'Were Expectations Too High for the New Release?'—NCSoft Shares Plunge Over 20% Following Launch of 'Aion 2'

(Seoul=Yonhap Infomax) Jung Woo Choi – Shares of NCSoft Corp. [036570], a leading South Korean game developer, tumbled more than 20% following the official launch of its highly anticipated MMORPG title, 'Aion 2'.

On the day of release, the company faced server errors and significant login delays, while its revenue model (business model, BM), which excluded most paid items, was still criticized for excessive monetization. These factors exerted downward pressure on the stock.

According to Yonhap Infomax Stock Comprehensive (Screen No. 3011), NCSoft shares were trading at 178,100 won ($132.50) as of the morning session on the 21st, down 4.71% from the previous session.

On November 19, the day 'Aion 2' was launched, NCSoft shares closed at 191,700 won ($142.60), plunging 14.61%. The stock extended its losses for three consecutive sessions, falling into the 170,000-won range.

'Aion 2' is the official sequel to 'Aion', which debuted in 2008 and achieved significant success. The new title had been positioned as NCSoft's next growth engine.

Even before launch, the game drew market attention for its high-quality graphics powered by Unreal Engine 5, engaging manual combat, and a subscription-based revenue model that differentiated it from previous 'Lineage-like' titles.

At the 'G-Star 2025' demo booth at BEXCO in Busan, on-site enthusiasm was high, with wait times stretching for hours, fueling expectations for a blockbuster launch.

However, when the official servers opened at midnight on the 19th, a surge of users led to severe login delays. Queues swelled to tens of thousands, and unstable service persisted. NCSoft was ultimately forced to hold an emergency live broadcast, pledging a comprehensive overhaul of connection errors and controversial in-game systems.

Industry analysts attributed the stock's decline to both initial service instability and user disappointment with the business model, which fell short of expectations.

Prior to launch, the company had announced a break from the 'Lineage-style' monetization structure, introducing a 'fair billing' model centered on subscriptions. Paid items would be limited to cosmetic features that do not affect in-game stats, with probability-based items excluded.

However, in-game monetization elements failed to meet expectations, and some users' disappointment with the payment system dampened short-term investor sentiment.

In response, the company has removed certain paid items (such as the Soul Book and Combat Enhancement Scroll), and reduced the cost of skill and Daevaion resets to zero in an effort to address public opinion.

Securities firms remain divided on the outlook for NCSoft shares. Some point to the recurrence of the company's so-called 'new release jinx' and a sharp increase in short interest as factors that could drive further declines.

Analysts say NCSoft must prioritize rapid service stabilization and actively incorporate user feedback to overcome the initial underperformance of 'Aion 2' and support a share price rebound.

Others view the post-launch correction as a temporary adjustment following the loss of 'momentum', and remain optimistic about the game's long-term prospects if service stabilizes and revenue growth resumes.

NH Investment & Securities analyst Jae Min Ahn commented, "The company is responding quickly to user complaints, such as supplementing the mobile non-targeting system with automatic skill use. Market concerns are expected to gradually subside."

jwchoi2@yna.co.kr

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