What Gravity Interactive does

Gravity Interactive (legal entity: GRAVITY Co., Ltd.) is a Seoul-headquartered global online game company founded in April 2000 and listed on NASDAQ under ticker GRVY since February 8, 2005. The company develops and publishes online and mobile games built primarily around the Ragnarok intellectual property — a 23-year franchise originating from the Lee Myung-jin manhwa and originally launched as Ragnarok Online in Korea in 2002. Gravity applies a "One-Source Multi-Use" strategy that adapts the Ragnarok IP across PC, mobile, console (PlayStation, Xbox, Nintendo Switch), and IPTV platforms, with nine currently active titles including Ragnarok Online, Ragnarok Zero, Ragnarok M, Ragnarok X, THE RAGNAROK, Ragnarok: Back to Glory, Ragnarok Idle Adventure PLUS, Ragnarok Crush, and Ragnarok Origin Classic. Beyond games, the company operates non-game verticals including the Golf Monsters screen-golf brand (based on Ragnarok character IP), the Ragnarok Goods merchandise e-commerce operation, webtoon IP development (Scallops Project on Kakao Page), and the Ragnarok Monsters Magic Rush animated series broadcast on Cartoon Network Korea. The company also runs an indie and console publishing business distributing third-party titles through Steam, Nintendo eShop, PlayStation Store, and Xbox.

Gravity's technology stack centers on MMORPG game engines and platform infrastructure developed and operated by the parent plus subsidiary GRAVITY NEOCYON. Revenue is generated predominantly through a freemium (free-to-play with in-app purchases) mobile model, which contributed approximately 80% of FY2021 revenue (KRW 358.8B of KRW 463.6B total), with online PC games and ancillary merchandising/licensing/merchandise forming secondary streams. The company serves global gaming consumers across 90+ countries via eight wholly-owned regional subsidiaries (USA, Japan, Taiwan, Thailand, Indonesia, Singapore, Hong Kong, Malaysia) and regional GNJOY portals. Customer segments are horizontally segmented across global gaming consumers, dedicated Ragnarok IP enthusiasts, console and indie game players, and Korean golf consumers. Distribution combines owned regional portals, major digital storefronts (Steam, app stores), e-commerce (ragnarokgoods.com, ragnarokland.com), and physical retail (Golf Monsters facilities, 450-pyeong flagship stores). FY2021 reported operating income of KRW 104.7B and net income of KRW 83.1B indicate the company operates profitably at scale, and Q1 2026 revenue of KRW 84.7B is consistent with continued stable monetization led by mobile. GungHo Online Entertainment, Inc. holds a 59.31% controlling stake, making GRAVITY a majority-owned subsidiary of a Japanese strategic operating parent while maintaining its own U.S. public listing.

Name

Gravity Interactive

Legal name

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 Interactive is a Seoul-headquartered, NASDAQ-listed (GRVY) global game developer and publisher operating the 23-year Ragnarok IP across PC, mobile, and console in 90+ countries via eight regional subsidiaries, with mobile freemium as its primary revenue stream.

Ownership category

akta.pro rank

Headquarters

HQ city

Seoul

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, Infrastructure, Supply Chain

Revenue model

1. Online Game Revenue: Revenue from PC/online MMORPG games including Ragnarok Online, Ragnarok Zero, and related PC titles. Revenue reported quarterly in financial statements.
2. Mobile Game Revenue: Revenue from mobile RPG games including Ragnarok M, Ragnarok X, Ragnarok Idle Adventure Plus, and mobile versions of various titles. Largest revenue stream with quarterly figures in tens of billions of Korean Won.
3. Merchandising and IP Licensing: IP branding business expanding into merchandise, space exhibitions, online store sales, brand collaborations, and character licensing. Includes retail operations through Ragnarok Goods online mall and offline flagship stores.
4. Animation Content: Animation production and distribution through media channels. Currently producing Ragnarok Monsters Magic Rush (Ragnarok Monsters Mahou Daisoudou) animated series broadcast on Cartoon Network Korea.
5. Golf Simulator Operations: Screen golf business operations through Golf Monsters brand, including driving range and screen round facilities with 450-pyeong scale stores.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

GRAVITY Co., Ltd. (operating as Gravity Interactive) is a South Korean global online game company that develops, publishes, and operates the Ragnarok IP franchise of MMORPG and mobile RPG titles across PC, mobile, console, and IPTV platforms. Beyond games, the company extends the Ragnarok brand into webtoon IP development, merchandise and character licensing, an animated series, indie/console game publishing for third parties, and the Golf Monsters screen golf simulator business.

