Speaker #1: Audio 2026 online earnings presentation.
Speaker #2: Today's presentation is being recorded. You can listen to the audio in your preferred language by selecting it from the interpretation button on the screen.
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Speaker #1: We will now hand over to Maiko Ara, Head of Investor Relations and Corporate Communications. Please go ahead.
Speaker #3: Hello everyone, and welcome to NEXON's online earnings presentation. Thank you for joining us today. With me are Patrick Sderlund, Executive Chairman of NEXON; Junghun Lee, President and CEO; and Shiro Uemura, CFO.
Speaker #3: Today's presentation will contain forward-looking statements, including statements about our results of operations and financial condition, such as revenue attributable to our key titles; growth prospects, including with respect to the online games industry; our ability to compete effectively; adapt to new technologies; and address new technological challenges.
Speaker #3: Our use of intellectual property and other statements that are not historical facts—these statements represent our predictions, projections, and expectations about future events, which we believe are reasonable or based on reasonable assumptions.
Speaker #3: However, numerous risks and uncertainties could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Information on some of these risks and uncertainties can be found in our earnings-related audio documents.
Speaker #3: We assume no obligation to update or alter any forward-looking statements. Please note that net income refers to net income attributable to owners of the parent, as stated in NEXON's consolidated financial results.
Speaker #3: Furthermore, this presentation is intended to provide investors and analysts with financial and operational information about NEXON, not to solicit or recommend any sale or purchase of stock or other securities of NEXON.
Speaker #3: A recording of this presentation will be available on our investor relations website following the presentation. An unauthorized recording of this presentation is not permitted.
Speaker #1: Interview with recognition that Python maintains. Junghun, with no compatible game. The current issue is exclusion, which we have narrowed down to a few key codes.
Speaker #1: Including how we sustain the game, how we optimize operations, and how we communicate with players. Nexon and Tencent are working closely on solutions to each, and are committed to long-term improvements of these games.
Speaker #1: In addition to these efforts, we are expanding the Dungeon & Python franchise into new experiences. That includes brand extensions like Arab Idol, Dungeon & Python Art, and new experiences such as Dungeon & Python Classic, targeted for release next year.
Speaker #1: It also includes Project Overkill, announced today. Developed by Neopun and to be published by Tencent, Overkill evolves the franchise as an online action RPG, with fully modernized combat physics and games.
Speaker #1: We expect the expanded portfolio of new offerings to reshape and grow the franchise’s long-term financial contribution, while we stabilize the core PC and mobile offerings.
Speaker #1: Regarding the release schedule for new experiences, we have moved the launch of Arab Idol RPG to the first half of 2027. The recent soft launch helped us identify areas where we can further improve the experiences.
Speaker #1: And enhance the overall quality of the game. The game remains a big success in applying the MapleStory playbook to Dungeon and Python. We believe these improvements will help us deliver.
Speaker #1: A better overall experience for players. Looking ahead to the first quarter, we have a series of releases that expand Nexon's global profile. On October 8, Embark released Frozen Trail, the largest update to ARC Raiders since launch.
Speaker #1: We have now sold more than 70 million units and are pleased with how the game has performed in its first year. Our goal now is sustained success, with great content and support for the community.
Speaker #1: Packed with a large new map, new enemies, weapons, and outfits, Frozen Trail brought back lapsed players, and grew the community with new players who bought the game a full year after its release.
Speaker #1: This is the kind of performance we see in a franchise, and it's why we built Arc Raiders to endure. Our partnership with Chernin Entertainment to develop film and television projects based on Arc Raiders and The Finals shows these properties can grow and build communities beyond the games.
Speaker #1: Also in October, Mabinogi Mobile was launched in Japan, following earlier Q3 releases in Taiwan, Hong Kong, and Macau. And we will close out the year with two new games on November 26: Azure Promelier, a fantasy world RPG for PC and mobile, from China-based Manzhu Games.
Speaker #1: Nexon will publish Temple Overgeared in Korea. Temple Overgeared is a full 3D MMORPG developed by Grey Games, based on the popular web novel and webtoon Overgeared.
Speaker #1: The game will launch in Korea, Taiwan, Hong Kong, and Macau. Other titles in development include Vindictor's Defying Fate and an all-new IP, like Nagon Last Paradise, scheduled for global release in 2027.
Speaker #1: Also, there are two games in the early stages of development at Embark Studios. Together with the sharper focus and efficiencies introduced with our transformation initiative, Nexon's pipeline of new games provides a solid foundation for 2027.
Speaker #1: In summary, our Q3 results and Q4 outlook demonstrate a clear implementation of our strategy: growth in established franchises with new experiences, and all-new games with potential to become enduring hits.
Speaker #1: Now, I will hand the call over to Uemura-san.
Speaker #2: それでは、第3四半期の業績説明に移ります。
Speaker #3: In Q3, revenue was.
Speaker #2: 第3四半期の業績は。
Speaker #3: 28.4 billion, and operating income was 41.8 billion.
Speaker #2: 営業利益は41.8 billion.
Speaker #3: Growth led by strengthened MapleStory and SD franchises.
Speaker #2: FCフランチャイズの構築。
Speaker #3: いずれも業績予想を上回り、 and operating income grew 11%.
Speaker #2: 前年同期比では売上収益が17%増加し、営業利益は11%の増加となりました。 企業の総額は計画を下回ってきました。
Speaker #3: Expenses' total cost came in below our plan. Royalties were higher than planned, reflecting the outperformance of FC Online and MapleStory Idol RPG, but lower costs elsewhere more than offset the increase.
Speaker #2: プロモーションの実績の下回り。
Speaker #3: Results came in below planned, partly due to shifting promotional schedules. Your costs came in lower than planned, as headcount tracked below expectations. Cloud service fees were also below planned.
Speaker #2: 前年同期比で。
Speaker #3: Year over year, operating income grew more slowly than revenue due to a comparison related to a one-time ¥3.9 billion gain from liquidation of Trust in 2025.
Speaker #3: In addition, costs linked to greater revenue, such as royalties, PGP, and others increased, as did costs for dead files, software service fees, and HR costs. Net income was ¥38.1 billion, above our outlook, mainly driven by operating income outperformance and a ¥7.5 billion valuation gain on funds.
Speaker #3: Year over year, net income was flat. Higher operating income and. Expenses of 6.1 billion yen one-time equity method increment loss recorded in the prior year period were offset by lower finance income.
Speaker #3: Finance income was ¥12.4 billion in Q3 2026, including a ¥7.5 billion valuation gain, compared with ¥25.7 billion a year ago, which included FX gains and security valuation gains.
Speaker #3: In addition, we recorded a ¥1.9 billion FX loss in the current third quarter.
Speaker #2: 次にフランチャイズレターの説明に移ります。
Speaker #3: Moving on to franchise performance.
Speaker #2: 第3四半期において。
Speaker #3: In Q3, the collective revenue of our three largest franchises—MapleStory, Dungeon & Fighter (DNF), and FC—was ¥108.5 billion, up 24% year over year, with the MapleStory and FC franchises driving the growth.
Speaker #3: The MapleStory franchise revenue exceeded our outlook and grew 72% year-over-year, setting a quarterly record for the second consecutive quarter.
Speaker #2: 最高の四半期売上収益を更新しました。 メイプルストーリーID。
Speaker #3: Growth was driven by MapleStory Idol RPG, MapleStory World, as well as the core PC business in Korea and globally.
