[Korean Startup Interview] Modeul Studio “Developing Third-generation SNG, to Global Top-tier Game Company”

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Social Network Games (SNG) operate based on Social Network Services (SNS). With the rise of smartphones and rapid growth of SNS, the SNG market also expanded. The gaming industry, which initially introduced SNGs, continues to launch new games and has established its place within the gaming sectors.

South Korean game startup, Modeul Studio, is in the process of developing a new game called the third generation of SNG. Building on the steady popularity of the first and second generation SNGs, they aim to capture the demand for new SNGs. They plan to entice gamers with the enhanced social communication features of the third-generation SNGs, especially unique visuals and captivating content.

Modeul Studio, which translates to “everyone gather” in Jeju dialect, was founded on the motto “Together, we prosper”. The studio, made up of veterans with over 20 years in the gaming industry, is currently working on a puzzle game called ‘Merge Brothers’ and prototyping for the third-generation SNG ‘Wild Reds’. They have already secured seed funding of 430 million KRW, thanks to their strong team dynamics, and have been selected for the commercialization support project by the Gyeonggi Content Agency and as an incubated company at the Gyeonggi Global Game Center, receiving various benefits. They were also selected for the KOCCA New Growth Game Content Creation Support project this year.

Modeul Studio’s CEO, Koo Bon-seok, explained the reason for producing SNG content, saying, “SNG is a genre that has flavored an era. I was shocked by the fact that 100 million users played the game simultaneously. Although it’s now a forgotten term, the genre still holds a spot within the top 10 in North America. I believe the market is still demanding, with even more emphasis on social networking. We are in the midst of producing a game that enhances this.”

Koo Bon-seok continued, “We aim to receive investment for our vision project. ‘Merge Brothers’, set to launch in November, will play the role of a cash cow. Created with the goal of ‘making a game enjoyed for more than 3 years’, ‘Merge Brothers’ was quickly developed as a pilot project and seems to be able to cover some operating costs. However, we aim to secure an investment of 2 billion KRW by the end of the year for the full-scale project.”

Regarding investment attraction, Koo Bon-seok stated, “We are a team guaranteed for success. We’ve achieved various business results globally over the past decade. We understand the meta of games and have a global success strategy through data analysis. With over 20 years of experience, our team has cohesive strength for success. We aim to become a top-tier global producer based on this.”

Targeting 3rd Generation SNG in Global Mobile Casual Games, Modeul Studio aims for the global mobile casual gaming sector, specifically targeting the third-generation SNG. This genre, which best depicts human communication needs, has a long Product Life Cycle (PLC) and high Lifetime Value (LTV).

After Zynga’s ‘Farm Ville’ demonstrated the results of the first-generation SNG, the next generation, which minimized social features, has been sustained for over a decade with games like Playrix’s ‘Township’ still ranking in the US sales top 10. The market demand for a new SNG is ripe, and by introducing a third-generation SNG emphasizing social interaction, we are confident in achieving significant success in the global market.

Team Strength with Over 20 Years of Experience

Modeul Studio boasts a team with over 20 years of casual game development and business experience. They have produced results in the global market several times and now aim to become a global top-tier developer based on this experience.

Upcoming Puzzle Game ‘Merge Brothers’

The studio is currently developing a puzzle genre game called ‘Merge Brothers’ as a pilot project and is in the prototyping phase for the third-generation SNG ‘Wild Reds’. The first project was chosen because it requires a shorter development period and the team decided on the trending merge genre, with a release set for soon.

Balanced Business Model Targeting North America and Europe

We are targeting the global market, with the first game ‘Merge Brothers’ focusing on North America and Europe. The overall mobile gaming market was $109.5B in 2022. The size of the merge genre, the target of the first work, was $500M in 2022 with 100 million downloads. The casual mobile game market, which includes SNG, is worth $17B, with the US accounting for 43% ($7.4B).

Achievements Based on Team Strength

In November 2022, the team received seed investment from industry leaders, recognizing their team’s strengths. In April 2023, their first title ‘Merge Conquer’ was selected for the New Growth Game Content Creation Support Project supported by KOCCA.

They are also receiving marketing cost support from the Gyeonggi Content Promotion Institute’s commercialization support project and enjoying various benefits as an incubated company at the Gyeonggi Global Game Center. Recently, they secured a partnership with NineTap for UA investment, solidifying their strong marketing partnership for post-launch.

Why We Need Investment

A Team Equipped for Global Success: Based on years of global service and accumulated know-how, they know the path to survival and growth. With various technical skills for game development and data-driven global service strategies, industry leaders think of seed investment for their team without hesitation.

A Team that Creates Impactful and Surprising Games: The team is filled with fun, creative ideas. Their focus on social games is due to the joy and emotion of communicating and interacting with each other.

A Team with Veterans Who’ve Seen Success and Failure: The team includes four members who’ve had experience as heads of game development companies. They’ve experienced big successes and the pain of shutdowns, but have come together under the belief that “Together, we prosper.”

[Korean Startup Interview]

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[Korean Startup Interview] Modeul Studio “Developing Third-generation SNG, to Global Top-tier Game Company”

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[Korean Startup Interview] Modeul Studio “Developing Third-generation SNG, to Global Top-tier Game Company”