What Beyond Frames Entertainment does

Beyond Frames Entertainment AB is a Swedish publicly listed XR-focused game publisher and parent company headquartered on Södermalm in Stockholm. Founded in 2016 through Cortopia Studios and listed on Spotlight Stock Market in December 2018 at a pre-money valuation of approximately SEK 93.9M, the company operates a studio-umbrella model that combines wholly-owned and majority-owned development studios (Cortopia Studios, 51%-owned Zenz VR, plus Moon Mode and Odd Raven Studios) with publishing partnerships for independent VR/AR developers such as Combat Waffle Studios (Ghosts of Tabor), YetUnknown Games (Toy Monsters), Played With Fire (Mixture), Team Panoptes (Silhouette), and Castello Inc (ARK and ADE). The company serves global VR/AR/MR gaming consumers across all major XR platform storefronts.

The company's core technology centers on VR/AR/MR game development and multi-platform publishing rather than proprietary platform infrastructure. Its portfolio spans action, adventure, puzzle, survival horror, extraction, and competitive multiplayer genres, including Wands (International Mobile Gaming Awards "Best VR Game" 2016 and 2017), Down the Rabbit Hole, Ghosts of Tabor (extraction FPS; International VR Awards "Game of the Year" 2023; $20M gross revenue; 1M players; published in partnership with Combat Waffle Studios), GORN 2 (co-published with Devolver Digital, April 2025), Escaping Wonderland, Toy Monsters, Silent North, and the recently launched Teenage Mutant Ninja Turtles: Empire City (April 2026, $24.99 standard / $4.99 Digital Deluxe Edition). The leadership team includes veterans of DICE/EA, with Zenz VR led by Niklas Persson, co-founder of Codename Eagle (precursor to the Battlefield franchise).

Beyond Frames generates revenue primarily through one-time perpetual license sales of VR games distributed via third-party platform stores (Meta Quest, Steam VR, Pico, PlayStation VR, Viveport), with a publishing fee or revenue share from partner studios and direct revenue from wholly-owned studios. The company has raised approximately SEK 43M in equity (Init Invest 21M SEK 2017, ~10M SEK IPO 2018, 12M SEK 2020) plus SEK 25M in debt from Aros Kapital (April 2025) and USD 1M in external project funding (November 2025). In March 2026 the company announced a strategic reorganization targeting SEK 23-27M in annual cost savings, while signaling expansion beyond VR gaming into PC/console markets and smart-glasses software R&D.

Name

Beyond Frames Entertainment

Legal name

Beyond Frames Entertainment AB

Website

https://beyondframes.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Beyond Frames Entertainment is a Swedish publicly listed XR game publisher operating a studio-umbrella model that develops and distributes VR/AR/MR games across Meta Quest, Steam VR, Pico, and PlayStation VR for global gaming consumers.

Ownership category

akta.pro rank

Product category

VR Game Publishing

NAICS

Motion Picture and Video Industries (5121)

SIC

Services-Motion Picture & Video Tape Production (7812)

akta.pro primary industry

VR/AR/XR Game Studios (MPAFAAAE)

akta.pro secondary industry

VR/AR Gaming Platforms (BPAMAKAG)

Keywords

• VR game publishing
• XR game development
• Virtual reality games
• Game studio management
• Immersive entertainment

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. Game Sales and Publishing: Revenue generated through publishing VR, AR, and MR games across multiple platforms including Meta Quest, Steam VR, Pico, PlayStation VR, and other XR platforms. The company takes a publishing fee or revenue share from partner studios and generates direct revenue from wholly-owned studios like Cortopia Studios.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Beyond Frames Entertainment is a Swedish XR-focused publisher and parent company that develops, publishes, and distributes virtual reality, augmented reality, and mixed reality games. The company operates a portfolio of wholly-owned studios (Cortopia Studios) and partner studios (Zenz VR, Moon Mode, Odd Raven Studios), providing funding, game design support, marketing, PR, community management, and platform support. Games are distributed through major VR platforms including Meta Quest Store, Steam VR, Pico, PlayStation VR, and Viveport.