Speaker #2: 韓国のPC版メイプルストーリー。
Speaker #3: In Korea, PC MapleStory revenue exceeded our outlook, driven by the strong summer and autumn updates. Revenue grew 19% year over year, on top of the exceptional growth in Q3 2025, which approximately tripled year over year.
Speaker #3: Global MapleStory revenue significantly exceeded our outlook and doubled year over year.
Speaker #2: これは主に。
Speaker #3: This was driven primarily by MapleStory Classics, which launched within our existing PC services in China and Taiwan in Q3.
Speaker #2: 中国では売上収益が。
Speaker #3: Revenue grew roughly four times in China, two times in Taiwan, and 33% in...
Speaker #2: 売上収益は33%増加しました。 メイプルストーリーアイドルRPGも。
Speaker #3: MapleStory Idol RPG also exceeded our outlook. The updates that reflected player feedback, as well as the September Chuseok update, contributed to this performance.
Speaker #2: メイプルストーリーは。
Speaker #3: MapleStory World's revenue was within the outlook and approximately doubled year over year.
Speaker #2: 韓国と台湾が。
Speaker #3: That was driven by Korea and Taiwan, with solid performance throughout the quarter.
Speaker #2: 売上収益が約2倍成長しました。 次にアラド戦記フランチャイズに。
Speaker #3: Our Dungeon and Fighter franchise.
Speaker #2: 第3四半期。
Speaker #3: Came in below our outlook, mainly because China’s September National Day update fell short of expectations on both PC and mobile.
Speaker #2: 中国のPC版。
Speaker #3: Revenue was down 33% year-over-year.
Speaker #2: 結果が想定を下回ったことが要因です。 中国のPC版は。
Speaker #3: Revenue from PC Dungeon & Fighter in China fell short of our outlook, coming in approximately flat year-over-year as reported, but down in local currency.
Speaker #3: The September National Day update and the new raise have limited impact on re-engaging the users.
Speaker #2: ARPP。
Speaker #3: ARPPU rose, but MAUs and paying users declined, both sequentially and year over year. In Korea, PC Dungeon & Fighter revenue was within our outlook, but declined year over year.
Speaker #3: Due to a difficult prior year comparison and continued softness since the new season update in March, Dungeon & Fighter Mobile revenue in China came in below our outlook and declined both sequentially and year over year.
Speaker #3: Revenue from the National Day update came in below expectations. Moving on to the FC franchise: revenue exceeded our outlook and grew double digits year over year.
Speaker #2: の増収となりました。 これは。
Speaker #3: This was driven by the recovery of FC Online, with revenue significantly exceeding our outlook and achieving its highest quarterly revenue.
Speaker #2: ゲームプレイ。
Speaker #3: Gameplay and progression improvements pushed average playtime to a record high, and promotions, including the September Chuseok event, performed well.
Speaker #2: 新作。
Speaker #3: Horizontal revenue, including revenue from new titles, was ¥29.9 billion, down 4% year over year, reflecting a difficult comparison against the high of Q3 2025, driven by Bubby Nobby Mobile in Korea.
Speaker #3: ARK Raiders' Q3 revenue was within the outlook.
Speaker #2: マビノビ。
Speaker #3: Mabinogi franchise revenue increased sequentially, supported by Mabinogi Mobile, which launched in Taiwan, Hong Kong, and Macau in July. However, revenue declined year over year, in comparison to Korea last year.
Speaker #2: 続いて。
Speaker #3: Now, moving on to the Q4 outlook.
Speaker #2: 第4四半期の売上収益は前年同期比。
Speaker #3: Revenue is expected to be in the range of ¥107.7 billion to ¥118.9 billion, representing a 13% to 4% decrease on an average quarter basis, or a 20% to 12% decrease on a constant currency basis year over year.
Speaker #3: Our Q4 revenue outlook reflects a difficult comparison with the launch quarter of Ark Raiders and a decline in the Dungeon Fighter franchise, while contributions from new releases come mainly from late November.
Speaker #2: 一方で、新作による貢献は主に11月下旬以降となる見込みです。 フランチャイズ別の見通し。
Speaker #3: Returning to our franchise outlook, we expect the MapleStory franchise to sustain its momentum, with revenue growth of approximately 70% year over year, led by both Korea and global PC MapleStory, as well as MapleStory World and MapleStory Idol RPG.
Speaker #2: 第4四半期の売上収益は前年同期比で約70%の増収を見込んでいます。 韓国のPC版メイプルストーリーは。
Speaker #3: For Korea MapleStory, we expect revenue to grow by strong double digits year over year, driven by the favorable impact of the autumn update, the Blue Archive collaboration, and the start of the winter update in December.
Speaker #2: グローバルメイプルストーリーは。
Speaker #3: For global MapleStory.
Speaker #2: メイプルストーリーの売上収益は。
Speaker #3: We expect revenue to grow approximately 2x year-over-year, growth supported by continued momentum from classic experiences, including MapleStory Classic World—a hyper-localized classic experience for the Western service from our Los Angeles team—that got off to a strong start in October.
Speaker #2: メイプルストーリーアイドルRPGは。
Speaker #3: For MapleStory Idol RPG, we expect revenue to grow year over year, driven by the first-anniversary update.
Speaker #2: メイプルストーリーワールドの売上収益は。
Speaker #3: MapleStory World's revenue is expected to grow approximately three times year over year. In Q4, new worlds from our global developer contest will launch, bringing new genres for players to enjoy.
Speaker #2: 次にアラド戦記。
Speaker #3: For the Dungeon Fighter franchise, we expect the Q4 franchise revenue to decline year over year.
Speaker #2: 中国のPC版は。
Speaker #3: For PC games in China, we expect revenue to decline both sequentially and year over year, as we focus on stabilizing the player base.
Speaker #2: Promotion events and updates ahead of the Q1 New Year update. Korean PC version.
Speaker #3: In Korea, we also expect a year-over-year decline.
Speaker #2: 年末にかけて。
Speaker #3: Multiple content updates and events are planned through year-end.
Speaker #2: 中国のアラド戦記モバイルは。
Speaker #3: For Dungeon Fighter Mobile China, multiple hyper-localized content releases are planned to address an expected sequential and year-over-year decline in revenue.
Speaker #2: 続いてFCフランチャイズ。
Speaker #3: Next, turning to the FC franchise. In Q4, we expect franchise revenue to grow double digits year over year.
Speaker #2: FC Onlineは。
Speaker #3: FC Online revenue is expected to grow double-digit year over year again, supported by new player classes and year-end promotions. For FC Mobile, we expect updates and winter promotions to increase revenue sequentially and narrow the gap to prior-year levels.
Speaker #2: マビノビモバイルの。
Speaker #3: For Mabinogi Mobile, we expect Q4 revenue to remain sequentially, supported by the Japan launch on October 7, but to decline year over year.
Speaker #2: アークレイダーズについては。
Speaker #3: Turning to Ark Raiders, we expect revenue to decline year over year against the launch quarter in 2025, and to be broadly flat sequentially compared with Q3.
Speaker #3: This reflects lower revenue per unit from promotion discounts, less revenue recognized from earlier deferrals, and more revenue deferred to future periods. We expect additional unit sales and contributions from the Premium Reward Pass and the Collector Set DLC package.
Speaker #2: 売上収益が主に横ばいとなることを見込んでいます。 続いて営業利益の見通しは。
Speaker #3: Moving to the operating income outlook.
Speaker #2: 営業利益は。
Speaker #3: We expect the Q4 operating income to be in the range of ¥4.0 billion to ¥11.7 billion, representing a 4% decrease to a 63% increase.
Speaker #3: At reported basis, or a 50. Increase to 46% increase year over year on a constant currency basis.
