What Joker Studio does

Joker Studio is a Hangzhou-based stylized game development studio and wholly-owned subsidiary of NetEase, founded in 2018 (originating as the Joker Development Team within NetEase in 2014). The company develops and operates Identity V, an asymmetrical multiplayer survival horror mobile game launched globally in July 2018 featuring gothic art direction, a detective narrative following Orpheus, and 1vs4 competitive gameplay between Hunters and Survivors. The game is free-to-download across iOS, Google Play, and PC, monetized via a gacha/freemium model through character skins, cosmetics, and crossover content with video game, film, and anime IP holders.

The studio has built a multi-format ecosystem around the Identity V IP, including the Identity V League esports competitions (IVS and IVC), a physical merchandise line (keychains, plush toys, clothing), artist collaborations, and animated miniseries content. A 200+ person team operates from NetEase's Hangzhou campus across dedicated functions for derivative IP, events, new product development, and competitive league operations. Identity V has surpassed 300 million cumulative downloads as of August 2023, achieved #1 download status in five Asian markets, and earned Google Play Best of 2018 honors.

Joker Studio's revenue mechanics rely on in-game gacha purchases, brand collaborations, merchandise, and esports viewership/sponsorship. The studio is currently investing in an unannounced new project with a dedicated team, signaling portfolio diversification intent beyond its single flagship title. No external funding is disclosed; the studio is funded and operationally embedded within NetEase.

Name

Joker Studio

Legal name

Joker Studio

Website

https://joker-studio.com

Company type

Private

Founded year

2018

Operating status

Operating

Short description

Joker Studio is a NetEase-owned Hangzhou game studio that develops and operates Identity V, a globally launched asymmetrical horror mobile game with 300M+ downloads, monetized via gacha, esports leagues, merchandise, and IP collaborations.

Ownership category

akta.pro rank

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. In-game Purchases (Gacha/Character Skins): Free-to-play model with in-game purchases for characters, costumes, and gacha mechanics. This is the primary revenue stream for Identity V, leveraging gacha mechanics common in Chinese mobile gaming.
2. Brand Collaborations: Cross-media collaborations with artists like Takayuki Takeya and Ashley Wood, as well as partnerships with video games, films, and manga/anime series for crossover events
3. IP Derivatives and Merchandise: Spin-off business including merchandise such as keychains, badges, cutouts, plush toys, and clothing. Revenue from IP derivatives and physical product sales.
4. Esports and Competition League: Revenue from Identity V League competitions including IVS and IVC series, attracting esports players and generating viewership and sponsorship opportunities

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Joker Studio develops and publishes Identity V, a free-to-download asymmetrical multiplayer survival horror mobile game with gothic art style where one Hunter plays against four Survivors in 1vs4 matches. The studio also operates Identity V League (IVS/IVC) esports competitions, sells physical IP merchandise (keychains, badges, plush toys, clothing), and produces animated miniseries content tied to the Identity V brand.

Product overview

Joker Studio operates as a stylized game development studio with a portfolio centered on Identity V as its core product - a globally successful asymmetrical multiplayer survival horror game launched in July 2018. The company has expanded its Identity V IP into a multi-platform entertainment brand including esports leagues (IVS, IVC), physical merchandise (keychains, badges, plush toys, clothing), and animated miniseries content. While Identity V continues to receive new content updates, Joker Studio is developing new unannounced projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Identity V An asymmetrical multiplayer survival horror mobile/PC game with gothic art style and mysterious storylines, featuring competitive 1vs4 gameplay where one Hunter plays against four Survivors who complete ciphers. Free-to-download with in-app gacha purchases, and notable for crossover events with video games, films, and manga/anime series. Targets global mobile gamers and competitive players.
• Identity V League (IVS/IVC) Official esports competition leagues for Identity V, including the IVS and IVC tournament series. Targets competitive players, esports teams, and the broader Identity V community, generating viewership and sponsorship opportunities.
• Identity V Merchandise Physical IP merchandise spin-off products including keychains, badges, cutouts, plush toys, and clothing branded around the Identity V franchise. Targets IP enthusiasts, franchise fans, and collectors.
• Identity V Animated Miniseries Animated miniseries content collaborations produced under the Identity V brand, extending the franchise beyond games. Targets existing Identity V fans and broader entertainment audiences.

