Bluepotion

What Bluepotion does

BluePotion Games (블루포션게임즈) is a Seoul-based Korean mobile and online game developer and publisher specializing in hardcore MMORPGs built around a proprietary EOS intellectual property ecosystem. The company was established in October 2018 as a gaming-focused spin-off from MisterBlue (미스터블루), a webtoon and web novel platform, and acquired the core EOS IP and development team from Envoyz in April 2016. Its portfolio spans six titles across PC and mobile — EOS Online (PC, 2016), EOS RED (mobile, 2019), EOS BLACK (mobile, 2024), EOS Infinity (idle RPG), EOS: Warrior Raise (action RPG), and the in-development Project R (Unreal Engine 5 MMORPG) — with EOS RED as the flagship live-service title and EOS BLACK as the 2024 successor.

The company's technical stack pairs Unity (EOS BLACK, EOS RED) with Unreal Engine 5 (Project R, leveraging Nanite and Lumen rendering), and it maintains a player-friendly 'good BM' monetization philosophy emphasizing low summon costs, high drop rates, equipment earned entirely through gameplay, and capped-spending servers (e.g., KRW 3 million monthly ceiling). Beyond development, BluePotion operates a publishing arm for third-party titles including Dungeon is Our Home, Going Princess: Knight Training, World of Warface: 1942 Battleship, and Dark Hero Dash, using both self-publishing in Korea and regional partners (Line POD, Gamigo, Hoga, DeeKIM, Blomics) for international distribution.

The business model is primarily free-to-play mobile gaming with in-app purchases of premium currency for character growth items (souls, familiars, divine beasts), supplemented by seasonal package sales, charity tie-ins, and co-publishing/licensing revenue. EOS RED has accumulated over 2 million registered users and KRW 150 billion (~$112M) cumulative revenue since its August 2019 Korean launch, with reported monthly revenue of KRW 10–20 billion as of 2023. End-user segments center on hardcore Korean and Asian MMORPG players aged 30–50, with explicit secondary targeting of F2P/minimal-spend users, while B2B segments include indie developers leveraging the company's publishing infrastructure. The company initiated KOSDAQ listing procedures in August 2023 with NH Investment & Securities as lead manager.

Name

Bluepotion

Legal name

블루포션게임즈 주식회사 (BluePotion Games Co., Ltd.)

Website

https://bluepotion.co.kr

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

BluePotion Games is a Seoul-based Korean MMORPG developer and publisher operating the proprietary EOS IP across mobile and PC titles, with a live-service portfolio anchored by EOS RED and the 2024-launched EOS BLACK, serving hardcore Korean and Asian gamers and indie developers via its publishing arm.

Ownership category

akta.pro rank

Product category

Mobile MMORPG Games

NAICS

Software Publishers (513210)

akta.pro primary industry

In-Game Item Marketplaces & Trading Platforms (MPAFACAJ)

akta.pro secondary industries

Digital Game Marketplaces & Item Economies (NFT/Skins/Trading) (BPAMAKAJ), Web3 Game Publishing & Distribution Platforms (FSAPAGAA)

Keywords

• Mobile MMORPG games
• Game publishing services
• Free-to-play games
• Korean game development
• Online gaming platform

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. In-Game Item Sales (Souls, Familiars, Divine Beasts): Revenue generated from in-game character enhancement systems including souls (영혼체), familiars (패밀리어), divine beasts (신수), and equipment summoning/conversion. Equipment is obtained 100% in-game. The company emphasizes high summoning and synthesis rates with low ceiling systems to reduce player spending friction.
2. Seasonal and Limited Package Sales: Time-limited seasonal packages and in-game event packages sold at relatively low price points. EOS BLACK notably launched without any launch packages, and all equipment is acquirable through gameplay only. Occasional commemorative packages are offered during anniversaries and major updates.
3. Publishing Games (Third-Party): Revenue from publishing third-party developed games including 'Dungeon is Our Home', 'Dark Hero Dash', 'World of Warface: 1942 Battleship', and 'Going Princess'. The company provides global publishing, marketing, and operational support for indie developers.
4. Co-Publishing / Joint Service Fees (EOS RED & EOS BLACK): Joint publishing arrangements with partners such as Blomics in Korea and DeeKIM in Taiwan, where BluePotion licenses its EOS IP for localized co-publishing, combining its development capabilities with partners' publishing and marketing expertise.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

BluePotion Games develops and self-publishes mobile and PC MMORPGs built on its proprietary EOS IP, with current live-service flagships EOS RED (launched 2019) and EOS BLACK (launched June 2024). The company also operates a publishing business, providing global marketing, distribution, and operational support for indie/third-party Korean games such as Dungeon is Our Home, Going Princess, Dark Hero Dash, and World of Warface: 1942 Battleship. Revenue is generated primarily through in-game item sales (souls, familiars, divine beasts), premium dia currency, seasonal/limited packages, and co-publishing/licensing arrangements with regional partners.

