안녕하세요. 주식회사 엔씨소프트 IR실장 이장욱입니다. 오늘 엔씨소프트 2022년 2분기 실적 발표에 참여해 주셔서 대단히 감사합니다. Good morning. I am Jason Lee, Head of IR at NCSOFT. Thank you very much for joining the Company's Second Quarter 2022 Earnings Presentation. 그럼 바로 2분기 실적 말씀드리겠습니다. I will begin with the highlights of Second Quarter Earnings. 2분기 매출액은 리니지W의 출시로 전년 동기 대비 17% 증가한 6,293억 원을 기록했습니다. 리니지W의 매출 하향 안정화에 따라 전분기 대비로는 20% 감소했습니다. Second-quarter sales was up 17% year-over-year to KRW 629.3 billion on Lineage W launch, while on a Q-on-Q basis there was 20% decline on stabilization of Lineage W revenue. 영업이익은 모바일 게임 매출 성장으로 전년 동기 대비 9% 증가한 1,230억 원을 기록했습니다. 매출 감소 및 마케팅비 증가 등으로 전분기 대비로는 50% 감소했습니다. On the mobile game revenue growth, operating profit was up 9% year-over-year, reporting KRW 123 billion. On lower revenue and rise in marketing expense, there was 50% decline Q-on-Q. 세전이익은 전년 동기 대비 33% 증가, 전분기 대비 30% 감소한 1,631억원, 당기순이익은 전년 동기 대비 26% 증가, 전분기 대비 29% 감소한 1,187억원입니다. Pre-tax income was up 33% year-over-year and down 30% Q-on-Q to KRW 163.1 billion. Net income was up 26% year-over-year and down 29% Q-on-Q to KRW 118.7 billion. 이어서 각 게임별 매출에 대해서 설명드리겠습니다. 주요 모바일 게임들의 매출은 전년 동기 대비 35% 증가한 4,752억원입니다. 전분기 대비로는 26% 감소했습니다. Next, I will go over the sales of each game. Sales from the major mobile games was up 35% year-over-year KRW 475.2 billion, while on a quarter-over-quarter basis there was 26% decline. 리니지W는 전분기 대비 40% 감소한 2,236억 원의 매출을 기록했으며, 지난해 11월 출시부터 올해 7월 중 누적 매출 1조 원을 돌파했습니다. 리니지W는 당사의 전작 모바일 게임들과 유사한 하향 안정화 과정을 거치고 있고, DAU, PCU 등 주요 트래픽 지표 모두 매우 견조하게 유지되고 있습니다. 8월 10일에는 세 번째 업데이트가 성공적으로 적용되면서 하반기에도 견조한 성과를 이어갈 예정입니다. Lineage W sales were down 40% on quarter to KRW 223.6 billion. Since its release last November, we broke KRW 1 trillion in cumulative sales as of July this year. Lineage W is following the trajectory of moderation and stabilization following the steps of our previous mobile game titles. While major traffic related indicators such as DAU and PCU continue to be quite solid. On August the 10th, we had a successful third update, following which we expect there to be solid performance as we enter the second half. 리니지M은 전년 동기 대비 5%, 전분기 대비 22% 증가한 1,412억 원의 호실적을 기록했습니다. 6월 8일부터 진행된 5주년 기념 업데이트는 많은 휴면 고객들의 복귀와 상위 유저들의 왕성한 트래픽을 이끌어냈습니다. 이처럼 출시한 지 5년이 경과한 리니지M의 매출이 지난 분기에 이어 이번 분기에도 연이어서 큰 폭으로 상승한 건 매우 뜻깊은 성과라고 생각합니다. 리니지M은 여전히 국내 게임 시장 1위의 자리를 굳건히 유지하며 고무적인 성과를 보여주고 있습니다. 하반기에도 견조한 성과를 보여드릴 수 있을 것으로 기대합니다. Lineage M sales were up 5% year-over-year and 22% Q-on-Q, reporting a good performance of KRW 141.2 billion. Through the fifth year anniversary update, which started from June the 8th, we were able to drive higher traffic from high-end users and drive many dormant users to return to the game. The fact that Lineage M is posting such a steep growth this quarter back-to-back following last quarter's trends is quite meaningful, all the more so considering that the title was launched five years ago. Lineage M is showing such an encouraging result, keeping its number one domestic market position, and we expect to see solid results as we head into the second half as well. 리니지2M은 일본, 대만 출시가 있었던 전년 동기 대비로는 56%, 전분기 대비로는 24% 감소한 962억 원의 매출을 기록했습니다. 국내 서비스 2년 이상의 기간이 경과하면서 매출의 자연적인 감소가 발생하고 있지만, 충성 고객 기반의 견고한 트래픽을 유지하고 있으며, 4분기에 예정되어 있는 3주년 업데이트를 통해 매출 반등을 예상하고 있습니다. Lineage 2M was down 56% versus last year when there was Japan and Taiwan release, while falling 24% on quarter to KRW 96.2 billion. There was a natural revenue erosion with the lapse of more than two years since the servicing of the game in the domestic market. We are maintaining solid traffic underpinned by loyal customer base, and we look forward to a rebound from the third year anniversary update slated for the fourth quarter. 블레이드 앤 소울 2는 매출 하향 안정화에 따라 전분기 대비 42% 감소한 142억 원을 기록했습니다. Blade & Soul 2도 8월 24일 출시 일주년 업데이트를 통해 앞으로 보다 안정적인 매출 흐름을 유지하려 합니다. Driven by moderation of sales, Blade & Soul 2 revenue was down 42% Q-on-Q to KRW 14.2 billion. We're planning an update in time for the first year anniversary on August the 24th, so as to maintain a more steady top line trend going forward. PC 게임 5종의 매출은 전년 동기 대비 10% 감소, 전분기 대비 3% 증가한 959억 원입니다. Sales from five PC games were down 10% year-over-year and up 8% quarter-over-quarter, reporting KRW 95.9 billion. 리니지는 여러 콘텐츠 리뉴얼을 통해 트래픽 지표가 개선되었으며, 전분기 대비 2% 감소한 257억 원을 기록하며 안정적인 매출을 이어가고 있습니다. Lineage One saw its traffic metrics improve on various content renewals, with its sales down 2% quarter-on-quarter to KRW 25.7 billion, maintaining a stable trajectory. 