How a failed internet utility company pivoted to become a global gaming powerhouse
In short: Neowiz began in 1997 as a struggling internet service provider, nearly collapsing when broadband made its flagship software obsolete. By reinventing itself through virtual fashion, online gaming portals, and eventually high-end console titles like Lies of P, the firm transformed from a niche utility provider into a major intellectual property developer.
Founded in 1997 by eight friends who met at the Korea Advanced Institute of Science and Technology, Neowiz initially struggled to find its footing. Its early venture, a service called LiveCAST, failed to gain enough subscribers. The company survived by providing technical development support to other internet providers, eventually launching OneClick in 1998 to simplify connectivity. While this tool brought initial fame, the rapid adoption of high-speed broadband by 2000 rendered the service largely redundant, causing its revenue contribution to plummet from 90% to under 12% in just two years.
Faced with this decline, Neowiz pivoted to social media with SayClub in 1999. When advertising revenue proved insufficient, the company introduced a pioneering monetization model in 2000: selling virtual clothing and accessories for user avatars. This digital fashion experiment generated over $330,000 in its first month. As the online community market matured, the company leveraged user feedback to pivot again, acquiring MCUBE in 2001 to integrate board games into its platform. This shift culminated in the 2003 launch of pmang, which quickly became Korea's most visited gaming portal.
The company underwent a significant structural reorganization in 2007, splitting into a holding company to separate its gaming, internet, and investment divisions. While the late 2010s saw a heavy focus on mobile titles, the company initiated another strategic shift around 2020. Co-CEO Kim Seungcheol identified the development of Lies of P as a critical turning point, signaling a move away from mobile-first strategies toward building major franchises for PC and home consoles. By 2024, these platforms accounted for over 80% of their output, marking the latest chapter in the company's history of constant adaptation.
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Sources
- Summary by Intellect · source: Neowiz
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