Differentiator

Problem solved

Functional benefit

Brands

• EOS RED (에오스 레드): Mobile MMORPG, the company's flagship title launched in 2019
• EOS BLACK (에오스 블랙)
• Project R (프로젝트R)
• EOS The Blue (에오스 더 블루)
• EOS: Warrior Grow Up (에오스: 워리어 키우기)
• Going Princess: Knight Training (고잉 프린세스: 기사단 키우기)
• Dungeon is Our Home (던전은 우리집)
• Dark Hero Dash (다크 히어로 대쉬)

Products and services

• EOS RED (에오스 레드) Mobile MMORPG built on the EOS IP featuring open-field PvP, siege warfare, guild raids, world boss battles, and free economic system. Launched in August 2019; has generated over KRW 1,500 billion in cumulative revenue with 2 million+ registered users. Available on Google Play, Apple App Store, One Store, Galaxy Store, and PC client.
• EOS BLACK (에오스 블랙) Mobile hardcore MMORPG featuring the proprietary Humiliation (치욕) 1v1 PvP system, siege warfare, and free economic system where all equipment is acquirable through gameplay only. Launched June 2024; achieved 200 million pre-registrations before launch and entered Google Play top charts within one week. Available on Google Play, Apple App Store, and PC client.
• EOS The Blue (에오스 더 블루) / EOS Online Classic PC MMORPG built on the EOS IP with PvP focus. Original title from which the broader EOS IP ecosystem was derived; published in Korea by Kakao Games and internationally by Gamigo, Hoga, Cayenne, and Line POD.
• Going Princess: Knight Training (고잉 프린세스: 기사단 키우기) Idle RPG developed by Engate and published by BluePotion Games, featuring 160 heroes, 20-person PvP battles, real-time boss raids, and a unique cheering wand system. Achieved #1 Google Play Store ranking and One Store 'latest release' category upon launch.
• Dungeon is Our Home (던전은 우리집) Collection defense RPG (tower defense) developed by WePlanV and published by BluePotion Games. Features 66 unique minions and a possession mechanic. Won 'This Month's Excellent Game' award from Korea Creative Content Agency.
• World of Warface: 1942 Battleship Military idle game featuring historically accurate WWII warships, developed by JellySnow Studio and published by BluePotion Games under a publishing contract signed in December 2021.
• Dark Hero Dash (다크 히어로 대쉬)

Quantifiable outcome

• EOS RED ranked #2 on Google Play Store sales charts in Korea and Taiwan at launch, with cumulative revenue exceeding KRW 1,500 billion over 5+ years of service
• +4 more outcomes