Product overview

Beyond Frames Entertainment is an XR-focused publisher and parent company operating a portfolio of game development studios. The company publishes and develops virtual reality (VR) games across multiple platforms including Meta Quest, Steam VR, Pico, and PlayStation VR. Their portfolio includes both wholly-owned studios like Cortopia Studios as well as published titles from partner studios. Key products span various VR game genres including action-adventure (Teenage Mutant Ninja Turtles: Empire City, Down The Rabbit Hole), survival horror (Silent North), extraction shooters (Ghosts of Tabor), gladiator combat (GORN 2), puzzle games (Silhouette, Escaping Wonderland), and multiplayer competitive games (Wands Alliances). The company is expanding beyond VR gaming into PC and console markets while increasing focus on smart-glasses software R&D.

Differentiator

Problem solved

Functional benefit

Brands

• Cortopia Studios: Wholly-owned VR game development studio known for Wands, Down the Rabbit Hole, and Escaping Wonderland franchises
• Zenz VR

Products and services

• GORN 2 A VR gladiator simulator sequel developed by Cortopia Studios and published by Devolver Digital, featuring improved VR combat with new weapons, traps, and power-ups across heavenly realms. Available on Meta Quest and SteamVR.
• Silent North A post-apocalyptic survival horror VR game set in an alpine landscape where resources are scarce and the infected roam freely. Available in early access on Meta Quest and SteamVR.
• Teenage Mutant Ninja Turtles: Empire City The first-ever Turtles VR game featuring story-based action adventure gameplay with single-player and co-operative multiplayer modes set in post-Shredder New York City. Available on Meta Quest, Steam VR, and Pico.
• Escaping Wonderland A VR adventure game featuring whimsical puzzle gameplay where players join Molly on a journey through the Alice in Wonderland universe. Exclusive to Meta Quest and Pico.
• Ghosts of Tabor An extraction-based VR FPS survival game combining PVP and PVE gameplay, inspired by games like Escape from Tarkov and DayZ, featuring scavenging, looting, and crafting. Reached $20M in gross revenue and 1 million players. Available on Meta Quest, SteamVR, and PlayStation VR.
• Toy Monsters A mixed-reality tabletop tower defense game with hand tracking and mixed reality passthrough, built from the ground up for mixed reality gameplay on Meta Quest.
• Outta Hand A VR platformer where players embody 'Hand-People' with the power to jump great heights and leap impossible lengths. Available on Meta Quest.
• ARK and ADE An action-jammed FPS shooter set in a neon-fused 80s arcade era setting with retro-futuristic levels and over-the-top bosses. Available on Meta Quest and SteamVR.
• Mixture A fantasy action-adventure dual character control game where players alternate between master alchemist Sephairos and exiled knight Sola. Available on Meta Quest.
• Silhouette A chill puzzle game using hand shadow silhouettes to help little creatures get to safety, playable without controllers on Meta Quest.
• Wands Alliances A 3v3 team-based multiplayer competitive VR game where players engage in fast-paced magic duels in Victorian London. Available on Meta Quest.
• Spacefolk City A casual city-building VR game set in space where players construct a floating city to escape a supernova. Available on Oculus/Meta Quest.
• Down The Rabbit Hole An Alice in Wonderland-inspired VR adventure game providing an immersive experience in a virtual Wonderland. Available on Meta Quest, Steam VR, and Viveport.

