What Devsisters does

Devsisters is a South Korean mobile game developer publicly listed on KOSDAQ, founded in 2007 and headquartered in Seoul. The company operates the CookieRun franchise as a multi-title, multi-platform gaming ecosystem spanning mobile (Android and iOS), PC, console, and VR. Core live-service titles include CookieRun: Kingdom (social RPG, ~52 million cumulative users ex-China), CookieRun: Ovenbreak (endless runner, ~32 million users), CookieRun: Tower of Adventures (cooperative action), CookieRun: Witch's Castle (puzzle), CookieRun: The Darkest Night (VR), and Brixity (sandbox city builder). Recent launches include CookieRun: Braverse Card Game (physical TCG with 50 million+ cards distributed globally), CookieRun: OvenSmash (real-time PvP, March 2026), and CookieRun: Crumble (idle, H2 2026 planned). A 3D open-world title, CookieRun: New World, is in development for 2029. The franchise has surpassed 300 million cumulative users and $1 billion in cumulative IP revenue.

The company operates through three internal studios (Ovengames, Studio Kingdom, Press A) and maintains regional offices in Tokyo, Taipei, and San Mateo. Revenue is generated primarily via free-to-play mobile games with in-game purchases for characters, costumes, and premium currency, supplemented by physical trading card game sales, IP licensing from crossover collaborations with brands including Netflix (KPop Demon Hunters), Disney, BTS, and Wicked, merchandise sales through pop-up retail (with US representing 65% of overseas merchandise revenue), and tournament entry fees in the CookieRun esports ecosystem.

Devsisters pursues a multi-channel go-to-market combining product-led growth (free downloads with in-app monetization), event-driven marketing (esports championships, fan festivals, Times Square pop-ups), and community-led expansion (crossover collaborations and government partnerships such as the Cultural Heritage Administration UNESCO campaign). Distribution occurs through global app stores plus TCGPlayer for physical cards and Samsung for device-level co-marketing. The leadership team includes CEO Jo Gil-hyun (also co-CEO of Studio Kingdom) and outside directors drawn from Stanford GSB and BCG Korea. The largest shareholder block holds ~24%, with Com2uS at 9.01% and treasury shares at 9.60%.

Name

Devsisters

Legal name

주식회사 데브시스터즈 (Devsisters Corporation)

Website

https://devsisters.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Devsisters is a publicly listed South Korean mobile game developer operating the multi-platform CookieRun franchise, which spans social RPGs, runners, PvP, puzzle, TCG, and VR titles. It serves 300 million-plus global mobile gamers, monetizing via free-to-play in-app purchases, TCG product sales, IP licensing, and offline merchandise.

Ownership category

akta.pro rank

Product category

Mobile Gaming

NAICS

Doll, Toy, and Game Manufacturing (339930)

SIC

Games, Toys & Children's Vehicles (No Dolls & Bicycles) (3944)

akta.pro primary industry

Social/UGC & Sandbox Game Studios (Roblox-like) (MPAFAAAF)

Keywords

• Mobile game development
• Casual gaming
• Free-to-play games
• Trading card games
• Live-service gaming

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D

Revenue model

1. Mobile Game Monetization: Free-to-play model with in-game purchases for characters, costumes, and premium currency. Primary revenue stream from CookieRun: Kingdom and CookieRun: Ovenbreak.
2. IP Licensing and Collaborations: Revenue from crossover collaborations with external IPs like KPop Demon Hunters, Wicked, BTS, and Disney, featuring limited-time content and exclusive character releases.
3. Trading Card Game Products: Physical and digital trading card game products including booster packs, starter decks, and tournament entry fees. Card distribution exceeded 50 million units globally.
4. Merchandise and Pop-up Retail: Physical merchandise sales through pop-up stores (Line Friends Square NY, Cookie&More in Seoul), with US accounting for 65% of overseas merchandise sales.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Devsisters develops, publishes, and operates the CookieRun franchise — a multi-platform portfolio of mobile, PC, console, and VR games distributed through app stores. The company also produces a physical and digital trading card game (CookieRun: Braverse) and licenses its IP for crossover collaborations and merchandise. Its primary revenue driver is CookieRun: Kingdom.

