Nexon turns Mintrocket into its wholly owned subsidiary to strengthen studio's "independent culture"

Nexon has clarified the situation around its subsidiary Mintrocket. The Dave the Diver developer will become a new legal entity within the South Korean publisher.

Dave the Diver

According to the official announcement, Nexon will establish Mintrocket as a corporation. This means the studio will become a wholly owned subsidiary of Nexon Korea despite previous reports about its independence.

Mintrocket head Jaeho Hwang will be appointed as the first CEO of the new entity. Hwang first joined Nexon in 2005 as associate localization manager, later moving to the company’s US division and becoming producer on free-to-play MMORPG Vindictus. He also worked at Nexon’s subsidiary Neople for 10 years, contributing to mobile titles like Evil Factory and After The End : Forsaken Destiny.

Hwang was game director on Dave The Diver, so he will continue to lead the team in his new role.

Nexon noted that the establishment of Mintrocket as a standalone company will strengthen the studio’s “independent culture with faster decision making and simplified business procedures.” The company also thinks this move will expand the Mintrocket brand globally.

The studio was initially established as Nexon’s sub-brand in 2022 to develop small-budget original games based on new IPs. This approach was a contrast to the company’s expertise in large-scale online titles like Dungeon & Fighter and MapleStory.

This is also in line with Nexon’s IP Growth Initiative, a business strategy focused on global expansion. The company plans to develop its core franchises and invest in new original products, while also bringing its brands to new platforms and markets through hyperlocalization.

As part of this strategy, Nexon expects to reach an annual revenue of ¥750 billion ($5.22 billion) in 2027, with an operating profit of ¥250 billion ($1.74 billion).