리니지2는 전분기 대비 4% 감소한 226억 원, 아이온 매출은 전분기 대비 12% 감소한 142억 원을 기록했습니다. Lineage II was down 4% quarter-on-quarter, reporting KRW 22.6 billion in revenue. Aion sales were down 12% quarter-on-quarter to KRW 14.2 billion. Blade & Soul 매출은 61억 원으로 전분기 대비 13% 감소했지만, 출시 10주년을 맞이한 업데이트로 유저 리텐션이 개선되었고, 하반기에도 보다 안정적인 성과를 달성하고자 합니다. Blade & Soul sales came in at KRW 6.1 billion, down 13% Q-over-Q. User retention did improve on the back of the tenth year anniversary update, and we plan to bring a more steady performance in the second half of the year. 길드워2 매출은 전년 동기 대비 70%, 전분기 대비 34% 증가한 272억 원을 기록했습니다. 2월 28일 출시된 세 번째 확장팩의 매출이 본격적으로 반영되었으며, 8개 분기 연속으로 전년 동기 대비 성장을 달성하고 있습니다. 또한 길드워2는 연내 Steam 출시를 위한 준비도 순조롭게 진행하고 있으며, 앞으로 다양한 시도와 변화를 지속할 예정입니다. Guild Wars 2 sales were up 70% year-over-year and 34% quarter-over-quarter, reporting KRW 27.2 billion. We are seeing the impact from the third extension pack released on February twenty-eighth come through on the revenue figures, with year-over-year growth continuing for eight consecutive quarters. Also, preparations to launch Guild Wars 2 on the Steam platform before the end of the year is also ongoing smoothly. As such, we will attempt at new changes as we stride forward. 로열티 매출은 전년 동기 대비 16%, 전분기 대비 7% 감소한 360억 원입니다. 대만 리니지M 로열티와 기타 PC 및 Licensing 게임들의 로열티가 시간이 경과함에 따라 자연스러운 감소세를 보이고 있습니다. Royalty revenue was down 16% year-over-year and 7% quarter-over-quarter, coming in at KRW 36 billion. This is due to Taiwan's Lineage M royalties and other PC and licensing game royalties declining naturally over time. 다음은 비용에 대해서 말씀드리겠습니다. 2분기 영업비용은 전년 동기 대비 19% 증가, 전분기 대비 7% 감소한 5,063억 원으로 집계되었습니다. Next is on the expenses. Second quarter's operating expense was up 19% year-over-year and down 7% quarter-over-quarter to KRW 506.3 billion. 인건비는 특이사항 없이 전분기 대비 5% 감소한 2,066억 원을 기록했습니다. Labor cost was down 5% quarter-on-quarter to KRW 206.6 billion with no particular items that needs to be noted. 네, 마케팅비는 전반적인 사업 활동이 강화되면서 전년 동기 대비 8%, 전분기 대비 44% 증가한 599억 원으로 집계되었습니다. Marketing expense was up 8% year-on-year and 44% quarter-on-quarter to KRW 59.9 billion on stronger business activities across the board. 매출 변동비 및 기타 비용은 모바일 게임 매출 증가로 전년 동기 대비 33% 증가한 2,130억 원입니다. 전분기 대비로는 모바일 게임 매출 감소를 반영해 18% 감소했습니다. Variable cost and other expenses were up 33% year-on-year to KRW 213 billion, driven by a mobile game revenue. on a Q-over-Q basis, there was 18% which reflects mobile game revenue decline. 2분기는 리니지M, 길드워2 등 당사의 대표 게임들이 선전하면서 당사의 MMORPG Lifecycle 확장 능력을 다시 한번 확인할 수 있었습니다. During the second quarter, we saw our co-titles, including Lineage M, Guild Wars 2, display robust performances, yet again showcasing the company's capabilities in extending the life cycle of MMORPGs. 이러한 역량에 기반해서 지역적으로는 국내 및 아시아에 집중되어 있는 당사의 타겟 시장을 북미, 유럽 지역으로 확대시키고, 플랫폼적으로는 PC, 모바일을 넘어 콘솔 플랫폼까지 확대시키기 위한 준비가 빈틈없이 진행되고 있습니다. Based on these capabilities, in terms of geographical expansion, we are broadening our target markets from domestic and Asia into North America and Europe, and making thorough preparations to go beyond PC and mobile to the console platforms. 먼저 Throne and Liberty는 금주 사내 직원 3,000여 명 이상이 참여하는 대규모 테스트를 성공리에 진행했으며, 글로벌 시장에서의 흥행 기대감 또한 고조되고 있습니다. 조만간 Throne and Liberty를 글로벌 게이머들에게도 선보일 자리가 예정되어 있습니다. 많은 관심과 사랑 부탁드립니다. Now for TL, we successfully ran a large scale test this week with more than 3,000 company employees taking part in the test, building anticipation for a successful run on the global markets. We have scheduled to reveal TL to our global gamers in the near future, and we look forward to your interest, so stay tuned. [Foreign language] We also have plans to launch four mobile games in the global market in 2023, including action RPG Blade & Soul S and an action battle royale game Project R. There will also be subsequent launches of multitude of PC and console-based new projects starting 2024, and the development of which is taking place at full speed as we speak, which will give more depth and variety to the company's portfolio. [Foreign language] We look forward to your support and interest in our passionate endeavors, and we hope to come back with more news to share. Thank you. [Foreign language] The first question will be presented by Eric Cha from Goldman Sachs. Thank you. I would like to ask two questions. First, can you provide us with an update on the timeline of the TL launch? Are you still targeting