[게임사 X-ray] 매출 63% 뮤…수익 구조 한계 직면 | 웹젠③

Webzen faces a structural crisis as its revenue remains dangerously dependent on legacy IP like MU, which accounts for 63% of its earnings despite recent new releases. The company's expansion strategy via external publishing is also under threat due to legal disputes, raising concerns about the sustainability of its shareholder return policies in the absence of a new definitive growth engine.