Winking Entertainment

What Winking Entertainment does

Winking Studios Limited (previously Winking Entertainment) is a Singapore-headquartered, dual-listed (LSE: WKS, SGX: WKS) game art outsourcing and full-cycle game development studio founded in 1997 in Taiwan. According to China Insights Consultancy, the company is the fourth-largest game art outsourcing provider globally and the third-largest in Asia by 2022 revenue, and serves 22 of the top 25 global game publishers, including Square Enix, Electronic Arts, Activision Blizzard, Ubisoft, Riot Games, Bungie, Amazon Games, Tencent Games, NetEase, Sega, Capcom, Sony Interactive Entertainment, and miHoYo. Following the January 2025 acquisition of Mineloader Studios, the combined workforce reached nearly 1,300 talents operating across nine studios in Kuala Lumpur, Shanghai, Nanjing, Suzhou, Taipei, Tokyo, and (via AMPERA) North America.

The company's service portfolio spans three core segments: Art Production (2D concept art, 3D modeling, and in-game animation, including proprietary pixel-art skeletal animation techniques developed for franchises such as Heroine Anthem and Dungeon & Fighter); Full-Cycle Game Development (programming, design, script writing across console, PC, and mobile); and Global Publishing & Others (release of in-house game IP and sale of peripheral products). Technical capabilities are anchored on Unreal Engine and Unity integration, with real-time and pre-rendering CG production extended via a March 2025 strategic partnership with Japan's Digital Media Lab (a Kaga Electronics subsidiary). GenMotion.AI is offered as an AI-augmented animation module. ISO 27001 certification (BSI, September 2021) underpins information security credentials required by global publishers.

Winking operates a B2B enterprise model, monetizing through project-based and milestone-based outsourcing contracts negotiated individually with publishers; pricing is not publicly disclosed. Distribution is via direct enterprise sales supported by business development teams in North America and the UK. Growth has been funded by a November 2023 SGX IPO and a November 2024 LSE IPO (the first Asian gaming company to list in the UK this century), with proceeds directed to a roll-up strategy that has delivered the acquisitions of On Point Creative (2024), Mineloader Studios (January 2025), and AMPERA (March 2026).

Name

Winking Entertainment

Legal name

Winking Studios Limited

Website

http://www.winkingworks.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Winking Studios is a Singapore-headquartered, dual-listed (LSE/SGX: WKS) game art outsourcing and full-cycle game development studio serving 22 of the top 25 global game publishers. It operates nine studios with a combined ~1,300-talent workforce and ranks as the world's fourth-largest game art outsourcing provider.

Ownership category

akta.pro rank

Product category

Game Art Outsourcing and Development Services

NAICS

Graphic Design Services (54143), Graphic Design Services (541430)

SIC

Services-Computer Programming Services (7371), Services-Mailing, Reproduction, Commercial Art & Photography (7330)

akta.pro primary industry

Co-Development, Porting & Remaster Studios (MPAFAAAM)

akta.pro secondary industry

Look Development, Shading & Lighting (Animation) (MPAHACAI)

Keywords

• Game art outsourcing
• 3D modeling services
• Full-cycle game development
• Digital art production
• Game publishing services

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Art Production / Outsourcing: Project-based art outsourcing services for global game publishers, providing 2D concept art, 3D modeling, and in-game animation under fixed-price or milestone-based contracts. This is the primary revenue driver, positioning Winking Studios as the fourth-largest game art outsourcing provider globally.
2. Full-Cycle Game Development: Programming, game development, design, and script writing services for game publishers, typically under project-based or co-development arrangements.
3. Game Publishing & Others: Release of game products on global game platforms and sale of peripheral gaming products, including in-house IP development such as the Heroine Anthem series.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Winking Studios provides end-to-end game art production and full-cycle game development services to global video game publishers. Core offerings include 2D Concept Art, 3D Modeling, In-Game Animation (with specialized pixel art and skeletal animation capabilities), full-cycle game development (programming, design, scriptwriting), and game publishing on global platforms. The company also offers GenMotion.AI, an AI-powered motion and animation service.

Product overview

Winking Studios (Winking Entertainment) is a global game art production and development studio providing an integrated three-segment service portfolio: Art Production (2D concept art, 3D modeling, and in-game animation), Full-Cycle Game Development (programming, design, and script writing services), and Global Publishing & Others (game release on global platforms and peripheral gaming products). The company also offers GenMotion.AI as an AI-enhanced animation module. Winking Studios is dual-listed on the London Stock Exchange (LSE: WKS) and Singapore Exchange (SGX: WKS), operates nine studios across Asia, and has acquired Mineloader Studios, On Point Creative Co., Ltd., AMPERA, and Vertic to expand its global delivery capabilities and service scope.