Product overview

Devsisters operates the CookieRun franchise as a multi-platform gaming ecosystem. The core portfolio includes Cookie Run: Kingdom (social RPG), Cookie Run: Ovenbreak (running action), Cookie Run: OvenSmash (real-time PvP), Cookie Run: Tower of Adventures (cooperative action), Cookie Run: Witch's Castle (puzzle), Cookie Run: Braverse Card Game (TCG), Cookie Run: Puzzle World (Match 3), Cookie Run: The Darkest Night (VR), along with planned titles CookieRun: Crumble (idle, H2 2026) and CookieRun: New World (3D open-world, 2029). Additional titles include Brixity (city builder) and Deadside Club. The company also manages Studios (Ovengames, Studio Kingdom, Press A) that develop different titles within the franchise.

Differentiator

Problem solved

Functional benefit

Brands

• CookieRun: Major gaming IP franchise including CookieRun: Ovenbreak, CookieRun: Kingdom, CookieRun: Tower of Adventures, and other titles featuring cookie characters escaping from a witch's oven.

Products and services

• Cookie Run: Kingdom A social RPG where players help cookies that escaped from the witch's oven build a new kingdom, collecting distinctive cookies and engaging in combat and adventure.
• Cookie Run: Ovenbreak An endless running action game where cookies that escaped from the witch's oven run endlessly; players collect over 200 types of cookies and pets while avoiding obstacles.
• Cookie Run: OvenSmash A real-time PvP battle action game set in an urban environment where players use differentiated Cookie characters across multiple battle modes.
• Cookie Run: Tower of Adventures A casual cooperative action game where cookies break the giant witch's oven seal to save the pancake tower, featuring cooperative gameplay and adventure modes.
• Cookie Run: Witch's Castle A puzzle block-buster game set in the witch's castle filled with cute and mysterious puzzle adventures.
• Cookie Run: Braverse Card Game A trading card game that encompasses the CookieRun world view; players collect CookieRun character cards and engage in card battles.
• Cookie Run: Puzzle World A unique Match 3 puzzle game featuring cute cookies and pets with stories ranging from Champions League to Hidden Stages.
• Cookie Run: The Darkest Night A VR action adventure game where players escape the witch's castle from the brave cookie's perspective, featuring combat, puzzles, and growth mechanics with companion cookies.
• Cookie Run: Crumble A casual idle game announced for H2 2026 release, currently in pre-registration phase.
• Brixity A sandbox city building game that launched globally, featuring players building and managing their own city.

Quantifiable outcome

• CookieRun franchise surpassed $1 billion in revenue and 300 million players globally
• +2 more outcomes