Speaker #2: 売上収益は。
Speaker #3: This reflects a decreased cost set against lower.
Speaker #2: これはアークレイダーズ。
Speaker #3: The cost decrease comes from lower HR costs, PG fees, and marketing costs versus Q4 2025, which included the launches of Ark Raiders and MapleStory Idol RPG.
Speaker #3: The income is expected to be in the range of 4.7 billion yen to 10.6 billion yen, representing a 57% to 2% decrease on an asset as reported basis, or a 62% to 11% decrease on a constant currency basis year over year against Q4 2025.
Speaker #3: This includes ¥16.6 billion in finance income from FX and securities valuation gains.
Speaker #2: 以上が第4四半期の見通しです。
Speaker #3: This concludes our Q4 outlook. Now, I would like to add some perspective to Junghun's comment on how new games and franchise dungeons strengthened the fundamentals, making our results less vulnerable to variance in a single large franchise.
Speaker #3: This strategy will change the shape of our performance into 2027. Historically, our results have been weighted toward the first half, when new-year updates and promotions were generated.
Speaker #3: High margin revenues. In China.
Speaker #2: を生み出してきたためです。 これに対し。
Speaker #3: However, in 2027, we expect that less deferred revenue in the first half and a large number of game releases scheduled for the second half will result in broader distribution of earnings across all four quarters.
Speaker #2: 2027年第1四半期の利益が追求され。
Speaker #3: It is less likely our first quarter results will define full-year 2027.
Speaker #2: 最後に資本政策および。
Speaker #3: And finally, I will provide an update. Capital allocation and shareholder returns as announced in September. The board of directors approved a special dividend of 415 yen per share.
Speaker #3: Making approximately ¥324 billion, or approximately $2 billion. Shareholders of record as of September 30 will receive the dividends on November 25. We are also planning for the year-end dividend of ¥30 per share, bringing the...
Speaker #3: Annual dividend for 2026 to 60 yen per share.
Speaker #2: 前年度営業利益の33%。
Speaker #3: Policy is unchanged. Returned more than 33% of the prior year's operating income. Shareholders, and we expect the returns to grow with profit.
Speaker #2: 特別配当の実施を。
Speaker #3: Following payment of the special dividend, our balance sheet remains strong, with the flexibility to respond to growth investment opportunities. Going forward, we will strive to raise ROE to 15% over the mid to long term through strong execution and disciplined final management.
Speaker #3: Financial management. With that, I will hand the call. To Patrick.
Speaker #1: Thank you, Uemura-san. Positive contributions. Strong third-quarter performance came from many places, not one. New and established games, several markets and platforms. This is the business we have been building for a more diverse and durable results.
Speaker #1: Beyond the positive financial metrics, the quarter is recognized as the first to show the focus and discipline from our transformation initiative. It is early, and we have more work to do, but it's a good start to turn the direction right.
Speaker #1: With that, operator, we are ready to take questions.
Speaker #3: 質問を希望される方は、画面内にあるプッシュボタンを押してください。 On the screen. 手のマークが表示されていると、プッシュしている状態となります。 That means you have raised your hand. 順番が回ってきますと、ご自身の画面に解除の通知がありますので、操作してお話しください。 On your screen. Now, please unmute yourself. 説明会は日本語、英語、韓国語での複数通訳で進行しております。 Active interpretation. 選択した言語の通訳者の発言が終了している場合でも、Even if the translation for your selected language has finished,
Speaker #3: The translation of the other language channel may be continuing. ご質問の際は。 画面内に発言の許可が表示されている。 On the screen when you ask a question. します。 We will begin. それでは、ご質問を受け付けますので、少々お待ちください。 For a moment.
Speaker #4: 最初のご質問者はモルガン・スタンレー証券のセヨン様です。それではご質問。 はご質問をお願いします。
Speaker #1: Hi. Can you hear me?
Speaker #2: Yes, we can.
Speaker #1: Thank you for the opportunity. I have two questions. The first is relating to the Dungeons & Fighters franchise, which seems to be in this kind of sustained decline over the years.
Speaker #1: And I wanted to ask whether, as the company assesses the situation, is this coming as the franchise ages? Are the players who used to play this franchise starting to churn away, or are there some other factors that are playing a part in the company—which typically has done a very good job of revitalizing the game whenever it went through these down cycles?
Speaker #1: That seems to be a little bit more tricky nowadays. So I kind of wanted to get management's assessment of how you're looking at this.
Speaker #1: My second question is relating to the new titles slated for next year. How should we given the multiple titles that are currently slated, which titles the company thinks could be some of the bigger titles that could hit?
Speaker #1: I think you've announced the new Dungeons & Fighters title potentially for China, and I guess, somewhat overlapping with the first question, do you feel that this could maybe be a new franchise that can kind of turn things around for that franchise in China?
Speaker #1: Thank you.
Speaker #3: 質問をする機会を与えてくださり、ありがとうございます。2つ質問があります。まず最初はアラド戦記フランチャイズに関してです。このところ推移傾向が続いているというふうに感じておりますので、皆様方がこの状況をどう評価なさっているのか教えていただきたいと思います。例えば原因として、今までアラド戦記をプレイしていた。 人がだんだん減っていっているのか、それともそのほかの要因があるのかというのを教えてください。というのも、今までも一旦低迷するようなタイトルもありましたけれども、とてもそれを再活性化するのに成功されてきたかと思います。しかしながら、今回は少し苦戦なさっているようですので、とても状況的にはトリッキーになっているのかどうなのかというのを経営陣の方々のご意見を伺いたいと思います。2つ目の質問は、2027年に向けて新規タイトルがパイプラインにたくさんあるというお話で、多くのものが列挙されておりますけれども、その中でもよりヒットするのではないかというようなビッグタイトルがあれば、それを教えてください。例えば中国向けの新たなアラド戦記フランチャイズがあるというふうに伺っていますので、ちょっと一番最初の質問と重複するかもしれませんけれども、この新しいフランチャイズをもって中国でのアラド戦記の好転を狙っていらっしゃるのかどうか教えてください。
Speaker #1: 안녕하세요. 이정훈입니다. 질문 주신 두 가지 내용은 제가 모두 답할 수 있도록 하겠습니다.
Speaker #3: Hello, this is Junghun, and I'll be answering both questions that you have asked.
Speaker #1: 먼저, 던파 프랜차이즈에 대해서 답변을 드리도록 하겠습니다.
Speaker #3: First, I would like to offer some views on the Dungeons and Fighters franchise.
Speaker #1: PC 던파의 경우에 대규모 시즌 업데이트와 일상적인 운영을 통해서 반전을 도모하고 있었지만, 올해 4월에 시작된 시즌이 유저들로부터 좋은 반응을 얻지 못했고, 이후 약세가 지속되고 있는 상황입니다.
Speaker #3: So first off, for the PC version, we are now working on the turnaround performance of the title through major seasonal updates and ongoing operations.
Speaker #3: However, the season that began in April was not well received by our players, and performance has remained weak since then.
Speaker #1: 현재로서는 내년 초에 있을 다음 시즌 업데이트의 총력을 기울이고 있습니다만, 기울이고 있습니다.
Speaker #3: So right now, the team is currently focusing on focusing our full efforts on the next season updates, which we will be preparing for early next year.
Speaker #1: 모바일 역시 텐센트 개발 이관 이후에 매우 다양한 콘텐츠 업데이트를 이전보다 훨씬 더 자주 진행을 하고 있습니다만, 그 효과가 직접적으로 나타나고 있지는 못하고 있는 상황입니다.
