What Lionheart Studio does

Lionheart Studio Co., Ltd. (주식회사 라이온하트스튜디오) is a privately-held Korean mobile and online game developer founded in May 2018 and headquartered in the Pangyo Techno Valley in Seongnam-si, South Korea. The company specializes in MMORPGs and casual action RPGs, anchored by two live-service titles: ODIN: VALHALLA RISING, a full-3D Norse mythology MMORPG launched in Korea in 2021 and globally in 2024, and VALHALLA SURVIVAL, a hack-and-slash roguelike RPG launched globally (excluding China) in January 2025. Its technology stack centers on a proprietary motion-capture, 3D-scan, and facial-controller-rigging pipeline that enables high-fidelity character animation and graphics for mobile, combined with a seamless open-world server architecture supporting large-scale PvP, siege warfare, and boss raids. The company self-publishes through Google Play and Apple App Store globally and is expanding a multi-title portfolio that includes Odin Q: Valkyrie's Call (open-world MMORPG), Project O (PC MMORPG), Project S (PC/console shooter), and Project C (anime-style simulation).

Revenue is generated via a freemium model: downloads are free, and monetization comes from in-app purchases including gacha-style weapon/hero summoning, premium currency (diamonds, gold), cosmetics, and seasonal event items. The end customer base is global mobile gamers, with the strongest commercial traction in Korea, Taiwan, and Japan. Disclosed FY2025 operating revenue was KRW 85,658M (~USD 64M), down 7% YoY from KRW 91,988M in 2024, with net profit of KRW 19,779M (down 54% YoY) and operating profit of KRW 17,555M. The company is majority-controlled by Kakao Games, with Kakao Games Corp. and Kakao Games Europe B.V. together holding approximately 92.08% of total shares, making Lionheart a strategic game-development subsidiary within the Kakao Games ecosystem. Lionheart's outbound go-to-market relies on app-store distribution, official websites, pre-registration campaigns, Discord/Lounge community channels, and YouTube cinematic-video releases, with no enterprise or B2B pricing layers.

Name

Lionheart Studio

Legal name

주식회사 라이온하트스튜디오 (Lionheart Studio Co., Ltd.)

Website

https://lionhearts.co.kr

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Lionheart Studio is a South Korean mobile and online game developer specializing in MMORPGs and casual action RPGs. It serves global mobile gamers with two live-service flagships, ODIN: VALHALLA RISING and VALHALLA SURVIVAL, and operates as a majority-owned subsidiary of Kakao Games.

Ownership category

akta.pro rank

Product category

Mobile MMORPG / Free-to-Play Mobile Games

NAICS

Software Publishers (513210)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Narrative/Adventure & RPG Game Studios (MPAFAAAL)

Keywords

• Mobile MMORPG development
• Free-to-play mobile games
• Live-service game operations
• Norse mythology gaming
• Roguelike action RPG

Headquarters

HQ city

Seongnam

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Mobile Game Live Operations: Free-to-play mobile game titles (Odin: Valhalla Rising, Valhalla Survival) generating revenue through in-game item purchases, gacha/summon mechanics (weapon summon tickets, hero summon tickets, relic summoning), and premium in-game currency (diamonds, gold). Event-driven monetization through limited-time dungeons and seasonal content.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Lionheart Studio develops, self-publishes, and operates free-to-play mobile games focused on MMORPGs and action RPGs. Its flagship titles, ODIN: VALHALLA RISING (a Norse mythology open-world MMORPG) and VALHALLA SURVIVAL (a dark-fantasy roguelike hack-and-slash RPG), generate revenue through in-app gacha/summon mechanics, premium currency, and seasonal live-service content distributed globally via Google Play and the Apple App Store.

Product overview

Lionheart Studio is a South Korean game development company with a portfolio of MMORPGs and casual games. The core products include ODIN: VALHALLA RISING (a Norse mythology-based MMORPG) and VALHALLA SURVIVAL (a hack-and-slash roguelike RPG). The studio is developing several upcoming titles including ODIN Q:VALKYRIE'S CALL (open-world MMORPG), PROJECT C (anime-style collection game), PROJECT S (dystopian shooter), and PROJECT O (PC MMORPG). The company operates games internally while expanding its portfolio across multiple genres and platforms.