to release TL within, with, before the end of this year? And also regarding how you're going to publish TL or distribute TL, have you decided on which platform you're going to use or any outside partners or publishers that you're going to work with? If you can't give us a specific answer to that question, can you at least provide some of your analysis on pros and cons of different options that you can take? My second question relates to Lineage W. We've seen moderation and normalization or the stabilization of the top-line revenue. The information you gave us previous quarter gave us color on making projections about the Q2 trajectory. Could you also do the same for Q3 as well? Can you provide us with some color so that we could more or less have a sense as to what the Q-on-Q trends would look like in the third quarter? Thank you. Yeah. Thank you. I will respond. I'm CFO Willy Hong. I will respond to your question about TL, and I will hand it over to Jason to respond to the question about Lineage W. First, you asked about the timeline, the release timeline for TL, and there has been a recent press coverage on this topic as well. At this point, we are conducting discussions to come up with the best strategic approach in terms of timing as well as the partner that we will cooperate with in bringing TL to the global market. The reason why we are highly focused on this aspect is because it is TL itself is a very important and critical title in that it's taking this domestic game MMORPG capabilities successfully to the global market is going to have a significant implication for the company. Rather than utilizing our past conventional approaches under that open innovation that we communicated in numerous times over other quarters, we would think very hard about ways to actually cooperate and bring out synergies by fully leveraging all the elements that we could leverage both internally and with the outside partners. That's why we are very deeply thinking about the best strategic direction forward. Based upon those discussions and decisions on the strategy, we are at this point targeting for first half of 2023 for TL release. Yes, this is Jason. You asked about the Q3 trend for Lineage W. I'm sure what the market does or the analysts do is that they look at the percent of decline from the existing or previous games, looking at Lineage M and Lineage 2M and use that percentage to project for the upcoming quarter. We've seen a certain trend up to Q3, and we think that trend will continue on into Q3 regarding Lineage W. There's one thing that we need to be mindful of, which is that we've conducted a update on August the eleventh, the Kiren update, and that has brought quite a positive results. We've seen the returning of the dormant users 3 times higher compared to our previous update. The paying user figure also after the Aden update in February did increase. Therefore, we believe that with the updates of the game titles, we will be able to at least match the percentages of erosion that we've seen from other previous games, but we are expecting and we are hoping for a better performance going forward. [Foreign language] The next question will be presented by Kim Jingu from Kiwoom Securities. [Foreign language] Thank you for taking my question. My first question relates once again to TL. What are the levels of in-game sales that you're expecting, including the items as well? And also what's the timeline like for Aion 2 release? And I know it's a little far into the future, but what about Project E and other interactive movie titles? Regarding Lineage W, just a follow-up question. When do you think you will start to see normalization of the daily revenue for Lineage W? And what is your schedule for release, the second phase release into different markets, and what are your plans for adopting NFT? Yes, I will respond about the TL first and the business model that is going to be used. Of course, later on when the time comes, we will be able to provide you with more details regarding how the portfolio of items that we will be offering. Of course, we are going to make sure that we actually really focus on pay-to-win to make sure that we minimize the gap across the users as much as possible. I would also like to add that there has been changes in the overall global game market regarding the monetization models. Previously, people in North America and Europe, they were very negative and