Speaker #3: For Dungeons and Fighters Mobile, since the Tencent since the part of development was taken over by our Tencent team, we have been rolling out a much wider variety of content updates at a significantly faster pace.
Speaker #3: That said, the impact has not yet been evident in our results.
Speaker #1: 이러한 최근 상황의 심각성에 대응을 하고자 얼마 전 텐센트와 넥슨의 최고 경영진, 그리고 던전 앤 파이터와 관련된 모든 팀들이 함께 모여서 심도 있는 워크숍을 진행하고, 중국 PC 모바일 던전 앤 파이터의 향후 운영 방향에 대해서 논의를 했습니다.
Speaker #3: In order to address this severity, the executives of Tencent and Nexon, as well as all the relevant teams surrounding the franchise, recently held an in-depth workshop where we gathered together to align on a long-term direction for the PC and mobile live services in China.
Speaker #1: 가장 중요한 것은 라이브 서비스 최적화를 위한 구조적인 변화와 실행을 도출했다는 점입니다. 연 1~2회의 대형 업데이트를 중심으로 라이브 서비스의 콘텐츠 생산량을 늘렸습니다. 내년부터는 유저분들께 제공하는 콘텐츠를 점진적으로 확대해 나갈 계획이며, 구체적인 계획을 가지고 있습니다.
Speaker #3: I think the most important takeaway from this workshop was the fact that we identified structural changes in action plans so that we can optimize our live services.
Speaker #3: We aim to increase the content production beyond the current model where we rely on one or two major updates per year. So with that, we'll be gradually expanding the content available to our users starting next year.
Speaker #1: 또한 유저 커뮤니티 가드닝 관련된 정책을 개선을 하고, 유저들과의 소통 방식에도 변화를 가져갈 예정입니다. 오는 11월 20일에 중국에서 열리는 던전 앤 파이터 유저 행사에서 구체적인 변화를 확인하실 수 있을 것으로 생각을 합니다.
Speaker #3: We also plan to improve our player community management policies and change how the team communicates with how we communicate with players. So we believe we'll be able to provide further details on these changes at the Dungeons and Fighters player event in China, which will be held on November 20th.
Speaker #1: 무엇보다 양쪽은 던전 앤 파이터가 중국에서 그 정책이 하나의 장르라고 할 수 있을 만큼 독보적인 브랜드라는 데 공감하고 있습니다. 던전 앤 파이터가 구축해온 액션 RPG의 게임성에 견줄 만한 경쟁자는 현재도 없다고 생각하고 있습니다.
Speaker #3: Above all, actually, what's most important here is that Nexon and Tencent are on the same page in terms of recognizing that the franchise is such a distinctive brand in China that it can be considered a genre in its own right.
Speaker #3: So, we believe there is currently no competitor in the market that can match the action RPG gameplay experience that Dungeons & Fighters has established.
Speaker #1: 지난간 많은 경쟁작들이 던전 앤 파이터의 시장 점유율을 가져가고자 했지만 성공하지 못했다는 점에 대해서도 텐센트 경영진과 의견을 같이 했습니다.
Speaker #3: The executives, the leadership from both Nexon and Tencent have seen eye to eye in a view that over the years there have been many competitors who sought to capture Dungeons and Fighters' market share, but none really have succeeded.
Speaker #1: 마지막으로 저희는 던전 앤 파이터의 라이브 서비스의 반등과 더불어서, 내년에 텐센트와 중국 출시를 목표로 하고 있는 클래식, 그리고 이번 실적 발표에서 처음 공개한 텐센트와 퍼블리싱 계약을 완료한 던파 IP 기반의 신작인 오버킬 등 멀티 포트폴리오의 성공적인 서비스를 통해 던전 앤 파이터 IP의 확장을 실행해 나갈 것입니다.
Speaker #3: Going forward, on top of the recovery in our live service of Dungeons & Fighters services, we plan to successfully expand our IP by delivering good services for our multi-portfolio pieces, including Dungeons & Fighters Classic, which aims to launch in China next year, as well as Overkill, a new title that is based on the IP that we unveiled for the first time in this earnings announcement.
Speaker #1: 두 번째 질문은 2027년에 신작과 관련된 질문으로 이해했습니다. 이 부분에 대해 답변드리도록 하겠습니다.
Speaker #3: And I believe the second part of your question was related to our new titles that we're preparing for 2027. Let me also answer that question.
Speaker #1: 2027년에 신작 전략은 2026년보다 훨씬 더 풍성합니다.
Speaker #3: So first, I would like to kick off by noting that our new release slate for 2027 is actually far more extensive than in 2026.
Speaker #1: 아예 새로운 신규 IP인 낙원 라스트 파라다이스, 그리고 마비노기 IP의 확장판인 빈딕투스 이 외에도 던파 키우기, 던파 클래식을 비롯해서 메이플 키우기의 새로운 지역 확장 등 정말 좀 다채로운 신작 전략들이 동시에 실행되는 한 해가 될 것입니다.
Speaker #1: 많은 기대를 가지고 봐주시면 감사하겠습니다. 이상입니다.
Speaker #3: So in 2027, we are preparing for a whole new IP like 낙원: The Last Paradise, as well as an expansion of the 마비노기 IP, 빈딕투스: Defying Fate, as well as 아랏 아이돌 RPG and 던전 앤 파이터 클래식.
Speaker #3: And we, of course, are also planning to bring Maple Story 아이돌 RPG to new regions. So as such, it will be such a year where a diverse range of new releases will come to fruition.
Speaker #3: So I hope to I look forward to introducing them to our community, and that will conclude my answer.
Speaker #2: ことになります。一問一答で可能であれば、ご質問をお願いしたいと思いますので、よろしくお願いいたします。
Speaker #3: We have a request. If possible, please limit yourself to one question at a time. Thank you.
Speaker #2: 次のご質問者はゴールドマンサックス証券の村方様です。それではご質問者様、ご質問をお願いします。
Speaker #3: The next question is from Murakata-san from Goldman Sachs Japan. Please.
Speaker #4: ゴールドマンサックス証券の村方です。質問の機会をありがとうございます。一問一答で2つお願いいたします。1つ目がメイプルストーリーについて教えてください。メイプルストーリーのフランチャイズの好調の継続が大変心強いですけれども、来期にかけても継続性のある成長とお考えなのかどうか確認をさせてください。ポストクォーターもコラボレーション等で力強い成長を見込んでいらっしゃるということですけれども、すでに知名度と人気の高いIPでありながら、こういった多面的な展開も含めてエンジメントにさらなるアップサイドがあるというふうにお考えでしょうか。それとも今期力強く成長されてますので、来期はメイプルストーリーのフランチャイズは多少落ち着きを見せながら、他のフランチャイズでカバーするような御社の全体のポートフォリオとしての成長を予想されていらっしゃるのでしょうか。教えてください。1点目です。
Speaker #3: Thank you very much for giving me the opportunity to ask you questions. I have a total of two questions. My first question is related to MapleStory.
Speaker #3: It is quite encouraging to know that you are continuously seeing the good and strong performance of Maple Story franchise. My question is that are you expecting this growth momentum to continue into the next fiscal year?
Speaker #3: You know, I understand that you are expecting another strong growth with the collaboration in Q4, and this is a very popular IP. I was wondering if you are expecting further upside on engagement through various initiatives, or do you believe that this franchise's growth will somewhat stabilize into the next fiscal year, and you will be expecting more contribution from the other franchise?
Speaker #3: I would like to understand your approach, or how you look into the total portfolio performance, into the next fiscal year.
