Online games are a representative form of cultural content in which Korea, as the originator of the industry, possesses international competitiveness, and Korean online game companies are leading the global market through active internationalization. This study focuses on the fact that Korean online game companies pursue internationalization strategies based on foreign direct investment (FDI) as "publishers," and aims to compare their internationalization approaches with existing internationalization theories and analyze the success factors. An analysis of seven Korean online game publishers that entered the Japanese market revealed that, based on superior development capabilities and operational know-how, they were able to achieve successful market performance through: building dynamic capabilities via learning at the market entry stage; establishing revenue models through vertical integration of value activities at the business building stage; and local adaptation of the marketing mix at the business operation stage. The results of this study suggest that, alongside the characteristics of "Born-Global" firms in cultural content companies including online games, there is potential for active FDI approaches through the integration of value activities, beyond just exports or licensing, as a mode of internationalization.