Crafting Virtual Content: Krafton's Growth Strategy

(MHN Park Sung ha) In April 2025, Krafton became the largest shareholder of Neptune by acquiring shares previously held by Kakao Games.

This acquisition is seen as a strategic move beyond merely expanding its game portfolio, expected to generate synergies in ad tech-based revenue models and virtual content.

Neptune is a company with a strong foothold in casual game development and publishing, known for titles such as Eternal Return and Infinite Ladder.

The company has also focused on ad-based platforms, content IP expansion, and diversifying its investment portfolio. Its stable revenue structure, with consolidated 2024 sales of 121.6 billion KRW and operating profit of 9.6 billion KRW, was a key factor influencing Krafton's acquisition decision.

Through this acquisition, Krafton plans to strengthen its position in the casual gaming market and diversify its global revenue models by leveraging Neptune’s advertising technology and virtual content capabilities.

In particular, the combination of ad-based revenue models and virtual content in emerging markets such as India and Southeast Asia is attracting attention as a new business model.

Additionally, Krafton is developing AI-driven storytelling technology and the virtual human “Anna” through its subsidiary OnMind, anticipating synergy with the digital human “Sua.” This will enable experimentation with new revenue models that fuse gaming, advertising, and virtual content, boosting global competitiveness.

This acquisition signals Krafton’s shift from a strategy centered on AAA games to a comprehensive revenue model that includes ad-based, casual IP, and virtual content.

It remains to be seen whether this move away from dependence on a single major IP like PUBG will drive Krafton’s growth.

Meanwhile, Krafton plans to maximize synergies as a strategic subsidiary while maintaining Neptune’s independence and autonomy.

Photo credits: Nimble Neuron, OnMind, Yonhap News