So far in 2022, Pearl Abyss stock has declined 57.1% in value. In today's trading, Pearl Abyss stock declined 6%, finishing the day at ₩57,500. For example, in the passage above, the translator used the term "EVE IP", while the CEO used the actual term " EVE Online." Korean and English speakers may walk away from the call with two impressions of what Pearl Abyss plans for the future. I would love to get a transcription of the Korean language portion, as I believe subtle but important differences exist. So we believe as a game development studio we are going to focus more on these and that will be our task going forward. And to have a new project which I have before mentioned, using the current market trends of blockchain and web 3.0 using the EVE IP. And to successfully launch Crimson Desert in line with the Western biggest market, the console market, and also to make DokeV into a metaverse platform and to showcase this to the market. For example, we have DokeV that uses the metaverse platform as well as others that use the web 3 platform so we are seeing the market trends. You also asked us about the direction of our new business going forward. Below is a transcription of the translated answer. New Pearl Abyss CEO Jin-young Heo did answer a question about the future of Pearl Abyss. Perhaps more importantly, every time Pearl Abyss self-publishes BDO in a region, its revenues increase for a time. The move would mean the South Korean studio would now self-publish around the globe. Despite telling analysts three months ago the game would launch in the second half of 2022, the analyst could not get Pearl Abyss to confirm if the timing still held.Ībout the only big news that might happen in 2022 is Pearl Abyss self-publishing Black Desert Online in South America. One analyst even asked about the upcoming Black Clover mobile game mentioned on the February earnings call. The answer was basically, "You'll find out when we tell the public." Listeners on the call were also told that the studio was concentrating on Crimson Desert, which means DokeV most likely will launch after the Black Desert spin-off. The analysts tried to get the Pearl Abyss leadership to let them know if Crimson Desert would launch in 2022. From the tone of the call, the real possibility exists that Pearl Abyss will launch no games in 2022. With revenues inflated by the steadily weakening won, what are Pearl Abyss' plans to increase revenue? The April launch of Black Desert Mobile in China was disappointing not only to the analysts on the call, but to Pearl Abyss as well. Even doing the won to dollar conversion doesn't show a big drop, as EVE brought in ₩18.4 billion ($15.5 million) in the final quarter of 2021.Īt this point the pessimist takes over. dollars, the 3.4% year-over-year gain turns into a 7.4% revenue decline.Ĭontinuing on, EVE revenue remained "steady" from Q4 2021 to Q1 2022, only falling 1.1%. Now we can really see the effects of the weakening won. The EVE IP revenue looked very steady over the last year, with revenue rising 3.4% from Q1 2021's total of ₩17.6 billion ($16.2 million) up to last quarter's ₩18.2 billion ($15 million). The Black Desert IP did post a quarter-over-quarter gain of 5.8%, from ₩67 billion ($56.3 million) up to ₩70.9 billion ($58.6 million). Year-over-year, Black Desert revenue dropped from ₩82.9 billion ($73.2 million) in Q1 2021 down to ₩70.9 billion ($58.6 million) in Q1 2022, a 14.5% decline in revenue. We can do the same with Black Desert IP revenue. So as we can see, the dropping value of the won is boosting Pearl Abyss' profits. In the rest of the article, the won to dollar valuation is calculated using the exchange rate on the last working day of the quarter as found on Xe. The South Korean won is weakening against currencies like the dollar, British pound, and Chinese yuan. dollar total only went up 0.1% instead of 4.3%. Before continuing, I need to explain why the U.S. Gaming revenue rose in the first quarter, up 4.3% from the Q4 2021 total of ₩85.4 billion ($72.7 million) to ₩89.1 billion ($73.6 million).
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