Neowiz

Neowiz is a South Korean video game developer and publisher whose business evolved from internet connectivity and online-community services into game portals, online games, mobile titles, and premium PC and console releases. The company was founded in 1997 by eight people, including Na Sung Kyun and Chang Byung Gyu, who had studied at the Korea Advanced Institute of Science and Technology. Its name combines “neo,” meaning new, with “wiz,” derived from wizard. Neowiz initially developed internet-content services, including LiveCAST, a subscription service that delivered customized information such as news and weather. Because internet access was still relatively difficult and expensive for consumers, LiveCAST did not attract enough paying subscribers to become a sustainable core business. Neowiz consequently supported itself by providing software-development services to internet-service providers in South Korea and Europe. In April 1998, the company launched OneClick, a service designed to let users connect to the internet with a single action and pay according to connection time. OneClick helped establish Neowiz’s public profile, but its importance declined rapidly as broadband access expanded. Its contribution to revenue fell from approximately 90 percent in 2000 to less than 12 percent in 2002, prompting another strategic transition. Neowiz launched the SayClub online community in July 1999. The service grew quickly, reaching one million users within three months and three million within a year. Advertising alone did not cover the cost of operating the free community, so Neowiz introduced purchasable virtual avatars in November 2000. Users could buy digital clothing and accessories for their characters, creating an early Korean example of monetized virtual goods. SayClub’s avatar economy generated more than $330,000 in its first month according to the cited historical account. Neowiz became a KOSDAQ-listed company in June 2000. As online-community competition intensified and users increasingly represented themselves with personal digital photographs, the company searched for additional forms of engagement. After acquiring the game developer MCUBE in September 2001, it added board games to SayClub in 2002. It then launched the Pmang game portal in August 2003. Supported by a large online and offline marketing campaign, Pmang became Korea’s most visited game portal by November of that year. By 2007, the service offered dozens of tabletop, casual, and massively multiplayer online games, with more titles in development. Following Na Sung Kyun’s return from military service in March 2005, Neowiz reorganized around games. It opened Neowiz Japan in 2006, launched the Gamechu portal there, and acquired Pentavision, the developer associated with the DJMax rhythm-game series. In April 2007, the corporate structure was reorganized into a holding-company model. Neowiz Holdings became the parent organization, while Neowiz Games focused on game development and publishing, Neowiz Internet handled internet services such as SayClub, and Neowiz Invest pursued investments. Neowiz Games was listed on KOSDAQ in July 2007 and acquired Japanese developer GameOn in the same year. In March 2017, Neowiz Games was renamed Neowiz. From roughly 2015 through the late 2010s and early 2020s, Neowiz expanded its work on home consoles, PC storefronts, and smartphones. The company acquired mobile-game developers and released internally developed mobile titles, while continuing to operate and publish online games. Development of Lies of P, which began around 2020, marked a major strategic change. The title’s success encouraged Neowiz to place greater emphasis on premium PC and console games and on building durable intellectual properties rather than relying primarily on mobile and online services. By 2024, more than 80 percent of the company’s games were reported to be for PC and console platforms. Neowiz also invested in new development capacity, including its November 2023 purchase of a 21 percent stake in BLANK., a studio founded by former CD Projekt Red employees. Today, the brand spans game development, publishing, platform operation, intellectual-property management, and investments connected to interactive entertainment.

Neowiz began in 1997 as an internet-content and software-services company founded by eight people, including Na Sung Kyun and Chang Byung Gyu. Its first consumer service, LiveCAST, offered customizable online information, but limited and costly internet access prevented it from reaching sustainable scale. The company therefore provided development services to internet-service providers in South Korea and Europe. The OneClick service, launched in April 1998, gave users a simplified method for connecting to the internet and charged them according to connection time. It initially became Neowiz’s main source of revenue, but broadband adoption made dial-up connection services increasingly obsolete. Neowiz responded by launching SayClub in July 1999. The online community gained millions of users, but advertising revenue was insufficient to support the free service. In November 2000, Neowiz introduced virtual avatars and sold digital clothing and accessories, establishing a profitable virtual-goods model. The company listed on KOSDAQ in June 2000. Neowiz moved toward games after acquiring MCUBE in September 2001 and adding board games to SayClub in 2002. Its Pmang game portal launched in August 2003 and quickly became one of Korea’s leading game portals. The platform offered tabletop games, casual titles, and MMORPGs, and became the center of the company’s growing game business. After Na Sung Kyun returned from military service in March 2005, the company reorganized more decisively around games. Neowiz opened a Japanese subsidiary and Gamechu portal in 2006 and acquired Pentavision, the developer behind DJMax. A major corporate restructuring in April 2007 created Neowiz Holdings as a parent company. The game business was separated into Neowiz Games, while Neowiz Internet retained internet-community and related services and Neowiz Invest handled investments. Neowiz Games listed on KOSDAQ in July 2007 and acquired Japanese developer GameOn. The game company was renamed Neowiz in March 2017. During the mid-2010s and early 2020s, Neowiz expanded into mobile games, PC distribution, and consoles. The company acquired or partnered with mobile-game developers while continuing to develop and publish online titles. Development of Lies of P, beginning around 2020, became a turning point. The title helped move the business toward premium PC and console releases and toward the creation of globally marketable franchises based on proprietary intellectual property. By 2024, PC and console titles reportedly represented more than 80 percent of its game portfolio. In November 2023, Neowiz acquired a 21 percent stake in BLANK., adding a financial and strategic relationship with a studio established by former CD Projekt Red employees.

