Mad Engine
Mad Engine is a South Korean game development studio founded in 2020, wholly-owned by Wemade Max, that develops Unreal Engine 5-based MMORPGs and action RPGs for global markets — primarily Night Crows across 170 countries with 14 million cumulative users, plus a pipeline including Project TAL (AAA console RPG) and Project MO (mobile subculture RPG).
- Company typePrivate
- Founded2020
- HeadquartersGyeongju, South Korea
- Headcount1,001–5,000
- GTM typeB2C
- OfferingSoftware
What Mad Engine does
Mad Engine (매드엔진) is a South Korean RPG-focused game development studio founded in 2020 by veteran MMORPG developers and headquartered on the 4th-5th floors of Wemix Tower in Bundang-gu, Seongnam. The company develops and operates online games using Unreal Engine 5, with its flagship title Night Crows — a cross-platform MMORPG set in 13th-century medieval Europe featuring glider-based aerial combat and inter-server large-scale PvP battlegrounds — launched in Korea in April 2023 and globally across 170 countries in March 2024 via Wemade's Wemix Play blockchain gaming platform. Night Crows has accumulated approximately 14 million cumulative users, 450,000 peak concurrent users, and over 750 billion KRW in cumulative sales, with top-3 app store rankings in Korea, Taiwan, Indonesia, Thailand, and the Philippines.
Mad Engine's business model is a development-for-publishing partnership with Wemade and Wemade Max (its parent company since a December 2024 stock exchange consolidation): Mad Engine develops the games and earns revenue through publishing royalty arrangements while Wemade handles marketing, distribution, and monetization across mobile app stores, PC clients, and the Wemix Play blockchain platform. Night Crows Global introduces multi-tokenomics with seven tokenized in-game asset types and character NFTs tradeable via the NILE marketplace, integrated through WEMIX3.0's omnichain infrastructure spanning Avalanche, BNB, Ethereum, Kroma, and Polygon. Web3 users demonstrated materially stronger retention (98% 30-day, 86% 90-day) compared to general users (28%).
Beyond Night Crows, Mad Engine is developing a multi-product pipeline: Project TAL, a single-player AAA open-world action RPG inspired by Korean mythology targeting PC and console in 2027; Project MO, a mobile subculture RPG via Mono Studio (formally launched June 2026); and Midnight Walkers, an extraction shooter via One Way Ticket Studio. The studio employs 450 people as of late 2025 and was recognized as a 2025 Venture 100 Billion-Won Enterprise (2024 revenue of 124.4 billion KRW) and 2025 Korea Top Job-Creating Company. Mad Engine is a wholly-owned subsidiary of Wemade Max (KOSDAQ ticker: 101730).
Mad Engine firmographics
Firmographics- Name
- Mad Engine
- Legal name
- 주식회사 매드엔진
- Website
- https://madngine.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Mad Engine is a South Korean game development studio founded in 2020, wholly-owned by Wemade Max, that develops Unreal Engine 5-based MMORPGs and action RPGs for global markets — primarily Night Crows across 170 countries with 14 million cumulative users, plus a pipeline including Project TAL (AAA console RPG) and Project MO (mobile subculture RPG).
- Ownership category
- akta.pro rank
Mad Engine industry classification
Industry- Product category
- Mobile and PC Game Development (MMORPG / Action RPG)
- SIC
- Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Strategy/4X/Management Game Studios (MPAFAAAK)
- akta.pro secondary industry
- Game Engines (General-Purpose & Real-Time 3D) (MPAFAFAA)
Keywords
Where Mad Engine is headquartered
LocationHeadquarters
- HQ city
- Gyeongju
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
Mad Engine business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Game Publishing (F2P with IAP): Mad Engine develops games published by Wemade/Wemademax through a free-to-play model with in-game purchases for character progression, cosmetics (gliders, mounts, weapons), and convenience items. Night Crows generates revenue through item transactions, loot mechanics, and premium content.
- Blockchain/NFT Asset Trading: Night Crows Global features blockchain-based item tokenization and NFT trading through Wemix Play, enabling users to mint and trade in-game assets across blockchain networks.
- Global Publishing Royalties: Revenue is shared with publishing partner Wemade through Night Crows global publishing agreement covering 170 countries, with additional revenue from China market expansion.
