Seoul, South Korea-based mobile game publisher Gamevil said this week that annual sales rose to historical levels thanks to further expansion on Apple's App Store and the Google Android Market.
The company said total sales for 2010 rose 17 percent to 28.5 billion KRW ($25.4 million) over 2009, with 47 percent of those sales coming from virtual goods. Profits were 14.8 billion KRW ($13.2 million), a 25 percent year-on-year increase.
The publisher, founded in 2000, claimed to be the first Korean mobile game company to surpass 10 billion KRW ($8.9 million) in profits in 2009, when it posted profits
of 11.8 billion KRW ($10.5 million) for the year.
Gamevil attributed the favorable 2010 results to strong sales of established franchises such as Baseball Superstars
and the RPG series Zenonia
, and new titles including Soccer Superstars
The company released 11 games in 2010, and plans to more than double that amount this year, with a concentration on social and smartphone gaming and an expansion of external publishing activity. Gamevil has locations in South Korea and Los Angeles.
Gamevil CFO Yong Kuk Lee said in a statement, "Many changes are expected in devices, networks and business models in 2011. By facing them head on, we strive to grow in both scope and revenue as a global mobile gaming company."