• 2024

  PC and console strategy expands

  [1]Neowizen.wikipedia.org

  The company reports that more than 80 percent of its games are for PC and console platforms following the strategic impact of Lies of P.

• 2023

  Investment in BLANK.

  [1]Neowizen.wikipedia.org

  Neowiz acquires a 21 percent stake in BLANK., a studio founded by former CD Projekt Red employees.

• 2017

  Neowiz Games is renamed Neowiz

  [1]Neowizen.wikipedia.org

  The listed gaming company adopts the Neowiz name.

• 2007

  Holding-company restructuring

  [1]Neowizen.wikipedia.org

  Neowiz becomes Neowiz Holdings and separates its gaming, internet, and investment activities into different entities.

• 2006

  Neowiz acquires Pentavision

  [1]Neowizen.wikipedia.org

  The acquisition expands Neowiz’s rhythm-game capabilities and connects it with the DJMax franchise.

• 2003

  Pmang launches

  [1]Neowizen.wikipedia.org

  Neowiz launches the Pmang game portal, which becomes a major Korean online-game destination.

• 2001

  MCUBE is acquired

  [1]Neowizen.wikipedia.org

  The acquisition gives Neowiz game-development capability and supports the addition of games to SayClub.

• 2000

  Neowiz lists on KOSDAQ

  [1]Neowizen.wikipedia.org

  Neowiz becomes a KOSDAQ-listed company and later introduces monetized virtual avatars on SayClub.

• 1999

  SayClub launches

  [1]Neowizen.wikipedia.org

  The company launches an online community that rapidly attracts millions of users.

• 1998

  OneClick launches

  [1]Neowizen.wikipedia.org

  Neowiz introduces a one-click internet-connection service that becomes its early commercial engine.

• 1997

  Neowiz is founded

  [1]Neowizen.wikipedia.org

  Eight founders establish Neowiz in South Korea, initially focusing on internet content and software services.

A South Korean game developer and publisher transitioning from online portals and mobile games toward globally oriented PC and console franchises with stronger proprietary intellectual property.

• PC and console action role-playing game

  Lies of P

  Lies of P is a premium action role-playing game based on the Pinocchio story, developed and published by Neowiz. Its development represented a move away from an emphasis on mobile and online services toward globally marketable PC and console software. The title became a central example of Neowiz’s strategy of developing original or strongly controlled intellectual properties for international audiences.

• Rhythm game series

  DJMax

  DJMax is Neowiz’s best-known rhythm-game franchise, associated with developer Pentavision, which Neowiz acquired in 2006. The series has appeared across multiple gaming platforms and forms one of the company’s most established proprietary entertainment properties.

• Online game portal · 2003

  Pmang

  Pmang is Neowiz’s Korean online-game portal, launched in 2003. It hosted tabletop games such as poker and mahjong, along with casual games and MMORPGs. The portal became one of the company’s principal vehicles for online-game publishing and user acquisition.

• Online community service · 1999

  SayClub

  SayClub was an online community launched by Neowiz in 1999. It grew rapidly through real-time communication features and later introduced purchasable avatars, clothing, and accessories. Although it preceded Neowiz’s transformation into a game-focused company, SayClub helped establish the company’s expertise in online communities and digital goods.

• 2023

  Strategic investment in BLANK.M&A

  Background

  Neowiz sought additional access to experienced development talent and future game projects.

  Action taken

  Neowiz acquired a 21 percent stake in BLANK., a studio founded by former CD Projekt Red employees.

  Aftermath

  The investment expanded Neowiz’s portfolio of external development relationships and strengthened its focus on premium game production.

  Investment amount. approximately $17 million (November 2023)

  Source

• 2020

  Shift toward premium PC and console franchisesStrategy

  Background

  Neowiz had spent much of the late 2010s and early 2020s developing and publishing smartphone games, while beginning to expand on PC and consoles.

  Action taken

  The company developed Lies of P and redirected greater attention toward premium PC and console titles and stronger proprietary intellectual properties.

  Aftermath

  Company leadership described Lies of P as a major pivot, and by 2024 more than 80 percent of Neowiz’s games were reported to be for PC and console platforms.

  Source

• 2007

  Creation of a holding-company structureStrategy

  Background

  Neowiz had developed separate internet, gaming, and investment activities that required clearer organizational separation.

  Action taken

  The company became Neowiz Holdings and divided its activities among Neowiz Games, Neowiz Internet, and Neowiz Invest.

  Aftermath

  The gaming business gained a distinct corporate identity and was subsequently listed on KOSDAQ.

  Source

• 2000

  Monetization of SayClub avatarsStrategy

  Background

  SayClub had attracted millions of users, but advertising revenue did not cover the costs of operating the free community.

  Action taken

  Neowiz introduced purchasable virtual avatars, clothing, and accessories in November 2000.

  Aftermath

  The virtual-goods model generated more than $330,000 in sales during its first month according to the cited historical account.

  First-month avatar and virtual-goods sales. more than $330,000 (November 2000)

  Source

1. 1Neowizen.wikipedia.org