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Mad Engine product offering
Product offeringCore offering
Mad Engine develops cross-platform MMORPGs and action RPGs built primarily on Unreal Engine 5, published globally through partner Wemade/Wemade Max. Its flagship product Night Crows is a medieval European fantasy MMORPG with glider-based 3D combat and blockchain-integrated tokenomics, with upcoming titles including Project TAL (AAA console/PC action RPG) and Project MO (mobile subculture RPG) via its Mono Studio subsidiary.
Product overview
Mad Engine (매드엔진) is an RPG-focused game development company founded in 2020 by developers with successful MMORPG development experience. The company operates as a subsidiary of Wemade Max and develops multiple game titles across different genres and platforms. The core product is Night Crows, a cross-platform MMORPG with blockchain integration, while the pipeline includes Project TAL (open-world action RPG for PC/console) and Project MO (mobile sub-culture RPG). The company also supports Midnight Walkers development through its technical team.
Differentiator
Problem solved
Functional benefit
Brands
- 모노 스튜디오 (Mono Studio): Mad Engine's subculture game development studio, formed in 2025 as a formal organization out of the MO Task Force. Developing Project MO, a mobile collectible subculture RPG targeting global markets.
- 원웨이티켓스튜디오 (One Way Ticket Studio)
Products and services
- Night Crows (나이트 크로우) Cross-platform MMORPG set in 13th-century medieval Europe with fantasy elements, developed using Unreal Engine 5. Features glider-based aerial combat, large-scale 1,000+ player PvP battlegrounds, integrated blockchain tokenomics across 7 in-game item types with character NFTs tradeable via Wemix Play. Available on mobile (Google Play, Apple App Store) and PC across 170 countries.
- Project TAL (프로젝트 탈) AAA-grade single-player open-world action RPG targeting 2027 release on PC and PlayStation consoles. Korean mythology-themed with companion AI system and weapon combination-based combat mechanics. Marketing positioned via the PlayStation YouTube channel indicating console-first strategy.
- Project MO (프로젝트 MO) Mobile collectible subculture RPG targeting global markets. Developed using Unity 3D engine by Mono Studio, an internal subculture development organization within Mad Engine.
- Midnight Walkers (미드나잇 워커스) Extraction shooter game focused on vertical space gameplay, targeting Steam platform. Developed by One Way Ticket Studio (a wholly-owned subsidiary of Mad Engine) with technical engineering support from Mad Engine's core team.
Quantifiable outcome
- Night Crows achieved 7500억원 cumulative sales and 14 million cumulative users as of June 2026
- +5 more outcomes
Companies that use Mad Engine
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Mad Engine technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature5 records
Mad Engine partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered flagship and minor.
- Wemademax (위메이드맥스)flagshipWemademax is the parent company and publishing partner of Mad Engine. In November 2024, Wemademax made Mad Engine a wholly-owned subsidiary through a stock exchange. Wemademax publishes Night Crows and handles global distribution through Wemix Play. The partnership involves co-development of Night Crows IP sequels and joint publishing agreements.
- Korea Creative Content Agency (한국콘텐츠진흥원 / 콘진원)minorMad Engine participated in the Korea Creative Content Agency's 'Creative Talent Partnership Program' (창의인재동반사업), hosting an indie game company tour program at its office. This government-backed program provides mentoring and support for indie game developers across game development, launching, and business development.
- Wemade (위메이드)flagshipWemade is the original publisher of Night Crows (both Korean and global versions). Wemade provides the WEMIX 3.0 blockchain platform, omnichain infrastructure, and Wemix Play gaming platform for Night Crows Global distribution. The relationship predates the Wemademax merger and remains central to Night Crows operations.
- Lightcon (라이트컨)minorLightcon is a Wemademax subsidiary developing idle games. While not directly partnered with Mad Engine, it operates within the broader Wemademax group ecosystem. Mad Engine may share development learnings across the group.
Scale indicators8 records
Recent moves8 records
Expansion highlights6 records
Mad Engine competitors and assessment
Company assessmentDirect peers
- Pearl Abyss: Korean MMORPG studio behind Black Desert Online, operating cross-platform F2P MMORPGs with deep progression and PvP. Most directly comparable to Mad Engine in terms of being a publicly listed Korean MMORPG developer with global publishing ambitions.
