South Korean publisher Neowiz published its Q1 2026 financial report, sharing ambitious plans for the future. After examining this document, I evaluated the true scale of upcoming projects from ROUND8 Studio, whose team has officially shifted the Lies of P sequel into active production. Alongside the direct follow-up to the 2023 dark action RPG, the development group under director Ji-won Choi is working on two more unannounced role-playing titles. To me, this announcement offers strong validation that the company intends to seriously cement its position in the PC and console market. In this piece, we will break down the specific details surrounding the sequel’s production, examine Projects Rubicon and Windi, and look at Neowiz’s publishing agreements with external studios.
Lies of P Sequel and the Shift to Vertical Slice Stage
In Neowiz’s Q1 2026 financial report, the company highlighted that lifetime sales of the original Lies of P have surpassed 3 million copies globally, solidifying its status as a major franchise. ROUND8 Studio officially completed the initial prototyping phase for the sequel and transitioned into the vertical slice stage. At this step, the development team is building a fully functional internal slice that demonstrates the core combat mechanics, environmental design, and distinct visual identity. This internal build acts as a proof of concept, ensuring that the foundational gameplay loop feels satisfying before full-scale asset production begins.
Game director Ji-won Choi firmly remains at the helm to maintain the high quality standard and grim atmosphere established by the original dark fairy tale. Studying the release calendars and tracking new upcoming game releases on industry portals, I have frequently noticed a noticeable shortage of distinct, story-driven single-player action titles. For this reason, moving the Pinocchio sequel into active production feels like a highly logical step following the undeniable commercial success of the base game and its Overture expansion. The studio clearly understands its audience and is doubling down on the formula that worked best.
Publisher Neowiz has not yet disclosed the exact title, targeted hardware platforms, or even a tentative release window for the project. However, strong financial metrics from the first three months of 2026, including a total quarterly revenue of 101.4 billion won, grant the team the financial stability to take its time without rushing any premature announcements. In my view, we will likely only see initial teasers or visual assets once the developers fully polish the core gameplay mechanics and are completely confident in their vision. Until then, players can rest easy knowing the sequel is in active development without the pressure of strict corporate deadlines.
Narrative RPG Codenamed Project Rubicon
The second project in the South Korean publisher’s pipeline carries the working title Project Rubicon. According to Neowiz’s official documentation, this game is being built from the ground up for PC and consoles as a story-focused narrative RPG. ROUND8 Studio has recruited well-known scenario writer Seung-ho Jin-who previously led narrative-driven titles like Buried Stars and the Panic Room series-to spearhead this project. Bringing in a narrative specialist of his caliber underlines the studio’s ambition to craft an emotionally resonant experience that prioritizes player agency and deep world-building over generic open-world tropes.
In my opinion, betting on deep narrative design makes complete sense given the rapidly rising production costs associated with modern AAA graphics. Industry journalists at Wccftech noted that executive leadership considers storytelling to be a core competency for the studio’s future strategy. During recent investor Q&A sessions, Neowiz representatives explicitly stated that a strong, memorable narrative retains player engagement far more effectively than simply expanding environment scale or filling maps with repetitive fetch quests. This design philosophy aligns perfectly with what modern RPG enthusiasts are actively seeking in single-player experiences.
Developers at ROUND8 Studio have already moved Project Rubicon into the vertical slice stage alongside the Lies of P sequel, proving that the core story framework is already taking concrete shape. Additionally, director Kay Lee, who brings extensive scenario-writing and game design experience, has joined the project leadership. From my perspective, uniting these narrative veterans signals a clear desire to build a complex, multi-layered storyline packed with meaningful choices and well-crafted dialogue branches that genuinely impact the world around the player.
Second Souls-like Project Windi and Prototyping
The third internal title from the South Korean company is an unannounced action RPG codenamed Project Windi. Based on reporting from TechPowerUp, this title is envisioned as another dark Souls-like project for PC and consoles. At present, the game remains in early prototyping, meaning the team is actively refining core gameplay mechanics.
Concurrently, new job listings on the Neowiz careers portal reveal openings for generative AI specialists within ROUND8 Studio. The company aims to optimize art production pipelines to speed up internal workflows. To me, relying on AI art tools carries obvious risks, but it reflects the studio’s push to improve overall development efficiency.
Looking closely at the report data, I noticed that Project Windi is at an earlier stage than Project Rubicon. Nevertheless, maintaining two separate Souls-like projects in development proves Neowiz’s confidence in the genre. In my view, the studio is actively building its own dedicated niche, positioning itself to compete with industry benchmarks set by FromSoftware.
Publishing Projects with Wolfeye Studios and Zakazane Studio
Beyond internal development, publisher Neowiz is actively investing in external independent studios. The Q1 2026 presentation highlighted an ongoing partnership with Wolfeye Studios, headed by Raphaël Colantonio. The French team is crafting a first-person retro sci-fi RPG for PC and consoles.
The second external project is a noir western CRPG from Polish developer Zakazane Studio. Development is led by Jakub Rokosz, who previously worked on The Witcher 3 at CD Projekt Red. I believe partnering with industry veterans allows Neowiz to build a strong portfolio without artificially inflating its internal headcount.
Both third-party projects have already cleared prototyping and are currently in full production. PC and console segment revenue at Neowiz reached 39.5 billion won for the first three months of 2026. In my opinion, these figures confirm that diversifying across multiple gaming genres is paying off.
Conclusion
The release of Neowiz’s Q1 2026 financial report clearly proves that the initial success of Lies of P was far from a fluke. The company is actively assembling an ambitious pipeline of six major projects, thoughtfully balancing its own internal Souls-like titles with strategic external RPG partnerships. In my view, ROUND8 Studio’s focused commitment to strong storytelling and refined game design will position both the Lies of P sequel and Project Rubicon for long-term critical and commercial success, establishing the publisher as a true heavyweight in the global action-RPG space.
