Gravity Co.

What Gravity Co. does

Gravity Co., Ltd. (주식회사 그라비티) is a Seoul-based game development, publishing, and servicing company founded in April 2000 and listed on NASDAQ under ticker GRVY since February 2005. The company's competitive center is the Ragnarok IP, derived from Lee Myung-jin's fantasy manhwa and first commercialized with Ragnarok Online in 2002, which has accumulated 67 million+ registered users and 1 trillion KRW+ cumulative revenue across 91 regions. Gravity executes a One-Source Multi-Use strategy, extending the IP across MMORPGs, casual games, webtoons, merchandise, and a screen-golf brand called Golf Monsters.

Gravity operates eight wholly-owned regional subsidiaries covering North America (GVI/WarpPortal), Taiwan (GVC), Japan (GGA), Thailand (GGT), Indonesia (GGL), Singapore (GGH), Hong Kong (GGV), and Malaysia (GGU), supported by GNJOY branded regional publishers. The company distributes games through Google Play, Apple App Store, One Store, Galaxy Store, Steam, Nintendo Switch, PlayStation, and Xbox. Active titles span PC (Ragnarok Online, Ragnarok Zero: Global), mobile MMORPGs (Ragnarok M, Ragnarok X, Ragnarok: Twilight, Ragnarok: The New World, Ragnarok: Rebirth, Ragnarok Origin Classic), and casual extensions (Ragnarok Monster Kitchen, Ragnarok Crush).

Revenue is generated through subscription-based and item-based online game monetization, mobile in-app purchases, licensing royalties, IP-based merchandise, and managed golf simulator operations. FY2025 consolidated revenue reached KRW 560,548 million (~$368M), up 11.9% YoY, with Q1 2026 revenue accelerating 42.7% QoQ and 17.8% YoY to KRW 161,878 million and net profit of KRW 29,394 million (+138.7% QoQ). GungHo Online Entertainment holds a 59.31% controlling stake, with the remaining 40.69% publicly floated.

Name

Gravity Co.

Legal name

주식회사 그라비티 (GRAVITY Co., Ltd.)

Website

https://gravity.co.kr

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Gravity Co., Ltd. is a Seoul-based game developer and publisher (NASDAQ:GRVY) operating the Ragnarok IP across PC, mobile, and console platforms in 90+ regions through eight regional subsidiaries, serving global gaming consumers with MMORPGs, casual games, and IP-based merchandise.

Ownership category

akta.pro rank

Product category

Online & Mobile Game Publishing

NAICS

Software Publishers (5132)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Mobile Game Publishing & App Game Stores (BPAMAKAB)

akta.pro secondary industry

Merchandising, Character & Brand Licensing (MPADALAF)

Keywords

• Online game publishing
• Mobile MMORPG
• Game IP licensing
• Game merchandise retail
• Cross-platform game development

Headquarters

HQ city

Mapo

HQ country

South Korea

HQ region

Asia

Offices10 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Online Game Revenue: Revenue from PC-based online games including Ragnarok Online and Ragnarok Zero, operating on subscription and item-based models across global markets.
2. Mobile Game Revenue: Revenue from mobile MMORPGs including Ragnarok M, Ragnarok X, Ragnarok: Twilight, and Ragnarok: The New World, driving the majority of company revenue with strong performance in Asian markets.
3. Licensing Royalties: Revenue from licensing Ragnarok IP to third-party developers and publishers for various game titles and merchandise.
4. Merchandising and IP Branding: Revenue from Ragnarok IP-based merchandise, character goods, and space exhibitions. Includes online store sales and brand collaboration partnerships.
5. Golf Simulator Operations: Revenue from Golf Monsters screen golf brand based on Ragnarok monster characters, including driving range and screen round facilities.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Gravity Co., Ltd. develops, services and publishes online and mobile games built primarily around the proprietary Ragnarok intellectual property, distributing them globally through regional subsidiaries and major app stores. Beyond game publishing, the company monetizes the Ragnarok IP through character merchandise under the RAGNAROK GOODS brand and operates a Ragnarok-themed screen-golf business, while licensing the IP for animation, webtoons and third-party collaborations.