critical about the monetization BMs, but we now see a gradual acceptance of, for instance, battle passes, DLCs and in-game items, even in these markets. These large game studios, since the development period is very long and because development of game titles entails significant level of investment, they also, like NCSOFT, by providing the live services, do wish to continuously create the revenue stream, and that has become a very important differentiating factor. Of course, we will stay away from pay-to-win as much as possible. However, in the meantime, strike a good balance so that we can bring about a good and robust performance from the game titles. Now, regarding Aion 2, yes, it is the next big thing, next big mobile MMO game that we are developing currently based on Unreal Engine 5. We have made the decision to do a concurrent global launch across markets and across geographies. With regards to when that specific timing is, it's too early to say. We will make sure that we set a separate opportunity to share that additional information later. Regarding Project E, what I can tell you that is that it shares the universe of TL, and its backdrop is Oriental, and it is a next generation MMO title. Once again, we would have another separate opportunity to share and reveal more information. In terms of Project M, it is being developed with console platform in mind. We've previously shared a teaser video, and as you would have seen from that video, the preparations are underway. Once again, we will be able to share with you additional information at a later date. [Foreign language] The normalization timing for Lineage W's revenue, if you look at Lineage M and Lineage 2M, basically it took them a little more than one year to go through that downward stabilization of the top line. If Lineage W were to follow the trajectory that had been shown by Lineage M and Lineage 2M, it will be around one year. By the end of this year or beginning of next year would be that normalization timing. NFT 전략에 대해서 말씀을 드리겠습니다. 잘 아시다시피, 저희는 다른 여러 NFT 전략과 달리 여러 번 말씀드렸습니다마는 Pay-to-Win 모델은 저희가 추구하고 있지 않고, 전에도 말씀드렸다시피 저희 게임 내에 여러 가지 재화를 NFT화 해서 게임 내에서 소화할 수 있고, 또 다른 게임과 호환될 수 있는 그런 전략을 추구했던 거는 지난번에 말씀드린 바와 같습니다. Now I am the CFO to talk about that NFT-related strategy. Unlike the NFT strategies of other companies, as I've mentioned before, we are not focusing on pay-to-win model at all. What we are focused on is to take that in-game currency and make that into an NFT so that it could actually be used in the game and also be interoperable or compatible with other games outside. 지난 실적 발표 때도 말씀을 한번 드렸습니다마는 단순하게 게임 내의 재화를 교환하고 하는 NFT, 단순한 NFT 개념이 아니고, 저희가 추구하고 있는 거는 결국은 Web3라는 개념에 기반해서 게임 유저가 어떤 그 재화나 이런 거, 그다음에 특히 또 게임 자체도 게임 유저가 Intro 할 수 있는 그런 개념의, 좀 큰 개념의 비전을 가지고 NFT와 또 Crypto 관련한 그 게임 측면에서 접근을 하고 있습니다. As I mentioned previously, once again, the NFTs, we are not just thinking of NFT as a means of currency to purchase and sell goods in the game or the merchandise or the items in the game. What we are thinking of is much of a broader vision and more high level approach where users based on Web 3.0 would be able to use the NFTs within the game itself, as well as part of the goods that are being used within the game. It is we are thinking of it as an NFT or a Crypto asset or cryptocurrency that is not just constrained within the bounds of the game itself. 지금 말씀드린 전략을 실행으로 옮기는 데 있어서 기술적으로 가장 저희가 지금 중점을 두고 있는 게 Mainnet을 어떤 식으로 가져갈 건지, Mainnet을 어떤 전략은 직접 설계하는 것도 있겠고요. 어떤 거는 Mainnet을 어떤 식으로 협력을 하는 것도 있을 텐데, 그 Mainnet 관련된 기술적인 측면을 어떤 식으로 해결할 건지에 대한 고민을 굉장히 많이 하고 있고요. 그거 관련해서는 회사 내에서 논의로만 끝나는 게 아니고, 지금 여러 가지 가시적인 진전이 이루어지고 있습니다. 관련해서는 저희가 적당한 시점에 가시적으로 만약에 발표해 드릴 수 있을 때는 발표하려고 하고요. 결과적으로 말씀드리면, 현재 Crypto Winter가 와서 뭐가 늦고 이런 개념이 아니고, 저희가 말씀을 올린 이런 큰 Web3 기반한 전략을 할 때 기술적으로 가장 기반이 되는 Technology를 해결하고, 그거를 저희가 추구하는 게임 전략에 접목시킬 수 있는 거에 지금 포커스를 하고 있다, 그렇게 말씀을 드리면 답변이 될지 모르겠습니다. Right now we're in the phase where we're implementing that strategy. At this point, we have a strong focus on the Mainnet itself, how we're going to configure that Mainnet. Are we going to be designing that ourselves or would we require cooperation with other partners? At this point, what's of priority for us is to find a technical solution to creating that Mainnet. That discussion is ongoing and once we come up with and we are undertaking some concrete steps, and once the time comes for us to be able to share with you more information on this, we will definitely do so. Some people say that the Crypto Winter has come, but for us what's important is once again based on the Web 3.0, for us to employ the strategy and really come up with a solution for the technical basis to all of these NFT related endeavors and bring that technical solutions and embody that in our game strategy. I hope this answered your question. 