Speaker #1: 네, 이 부분도 이정원입니다. 제가 답변드리도록 하겠습니다.
Speaker #3: はい。この質問につきましては、イジョンから回答いたします。
Speaker #1: 일단 이번 3분기 실적에 있어서 메이플 프랜차이즈 중에서 클래식 서비스가 저희의 당초 기대보다 훨씬 더 좋은 성과를 얻었다는 점에 주목해 주시면 감사할 것 같습니다.
Speaker #3: First of all, our Q3 earnings in many different pieces of our MapleStory franchise—MapleStory Classic has outperformed our initial expectation.
Speaker #1: 결론만 먼저 말씀드리자면, 메이플 프랜차이즈는 오히려 하반기부터 시작된 클래식, 그리고 월드 등의 호실적이 이어지면서 2027년에도 견고한 실적을 유지할 것으로 전망하고 있습니다.
Speaker #3: So, to share the bottom line first, we believe the MapleStory franchise will continue with this good momentum, with the performance that started with Classic and MapleStory World in the second half of this year.
Speaker #3: Continuing its solid performance in 2027.
Speaker #1: 우선 프랜차이즈를 구성하는 포트폴리오별로 하나하나 좀 구체적으로 설명드리자면, PC의 경우는 메이플 스토리 PC 라이브 서비스의 경우 올해와 같이 탄탄한 양질의 콘텐츠 업데이트가 준비되어 있으며 유저 엔게이지먼트를 유지하는 것이 목표입니다.
Speaker #3: The franchise provides some insights into the individual components of the MapleStory franchise. First, starting with our MapleStory PC service: for MapleStory PC live service, we have a solid pipeline of high-quality content updates.
Speaker #3: We have in plan, as we did this year, and we aim to maintain our player engagement.
Speaker #1: 나아가서 최근에 아주 좋은 호조를 보이고 있는 중국, 대만, 그리고 부천의 클래식 플레이북은 최근 런칭으로 막 시작됐다는 점에 대해서 주목해 주시면 좋을 것 같습니다. 클래식의 경우 저희는 지속적으로 그리고 공격적으로 콘텐츠를 통해 출시 모멘텀을 계속해서 이어가고자 합니다.
Speaker #3: And then on top of that, I would also note how the Classic Playbook in China, Taiwan, and Western markets is still in its early stages following the recent launches and showing.
Speaker #3: Performance recently. So we plan to sustain the launch momentum by adding more content more actively.
Speaker #1: 네, 메이플스토리 월드는 제작 콘텐츠에 의존하는 플랫폼이지만, 당장은 플랫폼의 서비스 인프라를 강화하고 있습니다. 최근에 글로벌에서 메이플스토리 월드에 투입되는 게임들에 대한 공모전을 개최했고요.
Speaker #1: 그리고 여기에 더해서 웹툰 제작 등이 포함된 메이플스토리 월드 2.0의 오픈 베타를 한국에서 진행할 예정입니다.
Speaker #3: Moving on to our Maple Story World, which is a platform that relies on user-generated content. Our immediate focus right now is on strengthening its service infrastructure.
Speaker #3: We also. Recently held a global competition. Yes. And we also plan to conduct an open. For Maple Story World 2.0 in Korea, which in which we will include some webtoon creation features.
Speaker #1: 마지막으로 Q3에서 말씀드리면, 메이플 Q2는 한국에 이어 추가 지역 확장을 준비하면서 리텐션을 지속하는 것을 목표로 하고 있습니다.
Speaker #3: Lastly, to give a note on Maple Story Idle RPG following its launch in Korea, our current goal is to sustain its retention while preparing for expansion into additional regions.
Speaker #1: 현재까지 추가로 발표해 드릴 메이플스토리의 신작은 없습니다만, 앞서 말씀드렸던 탄탄한 메이플스토리 포트폴리오가 지금 막 시작된 이 하반기의 성장 모멘텀을 내년까지 이어받아 2027년에도 아주 솔리드한 프랜차이즈의 성장을 이끌 것으로 전망하고 있습니다.
Speaker #1: 이상입니다.
Speaker #3: So right now we have no additional new Maple Story titles to announce at this point for 2027, however. We believe the franchise will carry on with this strong performance so that the franchise can grow.
Speaker #3: Even solidly. As solidly as it did this year in 2027. So that concludes my answer. はい、詳細にありがとうございます。よく理解ができました。 2点目の質問ですけれども、AI活用とそれによるコストの増加、売上寄与というところに関連して質問をさせていただければと思います。 御社におかれましては、従来から積極的にAIの活用を進めていらっしゃると思っておりますし、30年分の文脈データを活用したライブ運用や、AI支援をより広域なタイトルへ拡大していくフェーズと理解しております。 一方で、AIに関連するコストも増加傾向にあるのではないかと思っております。 こういった関連コストの増加分とリテンション改善やアップ向上による増収の効果のバランスを、社内ではどのように管理されていらっしゃるのか、ぜひ教えてください。 あわせて、増収効果がより大きく寄与するのは今後1～2年の時間軸なのか、それとも3～5年など、もう少し中長期的な時間軸で考えていらっしゃるのか、お考えをお聞かせいただければと思います。 以上です。
Speaker #2: Thank you very much for quite a detailed answers. Well understood. And my second question is related to the AI utilization and its cost implication, as well as the expected sales contribution.
Speaker #2: I do understand that you have already actively using AI, and I do at the same time understand that you have a 30-year equivalent context data being reflected into the live operation.
Speaker #2: And you are now in a phase to expand the AI-supported support to cover broader titles. But this could potentially increase the cost increase of the cost.
Speaker #2: But at the same time, we can expect positive impact on the revenue and improvement of the retention rate. So I would like to ask, how you see all those elements altogether, and I would like to at the same time understand timing-wise, when do you expect revenue contribution impact will start to be materialized?
Speaker #2: Is it coming in a couple of years, or are we talking about more like mid to long-term timeframe of about like 3 to 5 years?
Speaker #1: I can take that. This is Patrick. I assume you see this with multiple companies. For us, we believe that AI and new tools are bringing in significant efficiency gains for sure.
Speaker #1: But we also have an approach to artificial intelligence where we try to look at the repetitive elements of making a game, allowing developers to focus on more creative work.
Speaker #1: It also makes it obviously cheaper and faster to validate ambitious new ideas. But what goes into a game is still a product of the people who build it.
Speaker #1: This is a creative industry. We are seeing results already in our live titles. For example, AI has made the process of converting designers' artwork into pixel art more than ten times faster, allowing us to produce more art assets for games such as MapleStory and Dungeon & Fighter.
Speaker #1: We're also using AI to accelerate hyper-localization, making the process several times faster while maintaining the quality needed to reflect local cultures. Recognizing the cost of using and refining AI, we invest carefully and in stages, measuring results before committing to larger and larger amounts.
Speaker #1: Our aim is not to make games with fewer people, like we said before, but to make better games with the people we have.
