GAMEVIL Reports 34% YoY Revenue Increase in 2Q of 2011

Over here at Nine Over Ten 9/10 we are all about taking stock on where the video games industry is heading, but it’s news like this that make you ponder whether you are better off making games instead of what you are doing at the moment. LOL. GAMEVIL(R) (KOSDAQ: 063080) has achieved revenues of 9.8 billion KRW during the second quarter of 2011. That’s about 9 million US Dollars.

Operating profit for the quarter was 4.1 billion KRW with quarter net profit of 3.8 billion KRW, maintaining the highest percentage of operating profit ratio in the Korean mobile gaming industry, at more than 41%. Compared to the second quarter of 2010, GAMEVIL’s consolidated overseas revenue has increased by 34% and revenues from smartphone platforms increased by 259% to 6.1 billion KRW, accounting for 62% of the quarter’s entire revenues.

This kind of success comes on the back of continuous focus on  on expanding the lineup of smartphone titles, the development and implementation of freemium and other business models. Games such as ‘Air Penguin’ have hit the top spot on the Apple’s App Store in the US and numerous other countries, and popular staples ‘Baseball Superstars’ and ‘ZENONIA’ have also accelerated the quarter’s growth with new sequels released on global app markets.

“The second quarter result shows that GAMEVIL has successfully transformed to a publisher for smartphones, which are the driving force of the mobile landscape.” said Yong Kuk Lee, Chief Financial Officer and Executive Vice President of GAMEVIL Inc. “We will continue to meet the challenges of this evolving market head-on, with new quality titles and more partnerships across diverse platforms including Apple App Store and Google Android Market.”

GAMEVIL recently announced it will invest $10 million USD in creating various forms of partnerships with external developers as it looks to strengthen its global reachand lineup of smartphone game titles. In addition to titles such as KAMI RETRO, Chalk n’ Talk, Train City and Air Penguin from earlier this year, more recent successes through the fund now include the Colosseum and Cartoon Wars series of smartphone games.

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