NCSOFT's highly anticipated PC game, Throne and Liberty, may see a delayed release in Q3 2023, according to a Business Korea article. Although not officially confirmed by NCSOFT, and with no updates from Throne and Liberty's official channels, many analysts believe that a delay is inevitable. This is due to the potential competition from Diablo IV, which is set to release in June.
Throne and Liberty, initially known as Lineage Eternal, has been long-awaited by gamers worldwide. While a delay might be disappointing, it isn't entirely unexpected, and a few more months of waiting shouldn't be too much of a burden for eager fans.
Despite the potential delay, the outlook for Throne and Liberty remains positive. The game is still considered NCSOFT's most anticipated PC title in a long time, and with the global version set to be released by Amazon Games, it is expected to bring solid results in international markets. The partnership with Amazon Games also paves the way for NCSOFT to enter the console market.
In addition to Throne and Liberty, NCSOFT is working on diversifying its game genres beyond MMORPG with the release of Project G, Blade & Soul S, and Battle Crush, all scheduled for 2H23. These games will support NCSOFT's strategy to decrease its reliance on MMORPG titles and its domestic-focused business structure. The company is also looking forward to valuation re-rating if these initiatives prove successful.
NCSOFT has a strong chance of receiving Chinese publishing rights for several titles, considering MMORPG preferences in the Chinese market remain high. In September 2021, NCSOFT announced a global publishing contract for five mobile games, and the appeal of Lineage Series and Blade & Soul 2 has already been demonstrated in both Korea and Taiwan.
As for NCSOFT's 1Q23 performance, the company is expected to post consolidated sales of W473.2 billion (-40.1% y-y, -13.6% q-q) and operating profit of W41.2 billion (-83.1% y-y, -13.1% q-q). This is due to off-season effects, a lack of special events, and the downward stabilization of Lineage W sales. However, the phrase "it's darkest just before sunrise" perfectly encapsulates the potential for NCSOFT's future growth and success, as long as they continue to adapt and diversify their gaming portfolio.