Speaker #2: はい。えっとですね、我々、AIや新しいツールに関しては、効率性を改善する、大幅に改善してくれるものだというふうに考えております。 我々、AIの活用に関してはですね、ゲーム制作における定型業務に関しては、AIで行い、そしてデベロッパーがよりクリエイティブな作業に注力できるような、そのような形で使おうというふうに考えております。このようにすることで、より安く、そしてより迅速に野心的な新しいアイデアの検証を行うことができます。しかし、やはりゲームというのはですね、人がそれを作り、制作をするものです。我々はクリエイティブインダストリーにおります。です。このような点も考えておりますし、すでにその成果といったものが我々のライブタイトルには現れております。例えば、AIによってデザイナーのアートワークをドット絵、ピクセルアートに転換するプロセスを10倍速くすることができるようになっております。これによって我々はゲームに対するより多くのアセットを制作することができます。例えばの例としては、メープルストーリーやダンジョン&ファイター、アラド戦記であります。また、AIを活用してハイパーローカライゼーションの加速にもつなげております。いく数倍速く、同じクオリティを維持しながらローカルのその文化を反映させていくということをしております。 AIをですね、使うことによるコストに関しても注意を払っておりますので、何段階かに分けて投資を慎重に行っております。より大きな金額を投資する前に、その成果を必ず測定するよう。 また、我々、そのゲーム制作をですね、少ない人数でやろうとは考えておりません。これは先ほども申しましたけれども、我々の人材でとともに、それを削るのではなく、より良いゲームを作っていきたいというふうに考えています。
Speaker #3: ご丁寧にありがとうございます。AIによってより多くのアイデアを検証することができるようになるという趣旨のご説明と理解をしまして、今後より新しいクリエーションが多数生まれてくることを期待しております。ありがとうございます。
Speaker #2: Thank you very much for your thorough explanation. I now understand that you're able to validate more ambitious new ideas by using AI.
Speaker #2: And I am looking forward to your exciting new creations in the future. Thank you.
Speaker #1: Thank you so much.
Speaker #2: ありがとうございます。
Speaker #4: 次のご質問者はUBS証券のイージャー・ジャイ様です。それではご質問者様、ご質問をお願いします。
Speaker #5: The next question is from Ija Jai-san of UBS Securities. Please.
Speaker #3: あ、UBS証券のジャイでございます。質問3点ありまして、まず1点目についてですけれども、第3四半期に関しまして、プロモーションコストが当初の計画よりも下回っていまして、で、えっと、こちらの背景をちょっと伺いたいですけれども、またちょっと第4四半期もプロモーションコスト結構高く見積もっているというような状況ですが、結局使うべきかどうか、どのような判断基準でなさっているのかについて教えていただけますでしょうか。
Speaker #5: I am Jai of UBS Securities. I have three questions altogether. The first one is related to the promotion cost, which was below the planned figure. I want to understand what was the backdrop for that occurring in Q3.
Speaker #5: And also, in terms of Q4, I understand that you are trying to allocate much promotion cost. But what will be the criteria that you will be using in deciding whether you're going to actually spend that amount or not?
Speaker #1: はい。マーケティング費用に関しまして、Q3で見込んでたメジャーなところで言いますと、やはり新規のタイトルに対してのマーケティング費用というのを見込んでおりました。当然、既存もマーケティングする必要はあるんですけれども、大きな部分は新規ということになります。 で、新規タイトルに関して、最も効率的で効果のあるマーケティングをするということでやっておりますけれども、単純にそのマーケティングのタイミングのずれが生じたということになりますので、その分は旧法でしっかり使っていく予定ということにはなっております。
Speaker #5: And so, regarding the marketing expense for Q3, we planned mainly for the new titles, but of course, we need to do some marketing for the existing IPs as well.
Speaker #5: But mainly, we have allocated for the new titles. And we plan to conduct the most efficient and effective marketing as much as possible, but it so happens that in Q3, the plan for those marketing activities slipped.
Speaker #5: And given that backdrop, we plan to robustly go with the marketing and promotions in Q4.
Speaker #3: ありがとうございます。で、2点目については、アークレイダースのフローズントレイルについて、御社の評価を伺いたいというふうに思っているんですけれども、ちょっと同時接続者数を見ている限り、大型アップデート後ユーザーさんが一時的に戻っていたんですけれども、またすぐに落ちているように見えていまして、ガイダンスを見ている限りも、ちょっとその新規のユーザーの増加がちょっと限定的のような売上ガイダンスとなっているようですけれども、ちょっとここで御社、今後目指したい方向を伺いたいと思っているんですが、すでにこの段階に来ているので、さらなるユーザーベースの拡大はもう諦めて、課金を増やす段階に来ているかどうか、もし具体的な計画がありましたら、ぜひ教えてください。
Speaker #5: Thank you very much. My second question is related to Arc Raider's Frozen Trail. Just looking at the concurrent users after the update, I see the increase in users, but then afterward, the numbers started to decline.
Speaker #5: And looking at your guidance for the revenue for the upcoming quarter, it seems that you factored in that there will be some limitation in terms of securing new players.
Speaker #5: So I want to know, what is the overall direction that you are planning to head toward? Are you going to give up on increasing the user base and focus on increasing the paying users?
Speaker #5: So, can you tell me if you have any definitive plan?
Speaker #1: This is Patrick again. I can reply to this. So based on our own experience and data from competitors in the same genre and using the same or similar business model, we believe that two major high-quality updates a year is a good cadence to sustain the core and attract new sales.
Speaker #1: So that's number one. And I think we believe that Frozen Trail is tracking much as we anticipated. After strong reception from players in October, both in-game and unit sales have slowly normalized.
Speaker #1: And we will, of course, continue to develop the player community with events and promotions. And like I said, we are committed to developing and delivering major updates to Arc Raiders, at least two times a year.
Speaker #5: では、私、パトリックのほうから回答させていただきます。私どもの経験、そして競合他社で同じようなビジネスモデルを掲げているところからの数字からも言えることとして、この手のゲームの場合ですと、高品質なアップデートを年に2回することによって、新たな売上というのは確保できるというふうに考えております。 今回のフローズントレイルですけれども、想定どおりに推移しております。10月にはゲーム内のユーザーが増えて、そして売上本数というのも増えました。そして想定どおり、徐々に正常化してきたというのが今までの流れです。今後、無論、より活性化するために様々なイベント及びプロモーションも展開していきますし、少なくとも最低年に2回のアップデートをする予定です。
Speaker #3: ありがとうございます。すいません、こちらについてのフォローアップですけれども、年に2回の大型アップデートのところは十分理解しました。ただし、これからの方向性に関しまして、例えばもう一段と売上を拡大させるためには、ユーザーベースのさらなる拡大を目標とされていますか。それとも既存ユーザーの課金を増やすことが目標とされていますか。
Speaker #5: Thank you very much for your response. I have a follow-up question regarding the previous one. I fully understand that you plan to have two major updates a year.
Speaker #5: But all in all, in terms of the direction to secure further increases in sales and revenue, which do you plan to go for—one being the effort to further expand the user base, and another one being concentrating on the existing players so that they can become paying users?
Speaker #5: Which is the case?
Speaker #1: Well, everyone that is playing Arc Raiders is already a paying user because the game is a premium title. But, and of course, we're going to try and do both.
Speaker #1: Of course, attract new paying players, but also the ones that are playing the game—give them enough reasons to continue playing the game, and hopefully continue buying things that we offer to them in the game as well.
Speaker #5: もちろんご存知のように、Arc Raidersというのは基本的にプレミアムタイトルですので、全員のプレイヤーが有料課金プレイヤーという形になっております。 今後の施策といたしましては、無論、新たな有料課金プレイヤーを増やすとともに、既存のプレイヤーに対しましても十分たるもっとこのゲームを続けたい、もっとゲーム内でいろんなものを買いたいというような心をくすぐるような仕組みを今後は考えていきます。
Speaker #3: ありがとうございます。そして3点目、御社開示しているKPIについて伺いたいと思っています。今年度の第3四半期を見ている限り、YoYで結構売上が増えているんですが、ただしKPIを見ていますと、MAUの数字はYoYでちょっと下がっていまして、逆にARPPUがかなり上がっているというような状況ですけれども、ちょっとタイトル別の詳細、どこまで開示できるかは分からないですけれども、ちょっともし売上向上の要因が課金を促すなどのことであれば、ちょっと持続性にかけるリスクもあるんじゃないかというふうにも心配しておるんですけれども、ちょっとぜひこちらの解説及び今後の方向性についても説明をお願いいたします。
Speaker #5: Thanks for my third question pertains to the KPIs that you disclosed. So looking at your Q3 figure, your revenue is increasing year on year, but MAU-wise, it seems to be declining year on year.