Quantifiable outcome

• 300+ million total downloads worldwide
• +2 more outcomes

Named customers1 record

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

Partnerships

Three partnerships are on record, tiered minor and core.

• Takayuki TakeyaminorStrategic or Co-development Partner · 1 July 2018Collaborated with renowned artist Takayuki Takeya for Identity V character designs and artistic content. This partnership enhances the game's visual appeal and attracts fans of the artist's work.
• Ashley WoodminorStrategic or Co-development Partner · 1 July 2018Collaboration with artist Ashley Wood for Identity V content and visual design elements, bringing international artistic influence to the game's aesthetic.
• NetEasecoreOEM/ Whitelabel/ Licensing Partner · 1 July 2018Joker Studio is a subsidiary of NetEase, operating from NetEase's Hangzhou campus. NetEase reported $16.1 billion in 2025 revenue with games segment growing 10.1%. Joker Studio develops and publishes Identity V under NetEase's distribution and operational infrastructure.

Scale indicators6 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• Dragon Ball Legends (Bandai Namco): Bandai Namco's mobile gacha fighting game with PvP focus. Comparable to Identity V in mobile gacha mechanics, anime/manga IP-driven crossover content, and real-time competitive multiplayer.
• Diablo Immortal (Blizzard / NetEase): Co-developed by Blizzard and NetEase using shared NetEase mobile infrastructure. Direct comparable to Identity V in mobile action-RPG gacha mechanics and reliance on the same Asian publishing footprint.
• Dead by Daylight (Behaviour Interactive): Behaviour Interactive's flagship asymmetric multiplayer horror game. The closest direct genre competitor to Identity V — same 1-vs-many asymmetric format with Hunter/Survivor-style roles — though primarily on PC/console versus Joker Studio's mobile-first delivery.
• Arknights (Hypergryph): Hypergryph's flagship stylized mobile gacha tower-defense game. Closely comparable to Identity V as a Chinese-developed, stylized-art mobile title with strong gacha monetization and global anime fandom crossover.
• Fate/Grand Order (Aniplex / DELiGHTWORKS): Long-running Japanese mobile gacha RPG with gothic/Type-Moon visual styling. Direct comparable to Identity V in mobile gacha monetization depth, dark fantasy aesthetic, and anime-IP crossover mechanics.
• Onmyoji (NetEase): NetEase's gothic Japanese-themed mobile RPG. A direct sibling studio under the NetEase umbrella with shared gothic art direction, gacha mechanics, and Asian-market distribution muscle.
• Summoners War (Com2uS): Com2uS's flagship mobile gacha RPG with decade-long global monetization. Direct comparable to Identity V as a long-running mobile gacha title with strong crossover/IP licensing strategy.
• Honkai Impact 3rd (HoYoverse): HoYoverse's earlier mobile gacha action title. Comparable to Identity V in stylized action-RPG gacha mechanics, anime crossover roster, and mobile-first global publishing model.

Broad incumbents

• Honkai: Star Rail (HoYoverse): HoYoverse's newer turn-based mobile gacha RPG. Comparable mobile gacha mechanics and crossover-style character roster to Identity V, but at significantly larger global scale and revenue.
• Genshin Impact (HoYoverse): HoYoverse's flagship open-world mobile gacha title. Operates at materially larger scale than Identity V but shares the mobile gacha business model, crossover/anime IP strategy, and stylized art direction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/JokerStudioEN
• Facebookfacebook.com/rockshopjok

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Joker Studio