Generating 79% of revenue from IAP, Gamevil sees sales up 40% to $9 million
Lifted by smartphone growth
Sales were 10 billion Won (around $9 million), up 40 percent year-on-year.
Net income was 4 billion Won (around $3.6 million), up 26 percent.
The company put this rise down to strong growth in both domestic and international smartphone sales thanks to annual releases such as its Baseball Superstars and Zenonia series.
Smartphone meets IAP
In addition, Gamevil pointed to the success of its $10 million developer fund in attracting third party developers, and resulting in the successful release of games such as Air Penguin, Destinia and Cartoon Wars.
Indeed, revenue from smartphones constituted 79 percent of the company's total, up 497 percent year-on-year.
Also significant was the announcement that 79 percent of sales were generated from in-app purchases, up 159 percent, even though most of Gamevil's releases are paid. (Obviously, the fact that smartphones and IAP accounted for the same revenue total is coincidental; it's not the same revenue per se.)
"We are continually besting our previous quarter results with higher quality in-house and published titles in various genres," commented Yong Kuk Lee, CFO.
"Gamevil will continue to build upon this momentum to capture the ever-growing global smartphone audience. Going forward, we are confident that maturing freemium models, the Games category opening on the Korean application stores will all make significant contributions."