Named customers2 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

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Netflix (KPop Demon Hunters)coreStrategic or Co-development Partner · 10 April 2026Crossover collaboration between CookieRun: Kingdom and Netflix animated film KPop Demon Hunters, featuring Huntrix as playable cookies and Saja Boys demon idol group as NPCs. Collaboration runs through May 7, leveraging the South Korean connection between Devsisters and the two-time Oscar-winning animated film.
• 삼성전자 (Samsung Electronics)coreGTM or Marketing Partner · 1 January 2026Collaboration for Galaxy S26 series launch featuring CookieRun: OvenSmack special theme.
• 국가유산청 (Cultural Heritage Administration)flagshipStrategic or Co-development Partner · 1 December 2025Partnership to promote UNESCO World Heritage sites globally through CookieRun characters. Includes special exhibition 'CookieRun: Finding Lost National Heritage' at Deoksugung Palace and collaboration with UNESCO World Heritage Committee.
• SOOPcoreStrategic or Co-development Partner · 1 July 2025MOU signing to expand casual esports ecosystem for CookieRun franchise.
• 제주관광공사 (Jeju Tourism Organization)minorGTM or Marketing Partner · 1 May 2025MOU signing for tourism-related promotional activities.
• 강남구 (Gangnam-gu)minorGTM or Marketing Partner · 1 May 2025MOU signing for local promotional activities.
• 요스타 (Yosta)coreChannel Partner/ Reseller/ Distributor · 1 June 2024Publishing agreement for CookieRun: Tower of Adventures in Japan.
• VNG GamescoreChannel Partner/ Reseller/ Distributor · 1 January 2024Publishing agreement for CookieRun: OvenSmash in Asia region.
• TCGPlayercoreChannel Partner/ Reseller/ DistributorCookieRun Braverse Card Game officially launched on TCGPlayer, the world's largest TCG open market for physical card distribution.
• 버터샵 (Butter Shop)minorGTM or Marketing PartnerOffline collaboration event 'Sweet Run' with Butter Shop bakery chain.
• Wicked, BTS, DisneycoreStrategic or Co-development PartnerPrevious crossover collaborations with major IPs including Wicked, BTS, and Disney to expand audience reach.

Scale indicators11 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Netmarble: Korean mobile and online game publisher behind Marvel Future Fight, Lineage 2 Revolution, and The Seven Deadly Sins. Closest like-for-like Korean competitor: develops and operates live-service mobile titles with strong character IP and global publishing footprint.
• NCSoft: Korean game company known for MMORPG franchises (Lineage, Aion, Blade & Soul) with growing mobile presence (Lineage M/2M). Comparable as a Korean-listed, IP-driven publisher leveraging character collections and live operations.
• Nexon: Korean-founded global publisher of free-to-play titles including MapleStory, KartRider, and Sudden Attack. Comparable business model: Korean-listed, multi-platform free-to-play publisher using character IP and live-service operations to monetize a global user base.
• Krafton: Korean game company behind PUBG/BGMI, now expanding into mobile and PC franchises with dedicated character universes. Comparable as a Korean-listed game publisher scaling franchises globally and investing in new IPs.
• Com2uS: Korean mobile-first publisher of Summoners War and a 9% shareholder in Devsisters. Closely comparable: Korean-listed, mobile-first publisher relying on gacha character-collection mechanics and live-service operations in global markets.
• Supercell: Finnish mobile game studio behind Clash of Clans, Clash Royale, and Hay Day — a Tencent-owned franchise mobile game developer. Comparable as a publicly reportable mobile game studio running multiple live-service titles around established, character-driven IPs.
• Niantic: US-based developer of Pokémon GO, Monster Hunter Now, and Pikmin Bloom — global mobile game studio with a character-driven live-service portfolio. Comparable as a globally scaled, IP-driven mobile game developer operating live-service titles with event-based monetization.

Emerging players

• HoYoverse (miHoYo): Chinese-founded global game developer behind Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero. Comparable as a multi-platform (mobile/PC/console) live-service studio whose character collection, gacha mechanics, and cross-platform roadmap closely mirror CookieRun's strategic direction.

Broad incumbents

• Roblox Corporation: US-listed operator of the Roblox UGC/sandbox gaming platform. Comparable as a sandbox and social gaming platform with deep user-generated content and character collections — closest reference code match for Devsisters' social/sandbox game studio positioning (notably given Brixity).
• King (Activision Blizzard): Mobile casual game developer behind Candy Crush and Farm Heroes Saga, now part of Microsoft via Activision Blizzard King. Comparable as a global mobile casual game publisher with a singular flagship franchise, character/IP-led events, and crossover collaborations.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/devsisters
• YouTubeyoutube.com/@devsisters
• LinkedInlinkedin.com/company/devsisters
• Facebookfacebook.com/cookierunforkakao

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors5 records

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

M&A

Investments6 records

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

Frequently asked questions about Devsisters