Graphic=Son Min-kyun

Since the COVID-19 pandemic transitioned to an endemic phase, gaming stocks, which had hit a low, are recently rebounding. This is due to increasing expectations for the success of major new releases scheduled for the second half of the year. The National Pension Service (NPS), Korea's largest institutional investor, is also expanding its equity in gaming companies by investing approximately 100 billion won.

According to the Korea Exchange on the 9th, the KRX Game TOP10 index has risen by 35.3% over the past three months. The KRX Game TOP10 index, which was at 550.52 on April 9, recorded 745.24 the previous day. This index is composed of 10 representative corporations in the gaming industry as announced by the Korea Exchange. The KRX Game TOP10 index peaked at 1,749 points in November 2021 during the height of the COVID-19 pandemic. However, as the market returned to an endemic trend and the benefits of non-contact services ended, it sharply declined, hitting a low in the early 500-point range in the second half of 2023.

However, a significant number of gaming stocks recorded double-digit increases recently, driving the index upward. Over the past three months, Netmarble and NCSOFT have risen by 64.5% and 55.6%, respectively, leading the overall index's upward trend. Additionally, Kakao Games (40.6%), Pearl Abyss (36.8%), Wemade (21.5%), NEXON GAMES (24.6%), and DoubleU Games (15.0%) also showed double-digit growth.

The recent strength in gaming stocks is attributed to the numerous major new releases scheduled for the latter half of this year. NCSOFT plans to release five new titles this second half alone. In particular, they are developing 'Aion 2', a sequel to their flagship intellectual property (IP) series 'Aion', with a target release in the fourth quarter. Aion 2 was first revealed to the general public during small group testing (FGT) conducted from the 28th to the 29th of last month, and anticipation is growing as participants have shared positive feedback.

Aion 2 image. /Courtesy of NCSOFT

Kakao Games is making a significant move this second half with 'Chrono Odyssey', developed by its subsidiary Chrono Studio. The number of applicants for the global closed beta test (CBT) held last month exceeded 1 million. It also ranked in the top 20 of the Steam wishlist and recorded 65,752 concurrent users, attracting attention despite being its first test. While there were some criticisms regarding optimization issues and gameplay feel, positive reactions were noted regarding the open-world content and unique universe.

Pearl Abyss is set to release 'Crimson Desert', the sequel to its flagship title 'Black Desert', within this year. Industry experts anticipate that 'Crimson Desert' will be one of the most highly regarded major releases of the year. This game was showcased at the Global Game Developers Conference 'GDC 2025' last March with a demonstration of the Blackspace engine and received acclaim at events such as 'PAX East', 'SGF 2025', and 'WWDC 2025'. Additionally, Netmarble is expected to launch five new titles in the second half of the year, including 'The Seven Deadly Sins: Origin'.

Expectations are also rising for improved performance among gaming companies in the second half of the year. Nam Hyo-ji, a researcher at SK Securities, said, "Recent gaming stocks have shown notable increases in their prices reflecting expectations for major releases this second half. Stocks have performed strongly, particularly for gaming companies where expectations for new releases and a turnaround in performance remain valid, and anticipation is expected to grow further as information about new releases gradually becomes available in the third quarter."

The National Pension Service (NPS) has also increased its equity by expanding investments in domestic gaming companies. According to the Financial Supervisory Service's electronic disclosure system, NPS purchased Netmarble shares worth 53.3 billion won on the 30th of last month, increasing its ownership stake from 5.15% to 6.15%. On the same day, it bought NCSOFT shares worth 39.6 billion won, raising its stake from 7.31% to 8.34%. Earlier, on April 22, NPS increased its investment in DoubleU Games by buying additional shares worth 11.8 billion won, expanding its equity from 6.95% to 7.96%.

※ This article has been translated by AI. Share your feedback here.