한 가지만 저기 clarify 드리면 Mainnet을 저희가 고민하는 게 아니고 Mainnet과 연결된 저희 게임 시스템을 지금 고민하고 있는데, 그중에 가장 기반이 되는 그 critical, 뭐라 그러죠? Threshold, 그게 Mainnet 문제라는 거죠. 여러분들 잘 아시지만 가장 큰 이유는 speed, 거래 처리 속도, 그다음에 안정성. 기술적인 걸 여기서 말씀드리진 않겠습니다마는 그래서 Mainnet 자체를 고민하는 게 아니고 Mainnet으로 기반으로 파생되는 게임 관련된 technology가 나중에 제대로 돌아갈 수 있도록. 왜냐하면 이게 게임 하나에 접목해서 끝나는 게 아니고 저희가 생각하는 Web3라는 그런 개념에서 게임이 돌아갈 수 있도록 준비가 돼야 되는 거기 때문에. Okay. I just apologize. I just want to clarify one thing, which is that it's not that we, you know, we're thinking about designing the mainnet ourselves. What we are looking at is the game system that's going to be connected to the mainnet. Let me clarify that aspect, because mainnet, that is the very foundation and that's a critical threshold. That was why I was mentioning mainnet. Once again, our focus is on the game system, not on the designing of the mainnet itself. The reason I say that is because the various different technical parameters are important. For instance, processing speed and the stability of the system itself. You know, I wouldn't go into all the details of the technology aspect, but this is important because we are not going to just apply NFT to one single game. It's actually going to be for the comprehensive, you know, game titles that we offer, which will have a strong underpinning of Web 3.0. [Foreign language] The next question will be presented by Mike Hong from CGS-CIMB. 네, 안녕하세요. 질문 드릴게요, 감사합니다. 두 가지인데요. 이 분기 말 연결 직원 수 공유해 주시면 좋을 것 같고요. 두 번째는 Throne and Liberty 트레일러 관련인데, 이게 저희 자체 채널에 올라가 있잖아요? 그래서 YouTube Studio에서 제공하는 해당 영상의 유저 지표 공유 좀 부탁드리겠습니다. 시청 지속 시간이 몇%인지, 아니면 지역, 시청 지역 같은 것들 말씀해 주면 좋을 것 같고요. 여쭤보는 이유는 조회수가 지금 거의 900만인데 댓글은 저희가 500개 정도밖에 확인이 안 되고 있어서, 실제 수요로 얼마나 연결될지 direction을 주시면 좀 도움이 될 것 같습니다. 감사합니다. Thank you for taking my question. I would like to first ask you about your consolidated basis number of headcount as of the end of the second quarter. For the TL trailer that's uploaded on your channel, it's on YouTube Studio. Would like to understand what the user metrics trends look like. For instance, what's the viewer? How many people have viewed it? What's the time spent on viewing that video? It will be helpful if you could share with us those user-related metrics, because I see that there's been nine million views already, but the comments that's been written is only about 500. I'm asking for an insight because I think this will help us understand what the demand is going to look like going forward. 먼저 전체 인원수부터 말씀을 드리겠습니다. 저희가 지금 이 분기 말 현재 전체 인원수는 5,420명입니다. We'll respond to the question about number of headcount. As of end of Q2, it is total of 5,420. 저희가 현재 회사 차원에서 human resource 측면에서 어떻게 deploy를 하는 게 가장 효율적일지, 아시다시피 이거는 미국처럼 우리나라가 인력을 구조조정하고 할 수 있는 그런 상황이 아니기 때문에, 어떻게 보면 가장 지금 있는 인력들을 IP별이든 아니면 개발이나 사업이나 공통 쪽이든 resource 배분을 어떤 식으로 하는 게 가장 효율화를 하는 건지에 대해서, 저희 내부와 외부의 여러 가지 도움을 받아서 지금 심도 있게 보고 있습니다. Just one thing I would also like to add. At this point, we are very closely looking at the most efficient way to deploy and allocate the headcount and human resources that we have. Because you would appreciate it is not as easy for us to go through with restructuring as people do in the United States. What we're doing is we're looking at how best to allocate the resources that we have in the most efficient manner. For instance, by IPs or by different types of development projects or business, or even for the common functions of the company. We are really deeply looking into ways to bring more efficiencies, both internally and also with partnerships with experts outside. 결국은 지금 이런 논의와 시도가 논의만 하는 게 아니고 바로 저희 현실에 접목이 되기 때문에, 저희는 3분기, 4분기부터 이런 시도가, 효율화에 대한 시도와 접목이, implementation이 어떤 비용이라든지 회사 성과에 반영이 될 거라고 생각을 하고 지금 진행을 하고 있습니다. We're not just at the discussion phase. This, the outcome of that discussion will of course be applied and implemented in practice. You'll be able to see that efficiency improvement or different attempts at different changes come through as we enter Q3 and Q4. The outcome of that implementation will of course show through in our expenses or in the results or the financial performances that we bring. 