Quantifiable outcome

• Ghosts of Tabor generated $20M in gross revenue and reached 1 million players
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Cortopia StudioscoreStrategic or Co-development Partner · 30 April 2026Cortopia Studios is Beyond Frames Entertainment's wholly-owned subsidiary and primary development studio. Developed Wands (award-winning VR game), Down the Rabbit Hole, Escaping Wonderland, and Teenage Mutant Ninja Turtles: Empire City. Founded in 2016 with 14 employees led by CEO Andreas Skoglund (formerly at DICE and EA).
• YetUnknown GamesminorStrategic or Co-development Partner · 12 October 2023Beyond Frames entered into a publishing partnership with YetUnknown Games to develop and distribute Toy Monsters, a mixed reality and hand-tracking game for Meta Quest App Lab with intention to achieve Meta Quest Store launch.
• Zenz VRcoreStrategic or Co-development Partner · 22 December 2017Beyond Frames Entertainment acquired 51% of Zenz VR, led by CEO Niklas Persson (co-founder of Codename Eagle which became Battlefield). Zenz VR has released games including HordeZ, Xion, and X-Fire.
• Platform Partners (Meta/Oculus, Google, Samsung, Pico)coreStrategic or Co-development PartnerBeyond Frames maintains close relationships with major XR platform partners including Meta/Oculus, Google, Samsung, and Pico. Cortopia Studios' Wands has been a top-selling title at partner app stores and remains #1 in Samsung Gear VR store.
• Devolver DigitalcoreChannel Partner/ Reseller/ DistributorDevolver Digital is the publisher for GORN 2, developed by Cortopia Studios. GORN 2 is published by Devolver Digital and Beyond Frames Entertainment.
• Combat Waffle StudioscoreStrategic or Co-development PartnerBeyond Frames Entertainment publishes Combat Waffle Studios' Ghosts of Tabor, which reached $20M in gross revenue and 1 million players.
• Additional Partner StudiosminorStrategic or Co-development PartnerBeyond Frames has published games from multiple independent studios including Castello Inc (ARK and ADE), Played With Fire (Mixture), Team Panoptes (Silhouette), Sylphe Labs, and Capricia Productions.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Others

• Devolver Digital: Independent game publisher that co-publishes GORN 2 with Beyond Frames. Comparable as a publishing counterparty and indie game-publishing benchmark, though Devolver operates far more broadly across PC/console than a VR-only scope.

Direct peers

• Schell Games: US-based VR game developer (I Expect You To Die, Until You Fall) with both owned-IP publishing and external partnerships across Meta Quest, Steam VR, and PlayStation VR. Comparable in scope, portfolio diversity, and B2B-to-consumer VR publishing mix.
• Survios: Los Angeles-based VR game studio (Creed: Rise to Glory, Sprint Vector, Alien: Rogue Incursion) that both develops owned titles and publishes for external developers. Mirrors Beyond Frames' combination of premium-IP licensed projects and original VR franchises.
• Resolution Games: Stockholm-based VR game studio and publisher (Demeo, Angry Birds VR) operating an identical publishing-plus-studio model targeting the same Meta Quest and Steam VR storefronts as Beyond Frames. Most directly comparable peer given shared city, studio-umbrella approach, and multi-platform VR strategy.
• Vertigo Games: Dutch VR publisher behind Arizona Sunshine, After the Fall, and Metro Awakening. Operates a similar VR-first publishing model with third-party studios and is widely regarded as a leading independent VR publisher, making it a tight structural comparable to Beyond Frames.
• nDreams: UK-based VR game publisher and developer (Phantom: Covert Ops, Far Cry VR) with multiple internal studios and a publishing arm for external partners. Closely comparable in business model to Beyond Frames' Cortopia-plus-partner-studio structure.
• Owlchemy Labs: VR game developer behind Vacation Simulator and Job Simulator, now a Google/Alphabet-owned studio. Comparable as a multi-platform VR-first studio with strong platform relationships, though now backed by a larger parent.
• Fast Travel Games: Swedish VR-focused game publisher and developer (Wraith: The Oblivion - Afterlife, Cities VR). Same home geography and a near-identical publishing-plus-original-IP strategy targeting Meta Quest and PlayStation VR.
• Polyarc: Independent VR game studio behind Moss and Moss: Book II, an award-winning VR franchise. Comparable as a premium-IP VR developer with multi-platform (Meta Quest, Steam VR, PlayStation VR) distribution.

Emerging players

• Combat Waffle Studios: Developer of Ghosts of Tabor, Beyond Frames' largest commercial title. Closely intertwined commercially — listed here as an emerging peer studio whose roadmap materially shapes Beyond Frames' revenue trajectory rather than a direct publishing competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/beyondframesent
• YouTubeyoutube.com/channel/UC1fJerNaOoiBonxMvUmnB_A
• Facebookfacebook.com/beyondframesentertainment
• LinkedInlinkedin.com/company/beyond-frames-entertainment

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Beyond Frames Entertainment