Kakao Games拟10月上线《World of Dokkaebi》，但报道未提供新增预售或收入验证

Kakao Games is seeking a turnaround from seven consecutive quarterly losses with its new title "World of Dokkaebi."
Kakao Games will launch the 2.5D massively multiplayer online role-playing game (MMORPG) for PC and mobile devices in Korea in October. The game is developed by Supercat. Market attention is focused less on the debut of a new intellectual property (IP) than on whether the title can help restore the company's financial performance.
Kakao Games posted consolidated second-quarter revenue of 75 billion won and an operating loss of 23 billion won. Revenue fell 35% from a year earlier, while the operating loss widened. Mobile game revenue dropped 47% to 52.7 billion won from 101 billion won. PC online game revenue rose 50% to 22.3 billion won from 14.8 billion won, but the increase was insufficient to offset the decline in mobile games.
The company attributed the results to declining revenue from existing live-service games as they matured and a lack of new releases. The operating loss narrowed slightly from 25.5 billion won in the first quarter, but the results did not indicate a recovery in the company's revenue base.
Kakao Games posted cumulative first-half revenue of 157.9 billion won and an operating loss of 48.5 billion won. That compares with full-year revenue of 465 billion won and an operating loss of 39.6 billion won last year, underscoring the financial importance of new releases.
World of Dokkaebi features dokkaebi and yogwi creatures from traditional Korean folklore. Instead of fixed character classes, players can combine 12 skill styles and about 90 skills, allowing gameplay to vary depending on their choices. The company has blocked player killing (PK) in regular fields and separated player-versus-player (PvP) combat into dedicated content.
"We have completely blocked PK in the server's field hunting areas," Supercat producer Park Sung-jun said at a showcase.
The approach is intended to reduce fatigue from competition between users while retaining the appeal of combat combinations and optional PvP. While that differentiates the game from other MMORPGs centered on large-scale competition, it also means the company must establish demand for a different style of gameplay.
"It is difficult to discuss specific performance or revenue rankings at this point," said Cha Myung-soo, a business division head at Kakao Games. "If we achieve a successful launch and provide a stable service afterward, revenue performance will follow."
The company also unveiled a monetization model combining paid currency, memberships and passes, and cosmetic items, though detailed pricing and product configurations have yet to be finalized.
Securities firms remain cautious. Mirae Asset Securities said in an Aug. 5 report that it expects a meaningful revenue recovery from the fourth quarter, when three new titles including World of Dokkaebi are scheduled for release, but projected a return to profitability in 2027, when several highly anticipated games are expected to launch.
Samsung Securities said in an Aug. 6 report that investors should wait to assess launch performance given remaining uncertainty over the new-game schedule. It said profitability would not be restored by the success of a single title alone, pointing instead to the actual release and performance of the broader pipeline.
Kiwoom Securities, which issued the most recent report, also took a cautious view. Analyst Kim Jin-goo said in an Aug. 13 report that the competitiveness of individual titles capable of becoming global IPs is more important than the number of new games. He said the company first needs to demonstrate to users that its games offer differentiated gameplay from existing genres. Kiwoom cut its price target for Kakao Games by 37.5% to 10,000 won from 16,000 won.
Kakao Games plans to follow World of Dokkaebi with online action role-playing game (RPG) "ArcheAge Chronicles" and strategy adventure title "Dungeon Arise" beginning in the second half of this year. World of Dokkaebi is the only MMORPG among the three.