It has done so by signing a joint venture with LongTu Korea, a South Korean publicly-listed company that handles web and mobile gaming research and development as well as game management operations.
The said agreement will see Lantu Games Limited formed in Hong Kong, China with a tentative US$20 million capital, equally split between LINE Corporation and LongTu Korea.
Led by LongTu Korea President and CEO Shenghui Yang, the new company will plan, develop and distribute smartphone games ‘competitive on a global level’, similar to LongTu Korea’s hit title Dao Ta Chuan Qi, which had garnered more than 80 million downloads. LINE will chip in with its 560 million user base (as of October 2014) as well as its experience in publishing games.
According to Games Industry, LINE hit US$70 million in gaming revenue in the last quarter of 2013.
This is not LongTu’s first partnership to help firms with establishing a presence in various markets. Earlier in April, it formed a ‘strategic deal’ with US-based gaming firm Kabam to launch Marvel: Contest of Champions, and also to see if Chinese gamers will be receptive to content from the latter’s home market of America.