NCSoft is nurturing its mobile casual game business as a new growth engine, and market expectations are rising accordingly. Analysts also expect the casual game business to grow rapidly and establish itself as a core revenue source for NCSoft by 2027. After acquiring developers and platform companies in succession, NCSoft recently elevated its mobile casual business unit from a "center" to a "division," adding momentum to the business expansion.
According to the game industry on the 30th, analysts have offered positive outlooks on NCSoft's expansion of its casual business.
First, Kyobo Securities focused on the possibility that the casual game business could emerge as a new core revenue source for NCSoft. Kim Dong-woo, an analyst at Kyobo Securities, forecast in a 2027 earnings outlook report that NCSoft's mobile casual segment revenue would grow to 686.1 billion won. This exceeds the combined revenue forecast of 679.3 billion won for the three Lineage mobile titles. The analysis suggests that the casual game business could establish itself as NCSoft's largest revenue source, surpassing its existing mainstay Lineage intellectual property (IP).
Korea Investment & Securities focused on synergies between the acquired companies. Jung Ho-yoon, an analyst at Korea Investment & Securities, said, "While the revenue of casual game companies including JustPlay is growing steadily, synergies between the acquired companies will emerge from the second half," predicting that the casual games' contribution to earnings would gradually expand from 2027. Korea Investment & Securities maintained a "buy" rating on NCSoft with a target price of 390,000 won.
Shinyoung Securities also gave a positive assessment of the growth trajectory of JustPlay, which NCSoft acquired. Kim Ji-hyun, an analyst at Shinyoung Securities, forecast in a report titled "Growth to Be Added by Casual Games" that JustPlay's revenue grew 76% year-on-year and would continue growth of more than 50% in the second quarter.
Behind these positive outlooks from analysts lie the growth potential of the casual game market and NCSoft's business expansion strategy. According to market research firm Statista, the global mobile game market is projected to reach approximately $134.2 billion (199 trillion won) in 2026, with casual games cited as a major segment accounting for 60% of the entire mobile game market.
NCSoft has broadened its business base by acquiring, in succession, mobile casual platform JustPlay and game developers Lihoohoo and Springcomes. The strategy is not merely to secure game development capabilities but to expand the value chain to publishing and platforms, maximizing synergies between the acquired companies.
The elevation of the mobile casual business unit from a "center" to a "division" this month also demonstrates its commitment to business expansion. The plan is to add casual games as a new growth engine to its existing business structure centered on major IP, and to continue launching new titles and expanding service regions in the global market.
An NCSoft official said, "Based on a business structure encompassing development, publishing, and platforms, we plan to accelerate our push into the global mobile casual market. By combining JustPlay's platform competitiveness with the development capabilities of Lihoohoo and Springcomes, we will build an integrated business system spanning from new game development to global publishing."
In response, analysts believe that NCSoft's casual business will also gain further momentum as the growth trajectories of the acquired companies and their business synergies take full effect. The outlook is that NCSoft can diversify its IP-centered revenue structure while securing a stable growth engine in the global market.
