KRAFTON’s second-quarter revenue moved above Nexon’s for the first time in the Korean industry comparison reported by Maeil Business Newspaper. It is a meaningful change in the market’s ordering, but it is not evidence that one publisher has permanently replaced the other.
Why It Matters
Maeil Business Newspaper reported that KRAFTON generated about KRW 1.29 trillion in Q2 revenue and KRW 410.9 billion in operating profit, up 94.9% and 67% year over year. Both figures were quarterly records for the publisher.
Nexon reported roughly KRW 1.139 trillion in revenue and KRW 294.3 billion in operating profit over the same period. The comparison marked the first quarterly revenue reversal between the two companies.
What Changed
PUBG remains KRAFTON’s core commercial engine. The more strategic development is the early performance of Subnautica 2, which passed five million global sales within 22 days of launch, according to the reported results.
KRAFTON’s central long-term question is whether it can build a second product pillar rather than remain highly dependent on PUBG. Subnautica 2 is an encouraging signal, but one launch window is not yet a durable second franchise.
Korea’s traditional “3N” shorthand—Nexon, NCSoft and Netmarble—described a previous generation of leading domestic publishers. KRAFTON’s rise adds a different combination of global PUBG scale, PC and console exposure, and a broader new-IP strategy.
That does not mean Nexon is simply weakening. MapleStory and ARC Raiders remained important contributors, and Nexon’s portfolio is more diversified than KRAFTON’s. Pressure on Dungeon & Fighter, together with normal release-cycle volatility, is why a single quarter cannot settle a long-term company comparison.
The more useful lens is a longer comparison across KRAFTON, Nexon, NCSoft, Netmarble and Pearl Abyss: revenue, operating profit, global revenue mix, legacy-IP dependence, new-IP revenue and PC/console mix.
What to Watch
- The next quarterly comparison of revenue and operating profit across KRAFTON, Nexon and the other major Korean publishers.
- Subnautica 2 revenue after its launch window and the share of KRAFTON income generated outside PUBG.
- Nexon’s performance in MapleStory, ARC Raiders and Dungeon & Fighter, which will show whether the reversal was cyclical or structural.