Differentiator

Problem solved

Functional benefit

Brands

• Mineloader: Art outsourcing and game development studio; one of Asia's leading art outsourcing providers with a strong reputation in the global video games industry, particularly in the Japanese market and console games platform. Founded in 2003, it has 466 employees across 3 studios.
• AMPERA
• On Point Creative (OPC)
• GenMotion.AI

Products and services

• Art Production Creation and development of digital art assets, including 2D Concept Art, 3D Modeling, and In-Game Animation for video game clients worldwide. Includes proprietary pixel art production with skeletal animation techniques and serves clients across console, PC, and mobile platforms.
• Full-Cycle Game Development End-to-end game development services encompassing programming, game design, script writing, and related development services across various gaming platforms (console, PC, mobile). Enables publishers to outsource complete game development projects.
• Global Publishing & Others Release of game products on global game platforms and sale of peripheral gaming products, covering publishing operations and related gaming merchandise. Includes in-house published IPs such as the Heroine Anthem series.
• GenMotion.AI AI-powered motion and animation technology service offered as a distinct module within Winking Studios' service portfolio, enabling AI-enhanced animation production for game development.

Quantifiable outcome

• Ranked 4th largest game art outsourcing provider globally, 3rd in Asia (2022 revenue, China Insights Consultancy)
• +4 more outcomes

Named customers27 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Digital Media Lab Co., Ltd. (DML)coreStrategic or Co-development Partner · 10 March 2025Strategic partnership signed on March 10, 2025, between Winking Studios and Digital Media Lab Co., Ltd., a subsidiary of Kaga Electronics Co., Ltd. (Tokyo, Japan). The partnership leverages Winking's game outsourcing and development experience with DML's expertise in cutscenes and visual content through real-time and pre-rendering technologies. Together they aim to provide a comprehensive one-stop CG production solution, expand asset production services in the Japanese market, and strengthen capabilities in cutscene and visual content globally. DML's President Hiroki Suzuki and Winking's CEO Johnny Jan signed the agreement.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Room 8 Group: Room 8 Group is a global game art production and co-development outsourcing company with studios in Europe, North America and Asia. It competes directly with Winking Studios across full-cycle game development, art production and co-development services for major publishers.
• Keywords Studios: Keywords Studios is a publicly listed global game services company offering art services, localization, QA, and game development support. It is the largest publicly traded peer in the game services outsourcing space and a direct competitor for art production and co-development contracts from major publishers.
• Virtuos: Virtuos is one of the largest game art outsourcing and co-development studios globally, with studios across Asia, Europe and North America. It is the most direct head-to-head competitor to Winking Studios in 3D art production, co-development and full-cycle game services for top-tier publishers.
• Mineloader Studios: Mineloader Studios is a Japan-based game art outsourcing and development studio now wholly-owned by Winking Studios. Prior to the 2025 acquisition it was an independent direct peer specializing in console game art for Japanese and global publishers (2K, Ubisoft, Capcom, Square Enix, SIE, EA, Tencent).
• Amber (game outsourcing): Amber is a game development and art outsourcing studio serving AAA publishers across console, PC and mobile. It competes with Winking Studios for outsourced game art, full-cycle development, and co-development projects from global publishers.
• XPEC Art Center: XPEC Art Center is a China-based game art outsourcing studio serving AAA publishers, particularly Western and Asian clients. It competes with Winking Studios in 3D character creation, environment art, and animation services for the same global publisher set.
• Lemon Sky Studios: Lemon Sky Studios is a Malaysia-headquartered game art and animation outsourcing studio serving AAA publishers worldwide. It competes with Winking Studios on 3D art production, character creation, and animation outsourcing for the same top-tier publisher client base.

Broad incumbents

• Ubisoft: Ubisoft is one of Winking Studios' largest customers (Skull and Bones, etc.) but also operates significant internal art production capacity. As a broad incumbent publisher-developer, it represents both a key client relationship and a long-term insourcing risk to Winking's outsourced art production volumes.
• Sumo Digital: Sumo Digital is a UK-headquartered game developer providing co-development and full-development services alongside its own IP. It overlaps with Winking Studios' full-cycle game development services but operates more as an established Western incumbent with proprietary IPs.

Emerging players

• Savage Game Studios: Savage Game Studios is a co-development and full-game development studio focused on AAA console and PC titles. It is an emerging competitor to Winking Studios' co-development and full-cycle services for Western publishers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/winkingentertainment
• LinkedInlinkedin.com/company/winkingcorp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors4 records

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

M&A2 records

Investments

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

Frequently asked questions about Winking Entertainment