ORIGINAL LINK : https://www.sedaily.com/NewsView/2D7U04B7FL
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Mobile game company Bagelcode has achieved its highest annual revenue last year.
Bagelcode announced on the 8th that its 2023 revenue increased by 14% from the previous year, totaling 106.2 billion won ($93.3 million). The operating profit recorded 4.4 billion won ($3.9 million), a 30% increase. Bagelcode has achieved profitability for two consecutive years. However, the net loss was recorded at 18.1 billion won ($15.9 million) due to the value of convertible preferred shares.
Bagelcode explained that they achieved good results by optimizing marketing efficiency based on data and artificial intelligence (AI). In addition, the company’s flagship social casino game ‘Club Vegas’ surpassed $250 million in cumulative sales, and the follow-up ‘Cash Billionaire’ also increased by 78% compared to the previous year.
Bagelcode’s strategy this year is to continue the solid growth of existing games and discover new growth engines. To this end, they plan to unveil a new game lineup from the second half of the year at seven new development studios.
Bagelcode representatives Yoon Il-hwan and Kim Jun-young said, “Even amidst the rapid changes in the game industry last year, we have achieved continuous growth and improved profitability at the same time. We plan to further consolidate our position as a world-class mobile game company by continuously expanding our diverse and powerful game portfolio.”
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