Neowiz

What Neowiz does

Neowiz Co., Ltd. is a publicly traded South Korean game publisher and developer (KRX: 095660) founded in 1997 and headquartered in Seongnam, with a wholly owned operating subsidiary (Round8 Studio) responsible for the Lies of P franchise and additional internal and partner studios in Korea, Japan, the US, and Poland. The company develops and publishes games across PC, console, and mobile platforms, with a flagship Soulslike action title (Lies of P) that has sold over 4 million units globally since its September 2023 launch, complemented by mobile hits BrownDust2 and Cats & Soup (60M+ downloads) and the DJMAX RESPECT V rhythm franchise. Revenue is generated through a mix of one-time premium game sales, mobile freemium with in-app purchases and gacha mechanics, publishing fees from third-party studios (WolfEye Studios, ZAKAZANE, Lizard Smoothie, Shadowlight, Wonder Potion, JINO Games, Blank Game Studios), and IP licensing/merchandise such as the SK hynix Lies of P T31 SSD collaboration and Dark Horse art book publishing. Distribution is global across Steam, PlayStation, Xbox (including day-one Game Pass availability), Nintendo Switch 2, Google Play, and the Apple App Store, with active games operations spanning Korea, North America, Europe, China, Japan, and Southeast Asia.

Neowiz's go-to-market combines a product-led franchise strategy (Lies of P sequel in full development after Overture DLC shipped in June 2025) with an external publishing arm that has signed roughly two new partner studios per year since 2024, backed by structured indie contests (NEOWIZ Quest, NEOWIZ Indie Quest) with prize pools exceeding $115,000. The company has committed over $30 million of strategic capital across Blank Game Studios ($17M), the ZAKAZANE publishing deal ($8M), and the Verse8 AI game-creation seed round ($5M participation), while reporting Q3 2025 operating profit of 26.5 billion KRW, up 309.5% year-over-year. In June 2026, the board appointed Park Seong-jun as CEO, the first developer to lead the company, formalizing a developer-led pipeline strategy as Round8 Studio runs six concurrent projects and the Lies of P 2 vertical slice has been completed.

Name

Neowiz

Legal name

Neowiz Co., Ltd.

Website

https://neowiz.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Neowiz is a South Korean publicly traded game publisher and developer (founded 1997, KRX: 095660) operating across PC, console, and mobile, anchored by the Lies of P Soulslike franchise and complemented by mobile hits BrownDust2 and Cats & Soup, with a growing external publishing arm and indie developer ecosystem programs.

Ownership category

akta.pro rank

Product category

Video Game Publishing

NAICS

Software Publishers (5132), Software Publishers (51321)

akta.pro primary industry

Mobile & F2P Game Studios (MPAFAAAB)

akta.pro secondary industry

Regional/Local Market Publishers & Distributors (Territory Rights, Localization-led Publishing) (MPAFABAH)

Keywords

• Video game publishing
• Mobile game development
• PC console games
• Indie game publishing
• Game IP licensing

Headquarters

HQ city

Bundangdong

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Others

Revenue model

1. Premium Game Sales: Full-game sales for console/PC titles like Lies of P and its DLC expansion Overture, sold at $29.99-$69.99 price points withCollector editions through iam8bit.
2. Mobile Game Monetization: Free-to-play mobile games including BrownDust2, Cats & Soup, and Merge Survival with in-game purchases, gacha systems, character costumes, draw tickets, and season pass content generating ongoing revenue.
3. Publishing Fees and Partnerships: Revenue from publishing agreements with external studios including WolfEye Studios, Zakazane, Lizard Smoothie, and others, with $17M invested in Blank Game Studios and $8M publishing deal with Zakazane.
4. Licensing and Merchandise: IP licensing deals including SK hynix collaboration for Lies of P branded SSDs, Dark Horse Books art book publishing, and Sanrio character collaborations.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Neowiz develops, publishes, and distributes video games across PC, console, and mobile platforms. The company operates internal game development through subsidiary Round8 Studio (responsible for the Lies of P franchise) while also publishing externally developed titles such as BrownDust2, Cats & Soup, DJMAX RESPECT V, Shape of Dreams, and SANABI. It monetizes through premium one-time game sales, free-to-play mobile with in-app purchases, subscription availability via Xbox Game Pass, IP licensing, and global publishing partnerships with indie studios.