Differentiator

Problem solved

Functional benefit

Brands

• ODIN: VALHALLA RISING: MMORPG featuring Norse mythology with high-quality graphics and seamless open world gameplay
• VALHALLA SURVIVAL
• ODIN Q:VALKYRIE'S CALL
• PROJECT C
• PROJECT S
• PROJECT O

Products and services

• ODIN: VALHALLA RISING A full-3D MMORPG featuring Norse mythology storytelling with high-quality graphics and seamless open-field gameplay. Offers multiple character classes (Sorceress, Shield Maiden, Warrior, Rogue, Priest, Arch Mage) and content such as siege warfare, massive boss raids, and PvP battlegrounds. Sold as a free-to-play mobile game with in-app purchases globally via Google Play and Apple App Store.
• VALHALLA SURVIVAL A hack-and-slash roguelike casual RPG based on a dark fantasy concept, featuring strategic post-combat choices, rest areas, black market NPCs, multiple character classes (Warrior, Sorceress, Rogue), Nightmare and Abyss difficulty modes, and dungeons including Proving Grounds and Infinity Tower. Sold free-to-play with in-app purchases on mobile app stores.
• ODIN Q:VALKYRIE'S CALL A full-3D seamless open-world MMORPG that follows the lineage of ODIN: VALHALLA RISING, expanding the Norse mythology IP into a new gameplay experience. Sold free-to-play with in-app purchases on mobile app stores.
• PROJECT C A collection-type nurturing simulation game featuring anime-style graphics in which players grow and develop attractive characters. Sold as a free-to-play or premium mobile/PC title on app stores or official platforms.
• PROJECT S A dystopian-themed PC and console shooter game delivering an immersive sci-fi experience. Sold as a premium or free-to-play title on PC/console storefronts.
• PROJECT O A PC MMORPG that inherits the ODIN: VALHALLA RISING IP, designed to enhance adventure and cooperative gameplay aligned with global trends. Sold as a free-to-play or premium PC game on PC storefronts.

Quantifiable outcome

• Odin: Valhalla Rising achieved 18 consecutive weeks at #1 on Google Play sales rankings at launch
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• NineHire (나인하이어)minorOthers · 1 January 2026NineHire is a recruitment platform operator engaged by Lionheart Studio for recruitment application processing, test management, and recruitment platform operations. This is a standard HR/vendor relationship for recruitment process management.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• NCSoft: Korean MMORPG pioneer (Lineage, Aion, Blade & Soul) with active mobile presence via Lineage M/2M. Comparable to Lionheart as a Korean MMORPG specialist targeting similar hardcore mobile RPG audiences.
• Krafton: Korean gaming holding company with flagship PUBG franchise across mobile and PC. Comparable to Lionheart as a major Korean-listed game studio publishing globally with multiple IPs and extensive live-ops infrastructure.
• Netmarble: Korean mobile game publisher with multiple MMORPG titles (Lineage 2 Revolution, Marvel Future Fight). Direct comparability in mobile MMORPG publishing, live-ops operations, and global distribution.
• miHoYo (HoYoverse): Chinese developer of Genshin Impact and Honkai series. Comparable as a global mobile RPG powerhouse combining premium graphics, gacha monetization, and multi-region live operations — the benchmark Lionheart competes against in international markets.
• Nexon: Korean-Japanese game publisher with major mobile and PC franchises (MapleStory, Dungeon & Fighter). Comparable as a long-established Korean-headquartered game publisher with global mobile distribution and live-ops at scale.

Direct peers

• Pearl Abyss: Korean game developer behind Black Desert Mobile and the PC MMORPG Black Desert Online. Pearl Abyss is the most direct comparable to Lionheart given its premium mobile MMORPG focus, Korea-based studio, and global publishing footprint.
• Wemade: Korean game company behind the Legend of Mir/MIR4 franchise. Directly comparable as a Korea-based MMORPG developer with Wemade being a co-investor in Lionheart, sharing investor overlap and genre focus.
• Com2uS: Korean mobile game developer/publisher (Summoners War). Comparable as a Korea-based mobile game studio with deep live-ops expertise, gacha-driven monetization, and global publishing reach.
• Smilegate: Korean game developer of Lost Ark and CrossFire. Comparable as a Korea-based developer with strong live-ops MMORPG expertise and cross-platform titles targeting both mobile and PC audiences.

Others

• Kakao Games: Major Korean game publisher and parent/controlling shareholder of Lionheart Studio. Operates as both investor and distribution partner — comparable as a Korean mobile gaming platform with shared infrastructure and overlapping MMORPG publishing activities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@lionheartstudio
• LinkedInlinkedin.com/company/lionheartstudio

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Lionheart Studio