NCsoft's 'Journey of Monarch' Disappoints: Stock Plummets - A Comprehensive Analysis (A New Gamble?)

Following the harsh criticism NCsoft's new game, "Journey of Monarch," received immediately after its release,
its stock price plummeted by 14.35%Let's analyze the reasons behind this.

• NCsoft, a giant in the game industry, once built a game empire with Lineage, is facing another crisis.
• "Journey of Monarch," which was full of anticipation, became a target of harsh criticism immediately after its release, and its stock price plummeted by 14.35% overnight.
• The glorious prelude of 8 million pre-registrations turned into disappointment, and this has caused deep skepticism about NCsoft's future, going beyond a simple game failure.
• What exactly does the failure of this game signify?

1. Stock Price Plummet: NCsoft's Disappointing New Game

1) Plummet Situation

• Immediately after its release on December 5th,, NCsoft's stock pricedropped by 14.35%in a single day.
  • 242,546 KRW -> 202,000 KRW A sharp drop = recorded a plunge of approximately 16.72% (as of December 6, 2024)
• This seems to be a result of investors' disappointment in NCsoft's future, going beyond the mere failure of a new game.

2) Investors' Sell-off

• As "Journey of Monarch" performed below expectations,
  investors questioned NCsoft's new game development capabilities and sales sustainability, leading to amass sell-off.
• Recently,Lineage IP-based games have also negatively impacted the situation due to excessive monetization that caused resentment among users.

3) Background: NCsoft's Recent Slump

• NCsoft has been experiencing declining performance along with the underperformance of new games such asLineage WandTL.
• Therefore, "Journey of Monarch" was considered acompany's saviorby investors, but
  it failed to meet expectations and lost market confidence.

2. Journey of Monarch: Reasons for Disappointment

1) Lack of Game Completeness

• "Journey of Monarch" is a idle MMORPG thatreused assets from Lineage W, giving it more of a
  rehashthan a fresh feeling.
• Main Issues:
  • Graphics: Unattractive character modeling and monotonous backgrounds.
  • Bugs: Technical glitches, such as unimplemented items blocking game progression.
  • System: A complex and tiring growth system.

2) Limitations as an Idle Game

• Idle games focus oneasy growthandsimple fun, but
  "Journey of Monarch" has lost the essence of an idle game due to excessive management and complex content.
• Frequent blockages in stage progressionand a structure that encourages cash payments have caused resentment among users.

3) Lineage IP Fatigue

• The existing Lineage IP has already been criticized for itsmonetizationandconflict-centered content.
• "Journey of Monarch" also utilized the Lineage IP, but
  failed to provide a fresh experience and repeated monetization, leading to user rejection.

4) Resentment towards the Monetization Model

• Gacha-based monetization model: Various gacha elements such as heroes, magic dolls, and skills.
• Monetization pressure: Repeatedly drawing the same character is necessary for strengthening.
• Concerns about additional monetization elements to be introduced in the future, such asenhancement scrolls and recovery scrolls.

Like a gangster, it keeps popping up asking for money - It seems like it's going to fail, it can't succeed, it was released hastily just to make money
- It's opened a new gambling platform...
- Fishing is the best quality LOL hahahahahahahahaha

3. Complex Causes of the Stock Price Plummet

1) Disparity between Expectations and 8 Million Pre-registrations

• While it received considerable attention with 8 million pre-registrations,
  the game's low quality ultimately disappointed both users and investors.
• Initially, it recorded#1 on Google Play's popularity chart, but
  it quickly entered a decline due to continuous harsh criticism.

2) Technical Glitches and Operational Issues

• From the time of its release,game-breaking bugswere discovered.
• These issues undermined the game's credibility,
  raising doubts about NCsoft's operational capabilities.

3) Lineage IP Fatigue and Criticism of Monetization

• NCsoft, with its strong image of "Lineage = Monetization,"
  failed to gain trust by displaying asimilar monetization structurein its new game.

4) Global Launch Failure

• Despite being aimed at the global market,
  the use of big names likeTimothée Chalametproved ineffective.

5) Accumulated Corporate Image Problems

• NCsoft's corporate image had already deteriorated due to recent restructuring and poor performance of new games.
• The failure of "Journey of Monarch" amplified theuncertainty about NCsoft's future.

• Timothée Chalamet becomes the face of NCsoft's "Journey of Monarch" - Was it a success or a failure?

4. Conclusion: Lessons from a Total Failure

"Journey of Monarch" attempted to open a new market using the Lineage IP, but"

• fun, completeness, and operational capabilitieswere all lacking, resulting in its failure.
• This has led toa decline in corporate credibility and a stock price plummetfor NCsoft.
• In the future, NCsoft needs to
  1. not rely solely on IP reuse,
  2. meet market expectations with new gameplay and content.

The failure of "Journey of Monarch" transcends a simple game issue.

• This is the result of the explosion of structural problems accumulated by NCsoft, including IP reuse, monetization-focused strategies, and technical flaws. The sustainable growth of a company begins with constantly innovating and prioritizing user experience, rather than resting on past successes.
• NCsoft should humbly accept this situation and
  seek a change in its fundamental organizational culture and game development philosophy.

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