신작 관련해서 저희가 NCing이라 그래서 NCing인가요? 준말이? 네, NCing이라 그래서 이제 계속 지속적으로 저희가 신작에 대한 티저 영상하고 트레일러 영상을 공개를 하고 있는데요. 올해 들어서 TL하고 Project E인가요? 그리고 그전에 말씀 주신 Project M. 뭐 이런 식으로 저희가 네 개 영상을 공개했고, 그게 저희가 공식적으로 합산 YouTube 조회수가 2,200만 조회수가 있어서 굉장히 저희도 고무적으로, 개발팀들도 고무적으로 받아들이고 있고요. 특히 조회수가 해외에서 주로 나오고 있고, 그다음에 조회하는 그 연령층이 20대, 30대 젊은 게이머들의 비중이 아주 크게 올라오고 있는 거를 저희는 고무적으로 생각을 하고 있습니다. For our new upcoming titles, we call it NCing. Through that what we do is we've been continuously reviewing our trailers and teaser videos. Within this year, we have already revealed four, I think, including TL, Project E and Project M as well. The combined total views of these different trailers and teasers amounts to 21 million, which I think is very encouraging, and our developers are very much encouraged at these numbers as well. Especially what's also worthy of noting is that views mostly came from the global markets, and they comprise mostly of young gamers in their twenties and thirties. 저희 지금 저랑 같이 발표 진행해 주신 Jason 전무님이 며칠 전에 저하고 논의하시면서 하신 말씀 중에 제가 굉장히 insightful하다고 해서 여기서 꼭 공유드리고 싶은 게 하나 있는데요. 그 조회수가 몇 만이냐, 그게 해외냐, 젊은 층이냐, 그것도 중요하지만, 지금까지의 console은 MMORPG라는 거는 한국과 몇몇 특정 지역에서 어떤 이게 적용이 될 수 있는 게임이고, 서구에서는 이거에 대해서 별로 메인 장르가 아니고, 이런 여러 가지 고정관념이 많이 있었는데, 최근에 사실은 서구도 젊은 개인 유저라든지, 꼭 개인 유저 아니라도 모든 SNS적인 유저들이 기본적으로 이런 모여서 뭔가 하는 거에 대한, 또 그 과정에서 어떤 경쟁과 또 같이 뭘 성취하는 거에 대한 니즈가 저희는 분명히 있다고 봅니다. 결국은 MMORPG가 해외에서 안 통하는 게 아니고, 그런 니즈를 예를 들어서 이장욱 전무님이 말씀하신 것처럼 모바일 상으로, PC 상으로, 사실 모바일 상의 MMORPG라는 게 서양에서는 아시다시피 쉽게 다가올 수 없는 건데, 그게 저희가 지금 시도하는 여러 가지 console이라든지, 기존의 console을 생각한다면 console 게임에 MMORPG가 어떻게 적용이 될까? 저희끼리 논의하지만 console 자체의 기술력이나 여러 가지 애플리케이션이 과거의 console이 아니기 때문에 충분히 그런 측면에서 저희가 시각을 달리할 만한 여지가 있다는 게 저희가 논의하면서 했던 부분인데, 굉장히 저는 그거를 insightful하다고 느꼈고, 그래서 그런 측면에서 저희가 개인적인 생각은 아니고, 지금 TL을 기점으로 해서 접근을 해 나가면 어떤 기존의 stereotype과 다른 접근을 할 수 있지 않을까, 그런 생각도 사실은 하고 있습니다. One thing, I would like to share with you. I had a conversation with Jason a couple days ago, and I thought that what he told me was quite insightful. Of course, all these metrics, you know, whether there's been 10,000 views or, you know, was watched by a lot of global people or young people, of course, those are important to a certain extent, but I felt what was more critical is that people had this stereotype or a prejudice that MMORPG only works in a handful number of countries, including Korea, and that it wouldn't really work in the Western markets because MMORPG has never been a mainstream genre in the Western market. We see that even in the West, there's a lot of now, you know, social network, SNS users and a lot of people in this day and age, they all want to come together, compete, so, with one another and, achieve certain things together. There is no reason why MMORPG cannot work in other overseas markets. It's just that the Western players were not as familiarized with this mobile platform-based MMORPGs. People questioned whether MMORPG could actually work on a console platform because that was not possible in the past. The console platform itself is totally different from the consoles of the past. I think that it is very important for us to have a new perspective and a fresh perspective, and I felt that this, therefore was quite insightful. We want to use TL as a important watershed or a trigger point for us to bring that change in people's minds and change the stereotype and the prejudice that exists. 다음으로 질문해 주실 분은 다올투자증권의 김하정 님입니다. The next question will be presented by Hajung Kim from Daol Investment & Securities. 네, 질문해 주셔서 감사합니다. 간단하게 한 가지만 여쭤보도록 하겠습니다. 겉으로 드러나는 데이터상으로 보면 리니지W가 상향 안정화되는 시점에서 리니지M이 좀 올라오는 모습을 보여주고 있는데, 말씀 주신 톤으로는 리니지M이 견조한 모습에 기대한다고 하셔서 M이 4, 5, 6월 중에 계속 올라오는 트렌드였다 보니까, 이게 만약에 올라오는 트렌드가 유지가 됐다면 리젠이 하반기엔 조금 더 높게 기대할 수 있지 않을까라고 생각을 하고 있는데, 실제로는 데이터가 그렇지 않은지, 그래서 리니지M에 대해서도 하반기에 대한 전망을 공유해 주시면 감사드리겠습니다. 이상입니다. Just one quick question. This question relates to what your outlook is for Lineage M's second half revenue guidance because we see that the decline or the normalization of the Lineage W has some of a correlational impact vis-a-vis Lineage M. We've seen that number quite solid in this quarter and have actually seen it uptick in the month of June. Could you provide some more color on what your projections are for Lineage M for the second half? 아시는 것처럼 일단 저희 게임들은 한 일 년 이상, 출시 시점부터 일 년 정도가 경과되고 나면은 일단 안정화 과정 단계에 진입을 하잖아요. 그 이후부터는 사실 어떤 방식으로 업데이트라고, 어떤 방식으로 새로운 콘텐츠들, 그게 신규 마스터 던전이든 이런 것들을 계속 어떤 타이밍에 내느냐에 따라서 계속 fluctuation이 있어요. 