- NCSoft: Long-established Korean MMORPG developer (Lineage, Aion, Guild Wars, Throne and Liberty). Comparable in targeting the same Korean MMORPG player base and globally expanding with UE5/UE4-based titles, with similar PvP and live-service expertise.
- Smilegate: Developer of Lost Ark and CrossFire; a major Korean MMO/persistent online game studio shipping F2P live-service titles to global PC and console markets. Comparable for high-quality PvE/PvP combat systems at scale and Korean MMORPG production pedigree.
Broad incumbents
- Krafton: Major Korean game developer/publisher (PUBG, inZOI, Dark and Darker Mobile). Overlaps with Mad Engine on AAA production discipline and global publishing, with a similar multi-genre diversification pattern (mobile + PC + console).
- Netmarble: Korean mobile/PC game publisher-developer (Lineage 2 Revolution, Marvel Future Fight). Comparable for F2P mobile-first live-service expertise and APAC-led global publishing model; broader portfolio but similar go-to-market.
- Nexon: Large Korean/Japanese F2P online game publisher-developer with a portfolio including MapleStory, Dungeon & Fighter Mobile. Comparable in long-running F2P MMORPG live-service operations and APAC-to-global publishing architecture.
- Wemade: Parent-adjacent Korean game developer/publisher of The Legend of Mir series and operator of WEMIX/Wemix Play blockchain platform. Both developer and publisher for Night Crows; extremely comparable in MMORPG DNA and Web3 gaming strategy.
- Square Enix: Global developer of Final Fantasy XIV/XVI and Dragon Quest series. Most comparable for AAA open-world action RPG expertise and PC/console release discipline, which directly maps to Mad Engine's Project TAL roadmap.
Emerging players
- HoYoverse (miHoYo): Developer of Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero. Comparable for high-quality Unreal Engine–based open-world action RPGs targeting PC and console with F2P Gacha monetization, analogous to Mad Engine's Project TAL positioning.
Regional players
- Kakao Games: Korean publisher of multiple MMORPGs (Black Desert Online publishing in some markets, PlayerUnknown's Productions tie-ins) and operator of Night Crows' Korean pre-registration channels. Comparable for APAC-first publishing infrastructure and Korean MMORPG distribution expertise.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Mad Engine social profiles
Digital presenceMad Engine financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mad Engine leadership team
Management profileNumber of profiles
Profiles5 records
Mad Engine subsidiaries and ownership
Company hierarchySubsidiaries2 records
Mad Engine funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mad Engine M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mad Engine
What does Mad Engine do?
Mad Engine develops cross-platform MMORPGs and action RPGs built primarily on Unreal Engine 5, published globally through partner Wemade/Wemade Max. Its flagship product Night Crows is a medieval European fantasy MMORPG with glider-based 3D combat and blockchain-integrated tokenomics, with upcoming titles including Project TAL (AAA console/PC action RPG) and Project MO (mobile subculture RPG) via its Mono Studio subsidiary.
Is Mad Engine a public or private company?
Mad Engine is a private company. It is classified as corporate owned and is currently operating.
When was Mad Engine founded?
Mad Engine was founded in 2020. It employs 1,001 to 5,000 people.
Where is Mad Engine based?
Mad Engine is headquartered in Gyeongju, South Korea, in the Asia region.
How does Mad Engine make money?
Three revenue lines are on record. Game Publishing (F2P with IAP) is the primary driver. The others are blockchain/NFT Asset Trading and global Publishing Royalties.
Who are Mad Engine's main competitors?
Direct peers on record are Pearl Abyss, NCSoft and Smilegate. Broad incumbents are Krafton, Netmarble, Nexon, Wemade and Square Enix. HoYoverse (miHoYo) is listed as an emerging player. Kakao Games is listed as a regional player.
Does Mad Engine have an API?
No public API is recorded for Mad Engine.
What industry is Mad Engine in?
Mad Engine's product category is Mobile and PC Game Development (MMORPG / Action RPG). Its primary akta.pro industry code is MPAFAAAK, Strategy/4X/Management Game Studios, with a secondary code of MPAFAFAA, Game Engines (General-Purpose & Real-Time 3D). Its SIC code is 7373.