Korea Investment & Securities highlighted on Sep 3. the urgent need for NCSoft to overhaul its approach to developing new games. The firm has maintained its “neutral” investment rating on the company, noting that NCSoft’s stock closed at 192,200 won on the previous trading day.
On Aug 28., NCSoft released “Hoyeon,” a highly anticipated game for the latter half of the year. This collectible role-playing game (RPG), based on the Blade & Soul intellectual property (IP), offers graphics and gameplay that differ from NCSoft’s usual style.
Despite the initial buzz, Korea Investment & Securities has labeled “Hoyeon” a letdown. Analyst Jung Ho-yoon pointed out that while the game introduced new elements such as subculture-inspired graphics, diverse characters, and controls designed around these features, its overly complex system does not suit mobile gaming well.
Jung also mentioned that the game’s interface and monetization model, which still reflect NCSoft’s traditional approach, have led to user dissatisfaction. Although “Hoyeon” initially topped download charts in South Korea, Japan, and Taiwan, it hasn’t performed well in sales rankings. Furthermore, the stable operation of most domestic servers suggests that player engagement hasn’t met expectations.
Jung concluded that NCSoft needs to urgently rethink its game development strategy. He emphasized the importance of creating innovative games that attract new markets and audiences instead of relying on familiar formulas like the Lineage series. “For growth, there needs to be a significant shift,” he said. “Half-hearted efforts will only lead to mediocre outcomes.”