그런데 저희들이 요즘에 느끼는 거는 일단 리니지M 오 년 차 되면서 사실 저희들이 제공한 업데이트나 이런 거의 어떤 질, 또 타이밍, 이런 것들이 되게 좋아져서 업데이트할 때마다 성과들이 굉장히 좀 좋게 나오는 것 같아요. 사실 그거를 기반으로 한다고 그러면은 뭐 저희가 일 년 뒤에는 어떻게 될지 모르겠지만은 삼 분기, 사 분기 정도 horizon에서 상상을 해보면 굉장히 안정적인 실적, 또 좋은 실적이 나오지 않을까 조심스럽게 한번 예상을 하고 있습니다. Yes. As you would appreciate, after a game is launched, and after about a year, that game revenue goes under a stabilization phase. What happens afterwards depends on the updates and the contents that are being renewed or added. For instance, like the major dungeon. It also depends on the timing of those content updates as well. Depending on that, there is a bit of a fluctuation. For Lineage M, in its fifth year, we've done an update, which was of very high quality and which drove good performance from that update. We won't be able to provide a definitive picture of what's gonna happen after one year, but at least we can provide you with some color for Q3 and Q4. We believe that although cautious, we would be able to see some, you know, good or steady performance coming from Lineage M. 다음으로 질문해 주실 분은 유진투자증권의 정의훈 님입니다. The next question will be presented by Chung Eui-hoon from Eugene Investment & Securities. 네, 안녕하세요. 유진투자증권 정우윤입니다. 저 두 가지만 질문드리겠습니다. 이 분기 게임사 실적들 보면 공통적으로 환율 변동으로 인해서 영업외에서 손익 변동이 심한데, 혹시 엔씨소프트는 어느 정도 환율에 노출되어 있는지, 그리고 하반기도 어떻게 보시는지 좀 여쭤보고 싶고요. 두 번째는 4분기에 신작 일정, 지역 확장 IP 두 개랑 그리고 내년 초에 TL이 있는데, 아무래도 지난해 연말 리니지W에서 마케팅 인건비가 많이 나왔는데, 이 분기 때도 1분기보다 마케팅비가 좀 증가한 것 같고, 그래서 하반기 때 인건비라든지 마케팅 관련해서 좀 코멘트 주시면 감사하겠습니다. 감사합니다. Thank you for taking my question. I would like to ask you two questions. If you look at the game company's earnings in Q2, many of them have been exposed to FX fluctuations, and there has been a big fluctuation on their non-operating line item. We'd like to understand what NCSOFT exposure is to FX fluctuations and what's your forecast for the second half. In Q4, in terms of your global geographical releases, as well as the upcoming TL, considering all of that, we would like to understand what your expectation is for marketing costs to increase. There's been a Q-on-Q increase from Q1 and Q2. What's your projection for the second half, including labor cost and marketing cost? 외화, 저희는 사실은 부채가 거의 없는 회사이기 때문에, 특히 자산 중에서 외화 자산이 꽤 많습니다. 제가 뭐 정확한 숫자를 여기서 드릴 수는 없습니다마는, 외화 표시 자산이 저희가 6,000억 정도입니다. 그렇게 말씀을 드리고요. 그렇기 때문에 당연히 그 외화로 인한 차익이 이 분기에 많이 발생했고요. 지금 추세가 진행된다면 저희 입장에서는 그 외화 차익이 지속적으로 발생하고 있는 상황입니다. 저희가 그 공시를 통해서 발표를 드릴 거고요. 제가 이제 회사 차원에서 고민하는 거는 아시다시피 이거를 저희가 뭐 본업이 아닌 환 가지고 저희가 계속 돈을 버는 거는 벌 땐 좋지만 또 거꾸로 갈 때가 있기 때문에, 지금 현재 시장 동향에 따라서 저희가 환 exposure를 아까 말씀드린 그 주로 USD인데요. USD로 exposure 된 자산을 어느 정도로 레벨을 조정하는지에 대해서 면밀히 고민을 많이 하고 있고, 또 거기에 대해서 맞춰서 안정적으로 운영을 하려고 하고 있습니다. In terms of the FX exposure, you know that we are a company that has a very minimum level of liabilities. We actually have a significant amount of foreign currency denominated assets in the amount of around KRW 600 billion. In terms of this FX rate changes on a Q-on-Q basis, we do actually have more gains based on FX, and then we think that trend will continue going forward. We will be able to disclose that specific information later on through announcements. Since our business is not in FX trading or anything, what we are at this point thinking very hard about is to adjust and maintain the appropriate level of dollar denominated exposure, because most of our FX exposure is in U.S. dollars, so that we could actually manage this exposure in a steady and stable manner. In terms of the labor cost, we don't have any significant personnel or labor related adjustments that we are expecting in Q3, so it's going to be quite flattish versus Q2. In terms of the marketing cost, as I mentioned previously, all of our preparations around TL from a strategic perspective has all been prepped. It's just a matter of timing and the partners that we'll collaborate with in taking this to the market, and that's the reason why we have pushed this to next year. In light of that, our marketing spend is going to go down on a Q-on-Q basis. While doing that, we are also at the same time carrying out across the company effort to make our marketing spend much more efficient. On a per year basis, we are going to work to make sure that our marketing spend doesn't go above 10% against our revenue, and we expect we will be able to keep to that. The next question will be presented by Junhyun Kim from HSBC. [Foreign language] Thank you for taking my question. I would like to ask you for further information on TL. Any TL showcase related information and any schedules or timelines for new trailers upcoming? Do you also have to have those trailers or teasers not just on YouTube, but in other game shows or other platforms? Regarding also, in terms of selecting a partner for TL, what are some of the key requirements you will be looking to gain or you will be looking to review for these potential partners? 