Pearl Abyss Reports Record-Breaking Q1 Results Fueled by Crimson Desert Launch
Q1 Revenue Surges 420% to ₩328.5 Billion
"Crimson Desert generated ₩266.5 billion ($179.1 million) in revenue, with sales evenly split between console and PC."
South Korean developer Pearl Abyss has reported its Q1 operating revenue at ₩328.5 billion ($220.6 million), representing a staggering 419.8% increase year-over-year. This explosive growth is attributed to the highly successful launch of Crimson Desert on March 19.
Operating profit reached ₩212.1 billion ($142.5 million), a dramatic turnaround from the ₩7.9 billion ($5.3 million) reported during the same period last year. Net profit also soared to ₩170 billion ($114.2 million) , up from ₩7.7 billion ($5.1 million) .
Crimson Desert Drives Global Sales
The new title accounted for the vast majority of revenue. North America and Europe contributed 81% of total operating revenue, with over 80% of Crimson Desert sales originating from these regions. The remaining revenue came from Asia (13%) and Korea (6%).
Revenue recognition differs by platform: console revenue is reported net of platform fees, while PC revenue is recognized after tax deductions from user payments.
Quarterly Revenue Composition:
- PC: 59%
- Console: 38%
- Mobile: 3%
Console revenue notably increased 31% quarter-on-quarter following the launch of Crimson Desert.
Meanwhile, the Black Desert franchise delivered stable results, generating ₩61.6 billion ($41.4 million) .
Outlook and Guidance
Pearl Abyss forecasts full-year operating revenue between ₩879 billion ($560.4 million) and ₩975.4 billion ($665.2 million) . The company expects Crimson Desert to contribute ₩644.1 billion ($432.6 million) to ₩734.8 billion ($493.2 million) in operating revenue.
The company expects Crimson Desert revenue to decline in Q2 due to front-loaded initial package sales, but expects stable performance through ongoing patches and updates.
Looking ahead, Pearl Abyss plans to expand Crimson Desert to additional platforms and release further DLC content.
Development Pipeline
The studio currently has two new titles in development:
- DokeV (pre-production)
- Plan 8 (conceptualisation)
Pearl Abyss aims to release new titles every two to three years.
Divestment: Fenris Creations Sold
Last week, Pearl Abyss sold Fenris Creations (formerly CCP Games) back to its CEO for $120 million. Pearl Abyss originally acquired the Icelandic developer in 2018 for $225 million in cash, plus up to $200 million in potential performance-related payouts.
Fenris Creations has confirmed that no restructuring or layoffs are planned following the sale. Pearl Abyss stated it will keep potential collaboration opportunities open with the studio going forward.