The South Korean mobile market in the second half of 2024 (H2 2024) showed mixed results compared to the previous year. While overall revenue in dollars was slightly down from H2 2023, the weakening of the Korean won against the US dollar in September meant that local revenue, measured in the national currency, could have been positive. This report outlines key trends in revenue, downloads, and game performance in the South Korean mobile sector during H2 2024.

Overall Market Conditions

In terms of revenue, the South Korean mobile market in H2 2024 showed minor decline compared to the second half of 2023. However, the market was influenced by the exchange rate, as the Korean won weakened against the US dollar in September. This exchange shift means that the revenue, when measured in the Korean won, may have seen slight growth despite the dip in dollar terms.

When it comes to operating systems, Android continued to dominate, accounting for 71.8% of all revenue. However, Android's share decreased by 9% compared to the previous year, while iOS experienced an uptick of 12%, with iOS now accounting for 28.2% of all revenue in the South Korean market.

App Store vs Google Play

Game Downloads in H2 2024

South Koreans downloaded a total of 280 million games in the second half of 2024, showing a slight decrease compared to the same period in 2023. The share of Android downloads fell by 6.9%, while iOS downloads increased by 12%. This continued strengthening of iOS positions in the market suggests that iOS may continue to grow in importance in the coming years.

Top Performing Games

In H2 2024, Lineage M reclaimed the top spot for revenue, with a remarkable $45 million in earnings in August 2024 alone. The boost came from special events celebrating the game's 7th anniversary. Last War: Survival followed closely in second place in terms of revenue. A new entrant, Road Nine from Smilegate, appeared in the revenue chart, landing in fifth place.

While the revenue chart remained relatively stable, there was more movement in the download rankings. Lucky Defense! emerged as the leader with a 111% increase in downloads. Other notable games in the download chart included GoStop 21 and Capybara Go! New games like Pokemon TCG Pocket, Block Game by Moca, and Zombie.io - Potato Shooting by Joy Net Games also contributed to the overall growth in downloads.

Most Popular Games

Leaders in Revenue and Downloads

Among the fastest-growing titles by revenue in H2 2024, Road Nine stood out as the project with the most significant revenue growth. In terms of download growth, Capybara Go!, Pokemon TCG Pocket, and Pikmin Bloom showed the strongest dynamics. Interestingly, Pikmin Bloom, which was released in October 2021, continued to see steady downloads, making it the only non-new game to appear in the download growth chart.

Publisher Revenue Rankings

NCSOFT remained the dominant publisher by revenue in South Korea for the second half of 2024. The publisher's success was driven by its popular franchises Lineage 2M, Lineage W, and Lineage M, all of which performed well throughout the year.

For the first time since H1 2020, foreign publishers secured spots in the top five revenue rankings. FirstFun, the developer of Last War: Survival, secured second place, while Century Games, with its game Whiteout Survival, placed fourth. Both of these companies are based in China.

In the top 10 publisher rankings, there was also notable progress from Dream Games, which made its debut with Royal Match, and Smilegate, which returned to the top 10 after a six-year hiatus with Road Nine. Of the top 10 publishers by revenue, five were Korean, four were Chinese, and one was Turkish.

Publisher Rankings 

Relevance to Blockchain Gaming

The trends observed in the South Korean mobile gaming market in H2 2024 are highly relevant to the broader context of web3 gaming. As the market sees increasing iOS dominance and the rise of foreign publishers, web3 gaming, with its decentralized models, NFTs, and play-to-earn systems, could offer new opportunities for both local and international developers to capitalize on emerging trends.

The growing diversity of publishers, including Chinese and Turkish companies, alongside the rising importance of cross-platform integration, aligns with web3's potential to break down geographical and platform barriers. Furthermore, the strong performance of established titles like Lineage M and the rapid growth of new games suggest that user engagement, which is key in web3 gaming, can be driven by continuous innovation and player-driven economies. This landscape presents a promising environment for the integration of blockchain technology into mainstream gaming experiences in South Korea and beyond.

Source: gamedevreports