이뤄질 겁니다. 그래서 그 점은 여기서 이 정도로 말씀드리고 곧 보시게 되실 것입니다. 단순하게 그냥 뭐 YouTube로 올리는 게 아니라 여러 가지 그 방법이 기존 방식하고 조금 다르게 하려고 합니다. Now, regarding TL, as Jason Lee previously mentioned, we've run a quite extensive test within the company in-house against 3,000 employees, and that was quite successful. Of course, we have outside tests that is also planned as well. We will soon have an opportunity to showcase TL to our global gamers. In terms of platforms other than YouTube, although we cannot say here today what those are, soon in the very near future, through not just one channel, but through multiple avenues, we will be able to showcase and reveal TL. Once again, in the very near future, other than from the YouTube platform, we will be able to use these different channels or different platforms, which we have not done in the past or for quite long time. You can stay tuned. 파트너사에 대해서는 저희가 지금 논의가 굉장히 액티브하게 진행되고 있기 때문에 제가 뭐를 중요시하고 뭐를 하냐에 대해서 여기서 언급드리는 게 굉장히 민감한 사항이라서 그 점은 좀 제가 말씀, 정말로 저는 investor-friendly하게 하려는 의지를 가지고 있는 사람이기 때문에 정말 알려드리고 싶은데, 결국은 조금 큰 그림에서 말씀을 드리면 요것만큼은 좀 이해를 부탁을 드릴게요. 제일 중요한 점은 저희가 아까 말씀드린 이 TL이라는 이 IP 플러스의 장르를 저희가 지금 시도하는 새로운 플랫폼으로 북미와 저희가 지금까지 하지 않았던 시장에 어떻게 안착을 제대로 시켜줄 수 있는지, 그게 사실 제일 중요한 파트너 선정 기준이라고 말씀을 드리겠습니다. Yes. In selecting a partner company, we're currently in active discussions as we speak, and it will be quite sensitive for me. It would be quite sensitive information for me to say as to what the important criteria are. You know, that I want to be as friendly as possible to our investors. But there is a limit as to what I can disclose at this point in time because there are discussions that's ongoing. What I can tell you is that from our partner, what's most important is for us to successfully take TL, an IP and Ujong to the markets like North America and other new markets for the company, and to be able to successfully land this title in these new markets through the platform that we have chosen. It is in that light, the efforts or the capabilities of our partners will be viewed as quite important. 지금 벌써 8월이니까 9, 10, 11, 12월, 4개월 남았는데요. 4개월 동안 제가 약속드린 추가적인 IP에 대해서 트레일러의 공개가 저희가 약속드린 대로 할 거고요. 아까 말씀드린 것처럼 NCing이라는 거를 포함해서 또 여러 가지 저희가 이런 개발 과정에서 오픈해서 feedback을 받는다는 거는 약속을 드린 거고, 저희가 회사 차원에서 공언을 한 거기 때문에, 저희가 꽤 많은 수의 IP가 올해 내에 또 추가적으로 공개되는 자리를 갖도록 하겠습니다. 기회를 갖도록 하겠습니다. It's August already, and we have four months left until the end of the year, and we will be revealing the trailers for these additional IPs that we have previously committed to through that NCing, which I mentioned before. We've made the commitment that we will open and share our development process and gain feedback from the greater market, and we will live up to that commitment. There will be many trailers or many glimpses that the users could actually take regarding the additional IPs that we will be revealing going forward. 오늘 마지막으로 말씀드리고 싶은 거는 저희 회사 입장에서는 지금부터 나오는 IP들이 저희 회사 입장에서 물론 모든 IP가 중요하고 하지만, 굉장히 방향성이나 이런 측면에서 중요한 신작들이 많이 나오고 있습니다. 그래서 그 점에 대해서 저희도 충분히 시장에 공유를 드리고 또 의견을 받고 하는 과정을 거칠 테니까요. 저희 개발팀도 그렇게 할 거고요. 저희 특히 IR팀이 뭐, 저만 그렇게 느끼는지 모르겠습니다마는 저는 굉장히 investor-friendly하다고 또 그렇게 노력하고 계시는 분들이기 때문에, 저희 IR팀 통해서도 여러 가지 feedback을 주시면 저희 IR팀이 가감 없이 회사의 여러 부분에 전달을 하도록 하겠습니다. 그게 제가 볼 때는 항상 강조하고 있는 전략적인 IR이라고 보거든요. 그래서 그런 측면에서 저희 IR팀 많이 지원해 주시고 부탁드리겠습니다. Well, in closing, I would just like to emphasize that we have upcoming IPs that we are currently developing, and the launch of these upcoming new titles is very critical for the company's overall strategic direction. We are open to sharing or receiving feedback from the market and sharing that internally with our organization. Also for our IR team, I dare say that we are a very investor-friendly IR team. We are happy to take any of your feedback so that we can, at the end of the day, share that with the greater company. I think that is at the very heart of the so-called strategic IR, which I strive to live up to. I look forward to your continued support, and thank you very much.