The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Family of 5 found dead in 3 separate locations

  • 3

    All-Korean showdowns set up on 1st day of medal race

  • 5

    INTERVIEWYim Si-wan went extra mile to portray legendary athlete in 'Road to Boston'

  • 7

    Bears of Joseon part 1: Fanciful tales and deadly claws

  • 9

    Samsung, SK relieved by revised chip restrictions on China

  • 11

    Exhibition for soldiers highlights North Korea's human rights abuses

  • 13

    Seoul, Beijing try to mend fences as Russia and N. Korea grow closer

  • 15

    PM departs for China for Asian Games, meeting with Xi

  • 17

    Top diplomats of Korea, Iran discuss bilateral ties following frozen funds transfer

  • 19

    Hangzhou Asian Games open after COVID-enforced delay

  • 2

    Xi says he will seriously consider visit to South Korea: official

  • 4

    Understanding Korean Modernization

  • 6

    Opposition party leader ends 24-day hunger strike for treatment

  • 8

    Sil-A overcomes stage fright, and them some

  • 10

    S. Korea to stage massive military parade as tensions with North remain high

  • 12

    US finalizes national security 'guardrails' for CHIPS funding

  • 14

    China's 'batwoman' scientist warns another coronavirus outbreak is 'highly likely'

  • 16

    Historic NASA asteroid mission set for perilous return

  • 18

    Allies vow stern measures against Russia-NK arms deal

  • 20

    League of Legends, other esports join Asian Games in competition for first time

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Mon, September 25, 2023 | 19:51
Business
NCsoft to Downsize Austin Studio
Posted : 2008-02-18 16:51
Updated : 2008-02-18 16:51
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Cho Jin-seo
Staff Reporter

Online game giant NCsoft is to restructure its U.S. game studio in Austin, Texas, which has inflicted a massive loss to the parent company by failing in a six-year blockbuster project.

The company's chief financial officer Lee Jae-ho said last week that it was inevitable to reduce staff levels at the Texas subsidiary as the ``Tabula Rasa'' game has proven to be a financial disaster. Lee, however, said the project's leaders will keep their positions.

The damage control plan was announced after the company saw only 5 billion won of revenue from the game, which is believed to have cost the firm more than 100 billion won, one of the most distressing investments in the history of the Korean game industry. NCsoft's stock price plummeted to 38,600 won on Monday, the lowest in its history.

``Because of this disappointing result, some downsizing in Austin is inevitable,'' Lee said in a conference call with investors last Thursday. ``We are going to revamp our Austin development organization.''

The company's public relations office said that it has not been decided yet how many workers at the Austin office will be fired. ``We need enough of a workforce to provide maintenance for `Tabula Rasa,''' a spokeswoman said Monday. She said from now on new games will be developed at the corporate level, not as an individual project of the Austin studio.

NCsoft set up the Austin studio in 2002 and gave its project to famous American online game developer Richard Garriott and his brother Robert Garriott. The Garriott brothers received stocks worth 14 billion won each for the job. At its peak, the Austin subsidiary once had some 300 employees, making it the largest foreign operation of a Korean IT company.

The Texas operation didn't go smoothly. Richard Garriott restarted the ``Tabula Rasa'' project more than twice, devouring NCsoft's money earned from Korea and elsewhere. The final product was launched last fall in the United States, but the result was far from satisfying. The company reported a revenue of mere 5 billion won from the game last year and projected it will earn 15 billion won this year. Though the company didn't reveal how much it actually spent, industry watchers estimate the total cost will be more than 100 billion won.

``This could be a disappointing amount to our investors and even to myself,'' Lee said. ``Half a year ago I communicated with investors and analysts we had very high expectations for `Tabula Rasa.' After six months, I just put down 15 billion won as an annual revenue target and that's very disappointing. But I should admit that the actual result of `Tabula Rasa' has been disappointing.

``If you talk about our development cost we spent in the past several years, probably we are not making any money from this `Tabula Rasa' project. That should be the reality.''

NCsoft already replaced Robert Garriott from the chief position of the U.S. operation with Chris Chung, and the former is now ``free from day-to-day operations,'' Lee said. The company spokeswoman said Richard Garriott, the genius that NCsoft has counted on, will work to improve the ``Tabula Rasa'' service. Garriott is also on his personal mission to be a space tourist this year, being trained at a Russian space center from last month.

indizio@koreatimes.co.kr
 
miguel
wooribank
Top 10 Stories
1Samsung, SK relieved by revised chip restrictions on China Samsung, SK relieved by revised chip restrictions on China
2S. Korea to stage massive military parade as tensions with North remain high S. Korea to stage massive military parade as tensions with North remain high
3Seoul, Beijing try to mend fences as Russia and N. Korea grow closer Seoul, Beijing try to mend fences as Russia and N. Korea grow closer
4Patients, doctors at loggerheads as operating room CCTV footage made mandatory Patients, doctors at loggerheads as operating room CCTV footage made mandatory
5Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation
6Mirae Asset Global Investments' AUM reaches $219 bil. Mirae Asset Global Investments' AUM reaches $219 bil.
7Lee Jae-myung's possible arrest looms over main opposition party Lee Jae-myung's possible arrest looms over main opposition party
8Bears of Joseon part 2: Behind bars Bears of Joseon part 2: Behind bars
9LG Chem to build LFP cathode plant with Huayou in Morocco LG Chem to build LFP cathode plant with Huayou in Morocco
10Low growth becomes new normal for Korean economy Low growth becomes new normal for Korean economy
Top 5 Entertainment News
1[INTERVIEW] Yim Si-wan went extra mile to portray legendary athlete in 'Road to Boston' INTERVIEWYim Si-wan went extra mile to portray legendary athlete in 'Road to Boston'
2TEMPEST gears up to showcase fiery passion TEMPEST gears up to showcase fiery passion
3BTS' Jungkook to drop 2nd solo single '3D' BTS' Jungkook to drop 2nd solo single '3D'
4K-pop group Kingdom recalls album cover resembling QuranK-pop group Kingdom recalls album cover resembling Quran
5Cho Seong-jin celebrates 140-year ties between Korea, UK Cho Seong-jin celebrates 140-year ties between Korea, UK
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group