Changing names latest trend for game companies

An increasing number of game companies are deciding to change their names in efforts to become more comprehensive content creators and expand their presence in the global market, company officials said Tuesday.

The move is apparently aimed at making up for their weakening profits in their top income source — games.

The nation’s game industry has slowed due to toughening regulations and cut-throat competition in addition to difficulty in exporting games to China, the world’s biggest game market.

NHN Entertainment, an online game and services provider, plans to change its name to NHN during a general meeting of stockholders scheduled for March. Once the meeting approves the motion, the firm will officially use the new name, which excludes “entertainment,” in April.

“The change of the company name is to make a new leap forward as an IT company,” an official from NHN Entertainment said.

The company has already begun efforts to diversify its business and services. In 2015, it entered the fintech market by launching mobile payment service Payco, which covers online shopping malls as well as offline outlets and public transportation.

The firm is also offering music streaming service Bugs and cloud computing service TOAST Cloud.

Another game firm, Wemade Entertainment, is also moving to exclude the word “entertainment” from its company name.

A company official said the motion to change the firm’s name to Wemade is expected to be approved at a general meeting of stockholders scheduled for March.

“We are seeking to move away from an image as a company limited to the entertainment business,” an official from Wemade Entertainment said.