Product overview

Gravity Interactive is a Korean game company established in April 2000, listed on NASDAQ (ticker: GRVY), operating a diversified game-based content business using a One-Source Multi-Use strategy. The company's portfolio centers on the Ragnarok IP franchise — a powerful IP with a solid storyline and immense world — encompassing multiple MMORPGs (Ragnarok Online, Ragnarok Zero, Ragnarok M, Ragnarok X, THE RAGNAROK, Ragnarok: Back to Glory, Ragnarok Origin Classic, Ragnarok Idle Adventure PLUS, Ragnarok Crush), an Indie & Console publishing division, animation content (Ragnarok Monsters Magic Rush), and non-game verticals including Webtoon IP development, Merchandising/IP branding, and the Golf Monsters screen golf simulator. The core Ragnarok games are offered across PC, mobile, and console platforms, serving approximately 90+ regions globally through 8 overseas subsidiaries.

Differentiator

Problem solved

Functional benefit

Brands

• Gravity Game Vision (GGV): Subsidiary handling game publishing for Southeast Asia and Americas markets
• Gravity Game Unite (GGU)
• Gravity Game Arise (GGA)
• Gravity Game Hub (GGH)
• Gravity Communications (GVC)
• Gravity Interactive (GVI)
• Gravity Game Tech (GGT)
• Gravity Game Link (GGL)
• Gravity Neocyon

Products and services

• Ragnarok Online The original Ragnarok MMORPG based on the fantasy manhwa by Lee Myung-jin, a first-generation Korean online MMORPG with over 67 million registered members and cumulative sales exceeding 1 trillion KRW, serving approximately 91 regions globally.
• Ragnarok Zero MMORPG featuring evolved game systems from the original Ragnarok Online, offering the deep storyline and content of Ragnarok with improved UI and beginner support.
• Ragnarok M 3D mobile game preserving the Ragnarok Online sentiment while being optimized for mobile devices; succeeded in 122 regions worldwide including China, Southeast Asia, and Europe.
• Ragnarok X

Quantifiable outcome

• 67 million+ cumulative registered users for Ragnarok Online alone
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Kakao Games: Korean game publisher (affiliated with Kakao) publishing titles such as PlayerUnknown's Battlegrounds and various MMORPGs globally. Comparable to Gravity as a Korean publisher leveraging local platforms and overseas distribution.
• Pearl Abyss: Korean developer/publisher of Black Desert Online and Crimson Desert. Comparable as a Korean MMORPG specialist expanding a single major IP across PC, mobile, and console globally.
• Com2uS: Korean mobile game developer/publisher (Summoners War, MLB Tap Sports). Comparable to Gravity in mobile-first monetization, Korean origin, and global distribution through Apple/Google platforms.
• Nexon: Korean-founded global game publisher operating MapleStory, Dungeon Fighter Online, and a large mobile portfolio. Comparable to Gravity in MMORPG heritage and global free-to-play publishing model.
• NCSoft: Korean MMORPG publisher behind Lineage, Aion, and Guild Wars. Directly comparable to Gravity as a Korean-listed game developer/publisher with a flagship fantasy MMORPG franchise extended across PC and mobile globally.
• Smilegate: Korean developer of CrossFire and Lost Ark. Comparable to Gravity as a Korean game developer with one flagship IP (CrossFire / Ragnarok) driving most global revenue.
• Netmarble: Korean mobile and online game publisher with franchises like Lineage 2 Revolution and Marvel Future Fight. Directly comparable to Gravity's mobile-heavy revenue mix and global publishing footprint.
• Wemade: Korean MMORPG developer behind The Legend of Mir series and MIR4. Closely comparable to Gravity's Ragnarok model: legacy Korean MMORPG IP, blockchain gaming experiments, and global mobile publishing.

Emerging players

• HoYoverse (miHoYo): Chinese-founded global game publisher of Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero. Competes for the same global free-to-play gamer wallet as Gravity's Ragnarok titles and represents the rising competitive threat in the live-service gacha/MMORPG space.

Broad incumbents

• Krafton: Korean game publisher behind PUBG: Battlegrounds and The Callisto Protocol. A larger, more diversified Korean gaming incumbent; comparable end-market (global free-to-play gaming) but less MMORPG-focused than Gravity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• 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

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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 Gravity Interactive