Gamevil's mobile games hit 120M downloads, driving profit growth

Newsbrief: South Korean developer and publisher has reached 120 million downloads for its mobile titles, which helped increase the company's revenues and sales for the quarter. It crossed the 100 million mark in February. During the company's first financial quarter ending March, Gamevil recorded ₩16.6 billion ($14.4 million) in sales and ₩5.2 billion ($4.5 million) in profit, which represent a 160 percent and 105 percent year-over-year increase, respectively. Gamevil notes that it has almost completely transitioned into a free-to-play smartphone publisher, where 91 percent of its sales came from in-app purchases, and 92 percent came from smartphones. Its revenues outside of Korea also grew by 437 percent. Best known for releasing titles from the Zenonia and Baseball Superstars series, Gamevil expects to release over 40 games this fiscal year (ending December), including 16 during the April-to-June period (five developed internally, 11 externally).