LINE aims to enhance development of ‘midcore’ gaming business and boost global expansion
TOKYO – July 10, 2017 – LINE Corporation reached a definitive agreement to acquire 51% of the outstanding shares in the game development company NextFloor Corporation (“NextFloor”) on July 7, 2017. LINE also announced the establishment of LINE GAMES Corporation (“LINE GAMES”), a Korea-based subsidiary, as it aims to enhance its gaming business.
LINE GAMES is a wholly-owned consolidated subsidiary of LINE, dedicated to gaming. NextFloor is a game development company headquartered in Korea that has released multiple successful midcore games and other games globally. LINE GAMES has acquired 51% of NextFloor’s outstanding shares.
In addition to LINE Corporation’s strong library of casual games, puzzle games, and games leveraging LINE’s IP, LINE has been enhancing its midcore library, primarily for Japanese users. Through this new initiative, LINE will bolster its midcore game content and accelerate rollout to Japan, Korea, Thailand, Taiwan and other global markets as it seeks to increase the growth of its gaming business and invigorate the entire LINE platform.
“Since the beginning of LINE Games in November 2012, LINE has built a solid position as a casual game-focused gaming platform, delivering content developed both in-house and with external content providers,” said Takeshi Idezawa, LINE Corporation President and CEO.
Idezawa added: “NextFloor is a leading game development company with numerous midcore games and other hit titles in Korea and globally. Such game development and operational capabilities will be necessary to further evolve and expand LINE’s gaming business, so we are excited to welcome NextFloor to the LINE Group. The newly established LINE GAMES Corporation will reinforce our development capacity, allowing us to provide more diverse content to users around the world.”
NextFloor CEO Min Kyu Kim, a former game developer who has created numerous successful titles, will serve as CEO of the new company. “Through this partnership, LINE and NextFloor will strive to deliver games that can be enjoyed by users around the globe,” said CEO Kim. “We will do our best to provide differentiated services and a strong competitive edge that can make LINE GAMES an attention-grabbing company.”
LINE GAMES Corporation Overview
Location: 2F, Sinnonhyeon Tower, 479 Gangnam-daero, Seocho-gu, Seoul, South Korea
CEO: Min Kyu Kim (NextFloor CEO)
Established: June 14, 2017
Capital: KRW800 million (approximately $701,000)
Main business: Game development and operations for global markets
NextFloor Corporation Overview
Location: 5-10F, Sinnonhyeon Tower, 479 Gangnam-daero, Seocho-gu, Seoul, South Korea
Representative: Min Kyu Kim
Main Business: Development of mobile and console game software, as well as domestic and international game publishing
Capital: KRW54 million (as of December 31, 2016)
NextFloor Major Achievements
Major hit game released in Korea in October 2016. Topped the Korean App Store and Google Play Store for 50 days, exceeding 1.5 million total downloads (as of February 28, 2017).
NextFloor’s defining flight shooting game. Has achieved over 24 million total downloads (as of January 31, 2017).