Speaker #5: On the other hand, RPU is increasing year on year. And you might have some difficulty disclosing the numbers by each title, but if you can, can you explain to me the reason why your revenue is going up?
Speaker #5: Are you increasing the paying users? And if that is the backdrop upon which your Q3 revenue went up, we are or I am concerned whether it is sustainable going forward or not.
Speaker #5: So with that as a backdrop, can you explain to me about the reason why the revenue went up in Q3 and the overall direction that you plan to proceed in the future?
Speaker #1: はい。Jさん、確認ですけれども、メイプルストーリー韓国PCのお話をされているということでよろしいですか。
Speaker #5: Before I respond, I would like to confirm one point. Are you talking about Korea Maple Story PC?
Speaker #3: いいえ。決算資料の32ページの一番下のCOPC及びコンソールユーザーの指標で、MAUとか課金ユーザー数とかARPPUなどの開示があるんですけれども、こちらYoYでMAUが下がっているんですけれども、ARPPUが結構増えているというような状況ですが、これについての説明をお願いしたいです。
Speaker #5: No, I am referring to your briefing note page 32 at the bottom. You see the breakdown between PC and console, and you have the year-on-year comparison.
Speaker #5: And looking at three KPIs, namely MAU, paying users, and RPU—MAU is going down, while RPU is going up. These are the points that I would like you to further elaborate.
Speaker #1: はい。理解しました。全体のKPIに関しては、これは全てのPCオンラインゲームのKPIとなりますので、それぞれのタイトルの状況を全てまとめると、こういった形になるということです。ですので、必ずしも全てのタイトルのトレンドがMAUが減少してARPPUが上がっているという状況ではないということをまず申し上げたいと思います。
Speaker #5: I understood your question. So, in terms of the KPIs that you're looking at, these are the numbers that summarize the entire situation of PC online games.
Speaker #5: So this is the aggregate for all the titles. So it does not necessarily mean that for each and every title, a similar trend of MAU declining and RPU increasing is being followed.
Speaker #1: その上で、ARPPUの考え方に関してなんですけれども、 基本的にはARPPUが上がるということは、我々マネタイズをプッシュするということは基本的にはしませんので、非常にゲーム内が活性化している結果だというふうに捉えております。したがって、ARPPUが上昇しているというところは事実なんですけれども、それが危険水域にあるというふうには考えておりません。
Speaker #5: Having said that, in terms of ARPPU, it goes up, but then it means that the in-game activities are being vitalized. And as you know, we do not aggressively push for monetization.
Speaker #5: So it is true that RPU is rising, but we do not think that it is at the risky level.
Speaker #1: はい、どうなっていましたでしょうか。
Speaker #5: Did I answer your question?
Speaker #3: はい、よく理解できました。ありがとうございます。私から以上です。
Speaker #5: Yes, I understood very well. Those are all the questions I have. Thank you.
Speaker #3: 次のご質問。 次のご質問者はサンフォード・C・バーンスタイン・ドビンチュー様です。それではご質問者様、ご質問をお願いします。
Speaker #4: Next question is from Robin Chewson, from Sanford C. Bernstein. Please.
Speaker #1: Yes. Thanks, management, for taking my question. I'll stick with one. I'm really curious about your thoughts on MapleStory Classic. It was a big contributor this quarter.
Speaker #1: I'd be curious if management thinks that this is now a permanent new addition to the Maple Story franchise going into '27, or should we think about it as a kind of more one-time nostalgia thing?
Speaker #1: How do you plan to maintain the update content cadence for both the base Maple Story and Maple Story Classic? How do you keep them separate?
Speaker #1: We'll be curious your thoughts on the overlap of the user base and, yeah, how do you grow both at the same time going forward?
Speaker #1: Thank you.
Speaker #3: 質問の機会をいただきまして、ありがとうございます。一つだけお伺いさせてください。メイプルストーリークラシックに関して、御社がどのように考えていらっしゃるのかということをお伺いしたいと思います。今期に関してはですね、これが大きく貢献したわけですけれども、御社経営エンジンとしては、これがですね、メイプルストーリーに新規追加される永続的なタイトルになっていくのか、つまり2027年に向けてもこれが継続していくのか、それとも一時的なものなのかということをお伺いしたいと思います。そのアップデートのコンテンツ、両方、メイプルストーリーと、それからメイプルストーリークラシックに関してですね、このアップデートの今後の方向性としても、どのようにお考えなのか、これユーザーのオーバーラップなどに関してどのように考えていらっしゃるのかということをお伺いしたいと思います。今後も二つをですね、同時にどのようにさらに成長させていこうと考えているのか教えてください。
Speaker #1: 以上입니다. 이 부분 제가 답변드리겠습니다.
Speaker #5: Well, this is Sean again. Let me answer your question.
Speaker #1: 우선 메이플 클래식은 앞서 말씀드린 것처럼 당초 저희 내부의 예상 및 기대보다 훨씬 더 좋은 반응을 얻었습니다. 대만, 중국, 웨스턴 지역에서요.
Speaker #5: So I would like to first start by noting, as mentioned earlier, how Maple Story Classic received a far stronger response than we initially anticipated across Taiwan, China, and Western markets.
Speaker #1: 그리고 대만, 중국에서의 성과는 3분기 저희의 호실적에 매우 중요한 요소였습니다. 특히나 중국에서는 현지 라이브 서비스 대비해서 최대 9배에 달하는 유저들의 유입이 있었습니다. 물론 라이브 서비스와의 카니발 역시 매우, 매우, 매우 미미했습니다.
Speaker #5: So when it comes to the performance that we have observed in Taiwan and China, they definitely were significant contributors to the performance. In China, for instance, player inflows reached up to nine times the level of the local live service.
Speaker #5: And of course, when it comes to cannibalization between the core live service, it was insignificant and very small.
Speaker #1: 4분기에는 웨스턴 지역도 본격적으로 진출을 할 것이고요. 현재 현지 반응도 좋습니다. 저희는 이 모멘텀이 지속될 수 있도록 클래식에 대한 업데이트 및 유저 엔게이지먼트 케어에 매우 집중력 있게 대응을 하고 있습니다.
Speaker #5: So going forward in Q4, we will expand to the Western markets in earnest, where we believe the initial response has also been pretty positive.
Speaker #5: So in order to sustain this momentum, we are placing a very strong focus on updates for Classic. And on maintaining our player engagement.
Speaker #1: 마지막으로 하나 좀 덧붙이고 싶은 것은요. 메이플스토리 클래식에 한해서가 아니라, 넥슨 전사 관점에서 이 클래식 플레이북을 어떻게 봐야 하는지에 대해서 한 번 더 말씀드리고 끝내고 싶습니다.
Speaker #5: Lastly, before I conclude, I would like to offer how Nexon as a company views this Classic playbook approach, not going beyond simply the Maple Story franchise.
