Stellar Blade (Photo: a screenshot from a Youtube video)
SEOUL, Jun. 25 (Korea Bizwire) – In a notable turn for South Korea’s videogame industry, long dominated by mobile and online multiplayer titles, domestic developers are finding surprising success in the global console market, potentially heralding a new era of diversification and growth.
Shift Up, a rising star in the Korean gaming scene, recently disclosed in its securities filing that its PlayStation 5 exclusive game “Stellar Blade” generated sales of 22.05 billion won in April and May of this year.
The game, released on April 26, is widely believed to have surpassed the coveted one million unit sales mark, a significant benchmark for console game success.
While Shift Up did not reveal exact sales figures, industry analysts estimate that “Stellar Blade” has sold around 920,000 copies, based on its retail price of 79,800 won and standard revenue-sharing practices with platform holders.
The company noted that due to contractual arrangements with Sony, some April sales were not reflected in that month’s revenue, suggesting actual sales likely exceed one million units.
This console triumph follows Shift Up’s earlier success with the mobile RPG “Goddess of Victory: Nikke,” which earned over 160 billion won in revenue last year.
The company’s ability to succeed across multiple platforms has heightened interest in its upcoming initial public offering on the KOSPI stock exchange.
Shift Up’s success is not an isolated incident. Neowiz, another Korean game company, saw its operating profit surge twelvefold in the first quarter of this year, largely due to the unexpected popularity of its action RPG “Lies of P,” released for PlayStation 5 and other platforms in September 2023.
“Lies of P,” which offers a dark fantasy reinterpretation of the Pinocchio story, sold over one million copies within its first month and reached 7 million players by March of this year.
Neowiz, another Korean game company, saw its operating profit surge twelvefold in the first quarter of this year, largely due to the unexpected popularity of its action RPG “Lies of P.” (Image courtesy of Yonhap)
These achievements mark a significant shift for the Korean game industry, which had previously struggled to make inroads in the console market.
Consoles, with their emphasis on immersive, long-form gaming experiences, represent a departure from the mobile and online multiplayer games that have long been the industry’s forte in South Korea.
The success of “Stellar Blade” and “Lies of P” has sparked renewed interest in console development among major Korean game companies.
Nexon is set to release its shooter action game “The First Descendant” for Xbox and PlayStation 5 next month, while NCsoft has announced plans to adapt several of its popular franchises for consoles.
Industry observers see these developments as a potential turning point for the Korean game sector, which experienced a contraction last year due to a lack of innovative new titles and declining user engagement.
“There’s a widespread sense that the mobile market is saturated, and that expansion into multiple platforms is necessary,” said an industry insider.
“The success stories of companies like Shift Up will likely serve as a strong motivator for others.”
Kevin Lee (kevinlee@koreabizwire.com)