Named customers7 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

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Blomics (블로믹스)coreChannel Partner/ Reseller/ Distributor · 6 March 2026Blomics entered a co-publishing agreement with BluePotion Games to jointly operate EOS RED and EOS BLACK in South Korea. Blomics contributes publishing and marketing expertise while BluePotion provides development capabilities. The partnership aims to enhance operational excellence and drive long-term growth for both titles.
• DeeKIM (디김)coreChannel Partner/ Reseller/ Distributor · 18 December 2025BluePotion Games signed a publishing contract with DeeKIM (represented by Ivan Lam) for EOS BLACK in Taiwan, Hong Kong, and Macau. DeeKIM, established in 2017, has successfully localized Korean IP games including 'Return', 'Night Online', and 'Cabal Online'. Target official launch is H1 2026.
• Engate (엔게이트)minorChannel Partner/ Reseller/ Distributor · 27 June 2024BluePotion Games published 'Going Princess: Knight Training' (고잉 프린세스: 기사단 키우기), an idle RPG developed by Engate. The game features 160 heroes, 20-person PvP battles, and real-time boss raids. It achieved #1 ranking on Google Play and One Store upon launch in July 2024.
• WePlanV (위플랜비)minorChannel Partner/ Reseller/ Distributor · 13 July 2023BluePotion Games published 'Dungeon is Our Home' (던전은 우리집), a collection defense RPG developed by WePlanV. The game won 'This Month's Excellent Game' award from the Korea Creative Content Agency and achieved strong reviews for its distinctive visuals and gameplay.
• Plan-J (플랜제이)minorStrategic or Co-development Partner · 13 March 2023BluePotion invested in and signed a publishing contract with Plan-J for 'EOS Infinity', an idle action RPG utilizing the EOS IP. BluePotion provided art and sound assets at no cost as part of its co-growth philosophy with indie developers.
• Neowiz (네오위즈)minorStrategic or Co-development Partner · 17 August 2022Neowiz onboarded EOS RED to its 'Intella X' blockchain gaming platform for P&E (Play-to-Earn) version global publishing. The partnership marked BluePotion's entry into web3/blockchain gaming while maintaining the game's core fun and user-satisfying P2E systems.
• JellySnow Studio (젤리스노우 스튜디오)minorChannel Partner/ Reseller/ Distributor · 15 December 2021BluePotion signed a publishing contract with JellySnow Studio for 'World of Warface: 1942 Battleship', a military idle game featuring historically accurate WWII warships. JellySnow previously sold 200,000+ copies of 'Metal Unit' on Steam, demonstrating proven development capability.
• MrBlue (미스터블루)coreStrategic or Co-development Partner · 1 October 2018MrBlue, a webtoon and web novel platform company, spun off BluePotion Games as its gaming subsidiary in October 2018. The parent company provides IP expansion opportunities including potential webtoon/novel adaptations of the EOS IP, and access to diverse content ideas and creative talent.

Scale indicators7 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Webzen: Mid-cap Korean developer/publisher of hardcore MMORPGs (MU Online, MU Origin, RYL). Directly comparable in business model: long-running classic MMORPG IP revived on mobile, with global publishing in multiple regions.
• XLGAMES: Korean MMORPG developer known for 'ArcheAge' and 'ELYON'. Comparable as a Korean mid-cap focused on open-world, PvP-heavy MMORPGs with cross-platform ambitions — a similar niche positioning to BluePotion's hardcore mobile MMORPG focus.
• Wemade: Korean mid-cap MMORPG developer/publisher behind the 'Legend of Mir' series and WEMIX Play blockchain gaming platform. Highly comparable as a Korean mobile/PC MMORPG studio with a multi-title IP, live operations focus, and similar challenge of scaling against larger incumbents.
• Pearl Abyss: Korean MMORPG developer behind 'Black Desert Online' across PC, console, and mobile. Comparable as a Korean high-fidelity MMORPG specialist with cross-platform ambitions (similar to BluePotion's Project R UE5 effort) and a flagship title driving the bulk of revenue.
• Kakao Games: Korean game publisher (and former BluePotion publishing partner for EOS Online). Comparable as a Korean publisher that combines first-party development with global third-party publishing — directly relevant to BluePotion's dual dev/publishing strategy.
• Gravity: Korean developer/publisher of 'Ragnarok Online' and its mobile derivatives. Comparable as a Korean MMORPG company that has successfully ported a classic PC IP to mobile, with global licensing and multi-region publishing — analogous to BluePotion's EOS PC-to-mobile and Taiwan/SEA expansion.
• Neowiz: Korean game publisher/developer and BluePotion's partner on the EOS RED P&E blockchain initiative. Comparable as a Korean mid-cap combining first-party development with global publishing and emerging Web3 gaming efforts — directly aligned with BluePotion's strategic direction.

Broad incumbents

• Netmarble: Large Korean mobile game publisher with major MMORPG titles (Lineage 2 Revolution, Marvel Future Fight, Ni no Kuni). A broader incumbent in the same mobile MMORPG market BluePotion competes in, but with significantly larger scale and a diversified portfolio.
• Smilegate: Korean game developer/publisher behind 'Crossfire' and 'Lost Ark'. Comparable in operating live-service games at scale across multiple regions, though Smilegate's portfolio is broader and includes major FPS/MMO crossover titles.
• Com2uS: Major Korean mobile game publisher with global titles (Summoners War) and an MMORPG portfolio. Comparable in mobile-first publishing and operations expertise, though significantly larger and more diversified than BluePotion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@bluepotiongames
• LinkedInlinkedin.com/company/bluepotiongames

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Bluepotion