Product overview

NEOWIZ is a South Korean game company offering a diverse portfolio of games across PC, mobile, and console platforms. The core product lineup includes Lies of P (action Soulslike game with 4M+ sales), BrownDust2 (mobile RPG), Cats & Soup (relaxing idle game with 60M+ downloads), and DJMAX RESPECT V (rhythm game). The company also publishes titles from partner studios including Shape of Dreams, Oh My Anne, SANABI, and Goodbye Seoul. NEOWIZ has expanded its publishing portfolio through partnerships with WolfEye Studios, ZAKAZANE, Shadowlight, and Lizard Smoothie. The company operates both internally developed titles and external publishing relationships, supporting indie developers through programs like NEOWIZ Quest.

Differentiator

Problem solved

Functional benefit

Brands

• Round8 Studio: In-house game development studio known for Lies of P and Oh My Anne
• Merge Survival: Wasteland
• Oh My Anne

Products and services

• Lies of P Action soulslike game set in a dark, Belle Époque-inspired city of Krat, developed by Neowiz's subsidiary Round8 Studio. Targets core PC and console gamers seeking challenging action RPG gameplay with strong narrative and visual quality.
• Lies of P: Overture DLC expansion for Lies of P priced at $29.99, set in the City of Krat with new gameplay content, difficulty settings, and boss battle modes for existing PC and console owners of the base game.
• Lies of P: Complete Edition Bundled edition of Lies of P including the base game, all DLC content, and the Overture expansion, priced at $69.99 and released on Nintendo Switch 2.
• BrownDust2 Mobile JRPG with high-end 2D graphics featuring character customization, story packs, gacha mechanics, and seasonal events. Targets mobile gamers seeking mid-core RPG gameplay with collectible characters, available on iOS and Android with ongoing content updates.
• Cats & Soup Relaxing idle mobile game featuring cats cooking soup in a peaceful animal forest setting. Targets casual mobile gamers with accessible gameplay, surpassing 60 million downloads globally on Android and iOS platforms.
• Cats & Soup: Magic Recipe Merge-based follow-up to Cats & Soup featuring magical cat companions and cozy merge gameplay mechanics. Targets casual mobile gamers seeking accessible merge puzzle experiences on Android and iOS.
• DJMAX RESPECT V

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature1 record

Partnerships

15 partnerships are on record, tiered minor, major and core.

