NCSoft to Acquire 70% Stake in JustPlay for Ad-Driven Global Growth
Daol Investment & Securities said NCSoft’s plan to buy a controlling stake in JustPlay GmbH will establish a more stable revenue base for the Korean game maker. The proposal calls for NCSoft to acquire 70% of JustPlay in cash, worth 3,016억원, with the deal to close by April 30.
JustPlay operates a mobile casual game platform with a portfolio of more than 40 titles, focused mainly on the North American and European markets. Its revenue model is advertising-based, with no in-app purchase commissions charged to developers or users.
In its 2025 results, JustPlay posted revenue of 248억원 and net income of 22.7억원. Daol analyst Kim Hye-yeong notes the current operating profit margin is in the mid-teens, suggesting margins could rise toward about 20% once the business has stabilized under NCSoft’s management.
Looking further ahead, NCSoft has outlined a 2030 revenue target of 5조원. The plan divides this into 1.5조원 from legacy IP, 1.75조원 from mobile casual, and around 1.75조원 from new IP. To support this, NCSoft has secured more than 10 self-developed titles across MMORPG, shooter, subculture, and action RPG genres, plus at least six published titles.
The investment thesis for the deal is that the JustPlay acquisition adds a substantial, ad-driven revenue stream and expands NCSoft’s geographic and platform footprint, complementing its existing IP portfolio and development capabilities. The move also signals a broader shift in the mobile gaming landscape toward advertising-supported models.
Daol maintains a BUY rating on NCSoft with a target price of 300,000 won. With the current stock around 212,000 won, the implied upside is about 41.5%, according to the firm.
For U.S. readers, the transaction highlights several trends shaping the global game industry: cross-border consolidation among major developers, the growing importance of ad-supported mobile platforms, and the strategic push to monetize IP across multiple genres and regions. If NCSoft can integrate JustPlay effectively, the deal may influence U.S. and European publishers pursuing similar diversification and revenue models in mobile gaming and IP licensing. JustPlay’s international footprint and ad-based model also reflect how demand for global, accessible mobile experiences remains a key driver in tech and entertainment markets.