Differentiator

Problem solved

Functional benefit

Brands

• Golf Monsters RAGNAROK: Screen golf brand based on adorable Ragnarok Monster characters, creating an accessible and fun golf culture.
• RAGNAROK GOODS

Products and services

• Ragnarok Online Flagship PC MMORPG franchise title and foundation of the Ragnarok IP; subscription-based online RPG served globally to players.
• Ragnarok Zero Modern PC MMORPG built on the Ragnarok IP, targeted at returning and new MMORPG players.
• Ragnarok M Mobile MMORPG adaptation of the Ragnarok franchise for smartphone players globally.
• Ragnarok X: Next Generation Mobile MMORPG entry in the Ragnarok franchise, published across multiple regional markets.
• Ragnarok: Twilight Idle-style MMORPG using Ragnarok IP, positioned for casual mobile gamers.
• Ragnarok: Back to Glory Mobile RPG drawing on the Ragnarok franchise for players seeking a classic experience.
• Ragnarok Crush Casual mobile puzzle/match game based on the Ragnarok franchise.
• Ragnarok: Rebirth 3D mobile MMORPG within the Ragnarok franchise.
• Ragnarok Monster Kitchen Casual restaurant-management game featuring Ragnarok franchise characters.
• RAGNAROK GOODS Official retail brand selling Ragnarok character merchandise including figurines, plushies, fashion and lifestyle goods via an online store.
• Ragnarok Screen Golf Business Physical Ragnarok-themed indoor screen-golf venues monetizing the Ragnarok IP beyond games and merchandise.

Quantifiable outcome

• Ragnarok Online achieved 67+ million cumulative registered members and 1 trillion KRW cumulative revenue
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Ewha Womans University Industry-Academia Collaboration GroupminorStrategic or Co-development Partner · 1 January 2025MOU for industry-academia collaboration with Gravity Neocyon. Research and development partnership in game technology.
• Chungnam Global Game CenterminorStrategic or Co-development Partner · 1 January 2025Business partnership for game production and global market entry support. Government-supported collaboration for game industry development.
• Cartoon Network KoreaminorGTM or Marketing Partner · 1 January 2023Partnership for 'Ragnarok Monsters Magic Rush' TV program broadcast. Animated series ranking among top 10 TV programs in Korea.
• Loka MobilityminorGTM or Marketing Partner · 1 January 2023Limited edition prepaid transportation card using Ragnarok IP targeting foreign users. Collaboration for cross-promotional marketing.
• Shanghai The Dream Network Technology Co., Ltd.coreStrategic or Co-development Partner · 1 January 2021Partnership for game development using RO IP and preparation for global services. Collaboration for game development and publishing in Chinese markets.
• The SandboxminorStrategic or Co-development Partner · 1 January 2021Partnership for metaverse building using Ragnarok IP. Collaboration to create Ragnarok IP-based experiences in The Sandbox metaverse platform.
• JLPGA (Japan Ladies Professional Golf Association)minorStrategic or Co-development Partner · 1 January 2021Game merchandise licensing agreement for 'JLPGA heroine collection' title. Collaboration leveraging Gravity Game Arise publishing capabilities.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• miHoYo / HoYoverse: Chinese-born global publisher (Genshin Impact, Honkai) with cross-platform mobile/PC/console games and direct gacha monetization; competes with Gravity for global mid-core mobile gamers.
• Pearl Abyss: Korean MMORPG developer and publisher (Black Desert Online) with global PC/mobile presence; competes head-to-head with Gravity in the cross-region MMORPG and mobile MMORPG segments.
• Krafton: Korean game publisher (PUBG, The Callisto Protocol) with global publishing scale; directly comparable as a Nasdaq/KRX-listed Korean publisher with cross-platform, cross-region game portfolios.
• Netmarble: Major Korean mobile and online game publisher with global reach; competes in mobile MMORPG and idle RPG genres where Gravity's Ragnarok M and Ragnarok: Twilight operate.
• NCSoft: Korean MMORPG powerhouse (Lineage, Aion, Throne and Liberty); directly comparable as a Korean-headquartered online/MMORPG publisher competing for the same Asian and Western player base.
• Smilegate: Korean game developer/publisher (CrossFire, Lost Ark) with global online game publishing; comparable as a Korean publisher with cross-region PC and mobile titles.
• Kakao Games: Korean game publisher with strong mobile publishing pipeline and global titles; competes with Gravity in mobile RPG/MMORPG distribution and has direct overlap in Korean and SEA markets.
• Wemade: Korean online/mobile game publisher (Legend of Mir) with global MMORPG distribution; comparable in cross-region MMORPG publishing and Asian market focus.

Broad incumbents

• Nexon: Japan/Korea-headquartered global online game publisher (MapleStory, Dungeon Fighter Online); broader portfolio but overlapping in long-running online/mobile MMORPGs and global publishing.
• GungHo Online Entertainment: Japanese mobile/online game publisher (Puzzle & Dragons) and Gravity's 59.31% controlling parent; comparable as a publisher of long-running live-service games, with shared IP and operational ties.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/WarpPortal
• YouTubeyoutube.com/@gravitykorea
• Facebookfacebook.com/GRAVITY.KR
• LinkedInlinkedin.com/company/gravity-co.-ltd
• Instagraminstagram.com/gravitykorea
• TikToktiktok.com/@gravity.co.kr

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Gravity Co.