• ShadowlightminorStrategic or Co-development Partner · 3 June 2025Publishing deal for Kill the Shadow, narrative detective adventure game with time-rewinding abilities and unique aesthetics blending HD 3D environments with 2D pixel characters. Demo received very positive user rating during Steam Next Fest.
• WolfEye StudiosmajorStrategic or Co-development Partner · 4 February 2025Global publishing partnership for retro sci-fi first-person action RPG from former Dishonored and Prey developers Raf Colantonio and Julien Roby. Neowiz to distribute the title globally on PC and console.
• Lizard SmoothieminorStrategic or Co-development Partner · 17 January 2025Publishing partnership for Shape of Dreams, MOBA-styled roguelike from four-player Korean indie studio. Demo generated 200,000+ downloads with Overwhelmingly Positive user rating on Steam.
• ZAKAZANEmajorStrategic or Co-development Partner · 11 November 2024$8 million global publishing rights partnership for Warsaw-based studio's debut noir western RPG. Studio composed of developers from CD Projekt Red and 11bit Studios. Deal represents Neowiz's ambition to build lasting franchises across PC and consoles.
• Round8 StudiocoreStrategic or Co-development PartnerNeowiz's subsidiary studio and primary internal development team behind Lies of P and multiple projects including six distinct titles in development. Attributes success to authentic genre understanding among developer-gamers.
• GAMFS N Co., Ltd.coreStrategic or Co-development PartnerDeveloper of BrownDust2 mobile RPG, with ongoing collaboration on content updates including story packs, character releases, seasonal events, and cross-promotional collaborations like Goblin Slayer II.
• SK hynixminorStrategic or Co-development PartnerCollaboration on limited edition Lies of P T31 Solid State Drive featuring iconic Legion Arm artwork, compatible with PC and console platforms including PS5, PS4, Xbox Series X|S, Xbox One, Windows, and macOS.
• iam8bitminorGTM or Marketing PartnerPartnership for special collector's editions of Lies of P, creating premium physical merchandise for fans.
• Dark Horse BooksminorGTM or Marketing PartnerPublishing partnership for The Art of Lies of P hardcover art book with 224 pages, 9 by 12 inches, available at bookstores and comic shops for $49.99.
• JINO GamesminorStrategic or Co-development PartnerPublishing partnership for pixel art puzzle adventure game Goodbye Seoul, featured at BitSummit in Kyoto, Japan at KOCCA pavilion.
• Wonder PotionminorStrategic or Co-development PartnerPartnership for SANABI, dystopian action-platformer that won Best Action Adventure Game at 2024 Indie Game Development Awards in China.
• StickyHands Inc.minorStrategic or Co-development PartnerDeveloper of Merge Survival: Wasteland, published by Neowiz. Mobile puzzle game set in post-apocalyptic world launched globally in May 2023.
• HIDEAminorStrategic or Co-development PartnerOriginal development team for Cats & Soup and Cats & Soup: Magic Recipe. Creative Director Dong-gyu Kim noted the original game was made for his 7-year-old daughter.
• Goblin Slayer II (Copyright Holders)minorGTM or Marketing PartnerLimited-time collaboration bringing Goblin Slayer and companions into BrownDust2 universe with dedicated story content, costumes, and exclusive gear. Series has surpassed 10 million copies sold.
• Sanrio CharactersminorGTM or Marketing PartnerCats & Soup collaboration with Sanrio Characters including Cinnamoroll, Pompompurin, and Pochacco, expanding global reach through beloved character partnerships.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Netmarble: Korean mobile-first game publisher with extensive F2P catalog. Co-investor in Verse8 alongside Neowiz; competes for mobile gamer wallet share and Korean IP partnerships.
• Smilegate: South Korean game publisher/developer behind Crossfire (which Neowiz originally published in Korea per 2007 history). Most directly comparable Korean publisher with similar PC/console and publishing arm, sharing market and talent pool with Neowiz.
• Krafton: Korean game publisher (PUBG: Battlegrounds, inZOI) with PC/console focus plus mobile portfolio. Listed on KOSPI and operates a comparable creator-publishing model; competes directly for premium Korean and global gamer mindshare.
• Pearl Abyss: Korean PC/console game developer and publisher (Black Desert Online) with comparable scale, KRX listing, and AAA-focused premium title development. Closely matches Neowiz's premium Korean-studio international publishing profile.
• Nexon: Korean game publisher/developer with global PC and mobile portfolio. Co-investor alongside Neowiz in Verse8's $5M seed. Strong direct competitor in mobile/PC publishing and Korean talent market.
• Devolver Digital: Publicly traded indie/AA game publisher with PC/console focus. Closest Western analog to Neowiz's external publishing model (Lizard Smoothie, JINO Games, Shadowlight-style indie partnerships) and multi-platform distribution strategy.
• Focus Entertainment: French multi-platform AA game publisher with portfolio spanning premium PC/console titles (A Plague Tale, Atomic Heart). Directly comparable publishing model taking external-developed premium titles global on Steam/PS/Xbox.

Emerging players

• Annapurna Interactive: Indie-focused publisher of narrative and atmospheric premium games, with similar aesthetic and quality bar to Lies of P; both chase the same indie/AA developer pool.

Broad incumbents

• FromSoftware: Japanese developer of the soulslike genre (Dark Souls, Elden Ring). The category-defining incumbent against which Lies of P is benchmarked — relevant as a competitive frame and product/genre peer rather than a direct publishing competitor.
• Embracer Group: Holding parent of several global game publishers (Sabre Interactive, THQ Nordic, Plaion). Provides a comparative scale benchmark for a multi-publisher roll-up strategy that Neowiz's external partnership roster resembles at smaller scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/neowizmobile_us
• YouTubeyoutube.com/c/kittypawpaw
• Facebookfacebook.com/gaming/ohmyanne.official
• Instagraminstagram.com/catsnsoup.official

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neowiz