🧠 Food for thought

Implications, context, and why it matters.

NCSOFT’s valuation implies Indygo and Lihuhu make $40–50 million a year

• NCSOFT paid 153.4 billion South Korean won for 67% of Indygo Group, which implies a total value near 229 billion won or about $155 million. Using a 3–4x revenue multiple common in mobile deals, the business could bring in roughly $40–50 million a year. The financials remain undisclosed.
• In-app advertising grew 13.7% in 2024 to €4.7 billion, and the European mobile gaming market is projected at $13.95 billion in 2025 1. Puzzle and simulation lead across ages 1.
• Singapore’s Accounting and Corporate Regulatory Authority runs BizFile, a corporate filings portal. Filings can include statements, shareholders, and officers 2. These can help gauge Indygo Group’s scale and profit, subject to filing status or entity type 2.

Deal teams can map European casual studios likely on NCSOFT’s shortlist

• NCSOFT’s push to buy European casual studios sets a clear M&A path that deal teams, investors, and vendors can use. Rank Europe-based puzzle and simulation developers, then contact targets for partnerships, investments, or vendor work before bids land.
• The European Union (EU) has about 5,300 game studios 1. Hubs include Sweden and Finland. Poland, France, and Germany also stand out. Homa, Hungry Studio, and Supercent saw breakout wins in 2024–2025. Block Blast!, a puzzle title, reached roughly 1.4–1.5 million weekly downloads in Europe in Q1 2024 3.
• Ad tech, analytics, and outsourcing suppliers can ride this wave. Teams often lift spend on infrastructure and growth tools after an acquisition. Start building ties with likely targets now.