success, surpassing 1 million copies in cumulative sales, reaffirming Neowiz’s indie game publishing prowess. “Shape of Dreams” quickly gained acclaim from critics and users alike, garnering critical acclaim for its unique art style and in-depth narrative.
In the mobile sector, “Brown Dust 2” continued its robust growth, diversifying its revenue stream. Rhythm game “DJMAX RESPECT V” demonstrated the power of its fandom by breaking its all-time sales record, fueled by the success of collaborative DLC with “Blue Archive.”
Q4 2025 Performance and Future Strategy
In the fourth quarter of 2025, sales reached KRW 106.3 billion, and operating profit reached KRW 4.7 billion. Sales increased 19% year-over-year but decreased 17% quarter-over-quarter. Operating profit fell 32% year-over-year and 82% quarter-over-quarter. Net income for the period reached KRW 1.9 billion, returning to profit year-over-year but down 93% quarter-over-quarter.
PC and console sales reached KRW 45.9 billion, a 22% increase year-over-year. The success of “The Shape of Dreams” contributed to the growth, but the initial sales of “P’s Lie: Prelude” faded, resulting in a 22% decrease quarter-over-quarter.
Mobile revenue reached KRW 47.7 billion, an 11% year-over-year increase but an 18% decrease quarter-over-quarter. “Brown Dust 2” saw a slight quarter-over-quarter decline due to the reverse base effect of the 2nd anniversary update event and the deferral of December sales. However, the 2.5th anniversary event, ongoing since December 16th of last year, has outperformed the 2nd anniversary event and continues to drive a robust traffic flow.
Indie game lineup expands with new releases… “Hello Seoul: Itaewon” to be released in the second half of the year.
Neowiz plans to expand its investment in narrative-based IP in 2025, strengthen its indie game lineup, and launch a full-fledged global growth strategy through fandom expansion.
First, the highly anticipated Korean indie game “Hello Seoul: Itaewon” is scheduled to be released in the second half of this year. “Hello Seoul: Itaewon” is gaining attention for its unique storytelling that captures Korean culture and sentiment, and is expected to further strengthen Neowiz’s indie game publishing portfolio, following “P’s Lie” and “Shape of Dreams.” Neowiz also plans to continue efforts to expand its indie game lineup.
Additionally, “Brown Dust 2” and “DJMAX Respect V” are actively expanding their offline fan experience based on their strong fan bases. They plan to enhance the profitability of their live games by strengthening fan-centric activities such as pop-up stores and concerts.
Building on the robust development pipeline established at Round8 Studio, the company is also accelerating the development of new titles. In particular, “P’s False Next Project,” which has been receiving significant global attention, has begun full-scale development. In addition, various new titles and publishing lineups will be sequentially unveiled as development progresses.
Meanwhile, Neowiz is implementing a mid- to long-term shareholder return policy based on its confidence in growth. In accordance with the policy announced in January, the company plans to secure approximately KRW 12 billion, equivalent to 20% of its 2024 operating profit, to repurchase and cancel treasury shares and pay dividends. The specific implementation plan will be finalized at the regular shareholders’ meeting in March.
