Kabam to Open Seoul Office to Strengthen Presence in Korea
Company to run live operations and localization dedicated to Korean games market
SEOUL, South Korea--(BUSINESS WIRE)--Kabam, the leader in the western world for free-to-play games for traditional players, today announced its continued international expansion with an office opening in April in the Sinsa-dong district of Seoul.
“Korea is a major center for Kabam’s global expansion”
Kabam’s Seoul office will provide live operations, localization, quality assurance, marketing, and player experience services dedicated to the Korean market. The new office will be located on the top floor of the Horim Art Center in the Sinsa-dong district of the city. The roughly 5,000 square foot office on the 15th floor will initially house 11 Kabam employees.
“Korea is a major center for Kabam’s global expansion,” said Kevin Chou, Kabam co-founder and CEO. “The Seoul office will help Kabam deliver our world-class games and service to this thriving market.”
Kabam has had a presence in Korea since 2013, but with the country playing an increasingly important part in Kabam’s distribution of its hit first party games into the Korean market, the company is bolstering its presence in the South Korean capital. Kabam also is stepping up its presence in Asian markets to attract third party developers to partner with Kabam in distributing their popular games to western markets. Until Kabam opens its new Seoul office in April, Kabam staff is working in a temporary office in the Samsung Trade Tower.
Kabam has experienced massive growth since its founding four years ago. The company now has more than 750 employees in offices throughout North America, Europe and Asia. Kabam generated more than $360 million in revenue in 2013, a 100 percent growth over 2012. Developing and deepening ties within Asia will be a major component of Kabam’s growth in 2014 and beyond.
Already, the $50 million Kabam WorldWide Developer Fund enables third-party game developers in China, Japan and South Korea to take advantage of Kabam’s industry-leading monetization and marketing expertise to expand their games to North American and European markets. In less than a year of announcing the Fund, Kabam has secured partnerships with 23 developers, producing 30 titles. These games span six genres and are currently played by Kabam customers in 90 countries. Kabam will have invested the entirety of the Developer Fund by mid-2014 and, as a result, expects to generate $175 million to $200 million in revenues from published third party titles this year.
Kabam is the leader in the western world for free-to-play games for traditional players with first and third party published titles available on mobile devices via the Apple App Store, Google Play, Amazon Appstore, and on the Web via Facebook, Yahoo!, Kabam.com and other platforms. Kabam is the fastest growing Internet media company in the San Francisco Bay Area and the 17th fastest growing company overall in the U.S., according to Deloitte LLP. Kabam's 2013 revenues exceeded $360 million, a 100 percent increase over 2012. The company is profitable and cash-flow positive, and has created four titles that have grossed more than $100M each in their life. Kabam's Kingdoms of Camelot franchise has grossed more than $250 million in less than four years, making it one of the top 10 strategy franchises of all time. In 2012, Kabam Publishing was launched to provide third-party developers access to Kabam's technology platform, distribution channels, data analytics and best practices that Kabam's in-house development teams use to bring wildly successful games to players worldwide. Kabam has approximately 750 employees around the world, with corporate headquarters in San Francisco. The company's investors include Google, Warner Brothers, MGM, Intel, Canaan Partners, Redpoint Ventures, Pinnacle Ventures and others. More information about Kabam can be found at www.kabam.com.