Speaker #1: 잘 아시다시피 저희는 20년 이상 라이브 서비스를 해온 PC 온라인 게임의 포트폴리오가 많습니다. 던전 앤 파이터나 메이플 스토리, 마비노기 등등 굉장히 많은 타이틀을 현재까지도 잘 서비스를 하고 있죠.
Speaker #5: So as you are already aware of, Nexon has multiple portfolio pieces, which has been providing PC online live service for more than 20 years, which include Dungeon and Fighter, Maple Story, and Mabinogi, which are still successfully providing live service at this point.
Speaker #1: 이렇게 오래 라이브 서비스를 한 IP가 많다는 점은, 그리고 이런 IP들을 보유한 회사 입장에서는 이 플레이북, 즉 클래식 플레이북이 굉장히 여러 가지 전략적 용도로 사용될 수 있다고 생각합니다.
Speaker #1: 20년 동안 서비스해 오면서 각 IP들은 누적된 가입자들에 대한 계정도 굉장히 많을 것이고, 그리고 이 누적된 계정들이 기억하는 연도별 게임에 대한 모습들도 다 다를 것입니다.
Speaker #1: 저희는 비단 정형화된 단 하나의 클래식 플레이북을 추구하기보다는 앞으로 이런 것들을 좀 굉장히 전략적으로 많이 응용해서 활용을 해볼 계획을 가지고 있습니다. 이상입니다.
Speaker #5: So, obviously, as a company which owns multiple IP pieces with such a long history of live service, this kind of classic playbook is such a useful strategy that can be leveraged in multiple different ways.
Speaker #5: So obviously, those franchises have a tremendous amount of accounts and users who have registered to play the game for the past 20 years or more.
Speaker #5: And obviously, each user has different memories that they cherish the most out of their entire experience of playing the game. So they're all different, and that is why we are not going to pursue only like an identical form of Classic playbook for our games, but rather leverage it in multiple different ways as our strategy.
Speaker #5: And we already have plans for that. So that would conclude my answer.
Speaker #1: Thank you, Raj.
Speaker #3: ありがとうございます。 次のご質問者は日本経済新聞社、田口様です。それではご質問者様、ご質問をお願いします。
Speaker #5: The next question is from Taguchi-san from Nikkei. Please.
Speaker #3: 次のご質問者は日本経済新聞社の田口さんです。どうぞお話しください。
Speaker #5: The next question is from Taguchi-san of Nikkei. Please go ahead.
Speaker #3: 田口さん、すみません。ちょっと音声が聞こえないようですので、ちょっともう少し待ちますが、ちょっと音声が引き続き聞こえないようでしたら申し訳ございませんが、ちょっと次の質問に移らさせていただきます。
Speaker #5: Unfortunately, we cannot hear Taguchi-san, and we will wait for a few more minutes. But if we still cannot hear you, I’m sorry, but we will have to move on to the next question.
Speaker #3: 次のご質問者はDFA証券の長尾様です。それではご質問者様、ご質問をお願いします。
Speaker #5: The next question is Nagao-san of Securities Japan Research.
Speaker #4: はい、ビオベ・ナガオでございます。一点だけ、4th quarterのですね、売上、特にコストですね、考え方について教えていただきたいんですけれども、Q1Qで見た場合に、売上高は少し数字丸めますけれども、200億から300億円程度ですね。減収のご計画である一方で、売上高から営業利益を引いて算出した営業費、すなわち販管費と原価の合計はQ1Qで70億から105、6億増える計画になってます。売りが減るにもかかわらず、費用が増えるというのは構成費の積み増しなのか、人件費なのか、Q1Qで見たときにですね、増えるコスト、減るコスト、改めてご説明、もしいただければと思います。以上でございます。
Speaker #5: I have one question regarding the cost aspect. For Q4, I would like you to share with me a Q1-Q4 comparison. When I look at the guidance for Q4 that you have given, it means that revenue-wise, there will be a decline of ¥20 to ¥30 billion.
Speaker #5: And when you try to do the math by subtracting the operating income and other factors, it seems that there will be an increase of SG&A and COGS by 7 to 10.5 billion yen.
Speaker #5: So why are you saying that the cost is increasing despite the fact that you are expecting a decline in revenue? Is it something to do with the increase in HR cost and other expenses?
Speaker #5: So, if you could kindly tell me the breakdown of the increase in cost quarter-on-quarter, I would appreciate it.
Speaker #1: はい。Q1Qのコストの比較に関しましてですけれども、当然売上連動のコストというものは多少の変化はあるんですけれども、最も大きな要因としましては、やはりマーケティング費用ということになります。 先ほども少し申し上げましたけれども、Q4においてローンチするタイトルへのマーケティング費用をQ3からずれてるというのもありますので、こちらが一番大きな要因となります。 次に、PG feeになりますけれども、これは先ほど少し申し上げましたが、売上どの。 がどういう成績を残すかによってPG feeが上がっていくというふうに認識、想定しています。具体的に言うとオンライン等がいい状況にありますので、そこらへんのPG feeが上がっていくというふうに考えております。
Speaker #5: So regarding the Q1Q comparison, and in relationship to the revenue cost increases or decreases depending on each quarter. And talking about the Q4, the major increase in the cost is attributable to the marketing expense.
Speaker #5: As mentioned before, we were planning to conduct marketing activities in Q3, but there has been some slip in the schedule. So that will be incurred in Q4.
Speaker #5: So that's the major factor. Another point is related to PG fee, as I have mentioned before. Depending on the sales of different titles, we expect the PG fee to increase.
Speaker #5: In particular, as mentioned before, if the trend of Viva Online goes as is, then we believe that we will encounter an increase in PG fee.
Speaker #1: 죄송합니다. 제가 조금 더 부연 설명드리도록 하겠습니다. 저는 투자자분들께서 바로 저희의 매출 구성의 변화에 조금 집중해 주셨으면 하는데요.
Speaker #5: Hi, hello, this is Junghun Lee. I would like to add a little bit more perspective to that. What I would encourage our investors to particularly look at is how our revenue mix is shifting and changing.
Speaker #1: 수익이 높은 중국 던전앤파이터 매출은 전년 동기 대비 감소될 것으로 예상을 합니다만, 반면에 FC나 메이플 키우기, 그리고 메이플스토리 월드와 저희 4분기 런칭을 앞두고 있는 템빨, 아주루 프로밀리아, 그리고 일본 마비노기 모바일 등 4분기의 성장을 이끌 타이틀 및 신규 서비스에는 로열티와 그리고 크리에이터 수수료 등 매출에 연동되는 비용이 발생을 합니다.
Speaker #5: So for when it comes to the revenue from Dungeon and Fighter China, which is highly profitable in terms of its composition, it is expected to decline year over year.
Speaker #5: But in the meantime, the titles and new services that we expect to drive growth in the fourth quarter, with that, I include FC, Maple Story, Idle RPG, Maple Story Worlds, as well as other new titles preparing, being prepared for our Q4 releases of Tempfire Overgeared, Azure Promelia, and of course, Mabinogi Mobile in Japan.
Speaker #5: They incur revenue-linked costs such as royalties and creator fees.
Speaker #4: はい。上村CFO、井手本社長、どうもありがとうございました。大変よく分かりました。
Speaker #5: Thank you very much. Both of you. I understood it very well. This concludes the Q&A session. Ms. Adam, I would like to turn the call over to you for any closing remarks.
Speaker #3: Thank you. If there are no further questions, I would like to take this opportunity to thank you, for your participation in this online webinar presentation.
Speaker #3: Please feel free to contact Nexon Investor Relations or email investors@nexon.co.jp. Should you have any further questions, we appreciate your interest in Nexon.
