EVR STUDIO
EVR Studio was a Seoul-based game development studio founded in 2016 that built VR/Metaverse content and the unreleased console stealth-action game Mudang: Two Hearts before being declared bankrupt in June 2025.
- Company typePrivate
- Founded2016
- HeadquartersSeoul, South Korea
- Headcount51–100
- GTM typeB2C
- OfferingSoftware
EVR STUDIO firmographics
Firmographics- Name
- EVR STUDIO
- Legal name
- EVR Studio
- Website
- https://evrstudio.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Closed
- Headcount range
- 51–100 employees
- Short description
- EVR Studio was a Seoul-based game development studio founded in 2016 that built VR/Metaverse content and the unreleased console stealth-action game Mudang: Two Hearts before being declared bankrupt in June 2025.
- Ownership category
- akta.pro rank
EVR STUDIO industry classification
Industry- Product category
- Console Game Development
- akta.pro primary industry
- AAA & Premium Game Studios (PC/Console) (MPAFAAAA)
- akta.pro secondary industry
- VR/AR/XR Game Studios (MPAFAAAE)
Keywords
Where EVR STUDIO is headquartered
LocationHeadquarters
- HQ city
- Seoul
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
EVR STUDIO business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Distribution channels1 record
Marketing channels1 record
EVR STUDIO product offering
Product offeringCore offering
EVR Studio was a South Korea-based digital content development studio that created console video games, XR/VR content, digital humans, and metaverse experiences. Its flagship project was "Mudang: Two Hearts," a stealth-action console game revealed at Xbox's summer showcase. The studio additionally produced VR museum exhibits and metaverse content prior to pivoting to console development.
Differentiator
Problem solved
Functional benefit
Products and services
- Mudang: Two Hearts
Companies that use EVR STUDIO
Customer profileSegments1 record
Ideal customer profiles2 records
EVR STUDIO technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
EVR STUDIO partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Xbox / MicrosoftcoreEVR Studio's game Mudang: Two Hearts was revealed at Xbox's summer showcase, positioning the studio as a Korean developer with international platform support. The game was marketed as a 2026 release through Xbox platforms.
Scale indicators2 records
EVR STUDIO competitors and assessment
Company assessmentDirect peers
- Webzen: Korean game developer and publisher (MU Online, etc.) with console and online operations. Comparable Korean studio with multi-platform ambitions and external investor base.
- Shift Up: Seoul-based game studio that developed Stellar Blade, a premium console exclusive for PS5. Closest Korean analog to EVR Studio: a Korea-headquartered studio that ships premium single-player console titles for global platform holders, validating the Korean-to-console pipeline that EVR was pursuing.
- Pearl Abyss: South Korean studio behind Black Desert Online, with established console releases on PS4/Xbox. Directly comparable as a Seoul-headquartered developer investing in premium console and cross-platform production for global audiences.
- Smilegate: Korean developer/publisher of CrossFire and various console/mobile titles. Directly comparable Korean game studio developing premium multiplayer and action content for global platforms.
- Neowiz: Korean game company with console and PC publishing operations (e.g., Lies of P through Round 8 Studio). Comparable Korean publisher-developer hybrid shipping premium console titles globally.
- Com2uS: Korean game developer with portfolio spanning mobile, PC, and console titles (e.g., Summoners War). Comparable Korean studio pursuing premium content production for global distribution.
Broad incumbents
- Kakao Games: Publishing arm of Kakao, investing in and publishing Korean-developed games globally. Notably one of EVR Studio's prior investors' ecosystem peers and a logical acquirer of distressed Korean game IP.
- NCSoft: Major Korean game publisher (Lineage, Throne and Liberty) with console and mobile output. Relevant as a broad Korean incumbent with the capital base and platform relationships that EVR Studio would have needed to scale and ship Mudang.
- Nexon: Korea/Japan-based global publisher with console and online titles (Dungeon & Fighter, The First Descendant). Comparable as a large Korean-anchored incumbent that acquires and scales development studios for premium platform releases.
- Krafton: Korean game publisher behind PUBG and The Callisto Protocol, operating broadly across PC, console, and mobile. Comparable as a larger incumbent that funds and ships premium console titles from Korean development teams.
Market position
Customer concentration
EVR STUDIO social profiles
Digital presenceEVR STUDIO financial estimates
Financial estimateRevenue estimate
Valuation estimate
EVR STUDIO leadership team
Management profileNumber of profiles
Profiles3 records
EVR STUDIO funding detail
Funding detailFunding overview
Funding rounds5 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EVR STUDIO M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EVR STUDIO
What does EVR STUDIO do?
EVR Studio was a South Korea-based digital content development studio that created console video games, XR/VR content, digital humans, and metaverse experiences. Its flagship project was "Mudang: Two Hearts," a stealth-action console game revealed at Xbox's summer showcase. The studio additionally produced VR museum exhibits and metaverse content prior to pivoting to console development.
Is EVR STUDIO a public or private company?
EVR STUDIO is a private company. It is classified as venture growth investor backed and is currently closed.
When was EVR STUDIO founded?
EVR STUDIO was founded in 2016. It employs 51 to 100 people.
Where is EVR STUDIO based?
EVR STUDIO is headquartered in Seoul, South Korea, in the Asia region.
Who are EVR STUDIO's main competitors?
Direct peers on record are Webzen, Shift Up, Pearl Abyss, Smilegate, Neowiz and Com2uS. Broad incumbents are Kakao Games, NCSoft, Nexon and Krafton.
Does EVR STUDIO have an API?
No public API is recorded for EVR STUDIO.
What industry is EVR STUDIO in?
EVR STUDIO's product category is Console Game Development. Its primary akta.pro industry code is MPAFAAAA, AAA & Premium Game Studios (PC/Console), with a secondary code of MPAFAAAE, VR/AR/XR Game Studios.