Lies of P Success Drove Record 62% Profit Growth Year-on-Year

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Abdullah Waseem

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Lies of P was a pleasant surprise amid the Souls-like genre’s growth last year. Neowiz Games and Round8 Studios’ work on the release earned it the title of the best Souls-like of 2023 and even led to work on a sequel based on Unreal Engine 5.

This success has motivated the company to explore single-player games further.

Why it matters: Lies of P did a wonderful job of handling the Souls-like genre and went toe to toe with the best in the industry. Therefore, the team’s future ambitions hold a lot of promise.

Neowiz FY23 Earnings

Revenue: $274.0m +24% YoY
Operating Profit: $23.8m +62% YoY

– Q4 Console/PC revenue +96% YoY due to strong Lies of P sales
– Expanding "single-play" PC/console line-up & developing games based on strong storylines
– Lies of P DLC slated for FY2024 release pic.twitter.com/oZ9OV4tBIt

— MauroNL (@MauroNL3) February 21, 2024

Based on Neowiz Games’ FY23 earnings, the company plans to launch more single-player games for both consoles and PCs. They want to focus on games with strong storylines. The unique twist they had for Pinocchio’s story gives us faith they’re well up for the job.

Moreover, the financial report has revealed the release window for the much-anticipated Lies of P DLC. Though we still don’t have a solid date, it is slated for an FY24 launch.

Lies of P helped Neowiz generate record profits last year. Their revenue went up by 24%, and Q4 console/PC revenue grew by a massive 96%. The operating profits also increased significantly, which could help the studio invest a lot more in their next game.

Overall, operating profits went up by 62% year-on-year.

It remains to be seen whether Neowiz Games will target more games in the same genre.

Lies of P shows that there is still a lot of room for growth, but with this game already turning into a major franchise, the publisher might look elsewhere to explore other ideas.

Nonetheless, the upcoming DLC launch for Lies of P will be another important moment for Neowiz Games. If the recent financials are anything to go by, this game will continue to be a major asset for the publisher throughout the year.

Abdullah Waseem

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