GRAVITY Co., Ltd.
GRAVITY Co., Ltd. develops and publishes online games, with Ragnarok Online as its core franchise. The company operates through a global network of subsidiaries in Korea, the United States, Taiwan, Thailand, Indonesia, Japan, Singapore, Hong Kong, and Malaysia, and also extends into related digital content and merchandise activities.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOperation, localization, and monetization of online games across multiple markets.
Creation of games for PC, mobile, console, and IPTV platforms.
Licensing of game IP and related rights to subsidiaries and partners.
Character goods, animation, and related cultural content businesses.
Customers
Gravity sells primarily to players who access its games through online and mobile channels, with revenue driven by in-game content and related services. It also monetizes through subsidiaries, regional publishing entities, and license counterparties that operate or distribute the company’s games in local markets. Related-party disclosures show a networked operating model where overseas affiliates support publishing, localization, and monetization by region.
End users who buy paid content, items, and access features in Gravity's online games.
Affiliates that operate localized versions of Gravity games and generate royalty and service activity.
Third parties that pay for rights to distribute or commercialize Gravity IP in specific markets.
Buyers of character goods, animation-related content, and other branded digital products.
Strategy
Gravity's strategy is to extend the Ragnarok franchise through new platforms, new content types, and local operating subsidiaries. It uses a multi-region publishing structure to keep control of its IP while adapting game operations, licensing, and monetization to local markets. The company is also building adjacent cultural content and digital businesses to broaden the franchise beyond core online gameplay.
Ragnarok is the company's main asset, so extending it preserves relevance and monetization across generations of players.
Local subsidiaries help adapt content, manage operations, and capture revenue in multiple countries.
Merchandising, animation, and digital content broaden the monetization base beyond game play.
Geography
Gravity describes Ragnarok Online as commercially offered in 91 markets worldwide, spanning Korea, Japan, Taiwan, Thailand, Southeast Asia, the Americas, Europe, and the Middle East. The operating footprint is organized through subsidiaries in Asia and North America, which helps localize publishing, support regional monetization, and manage market-specific regulations and consumer preferences.
Risks
Gravity depends heavily on the longevity and popularity of the Ragnarok franchise, so user engagement or competitive pressure can quickly affect demand. Its geographically dispersed operations expose it to localization, regulatory, and foreign-exchange risks, while related-party and royalty-heavy structures increase sensitivity to transfer pricing and intercompany accounting. The broader online gaming market also faces hit-driven product cycles, platform dependence, and changing consumer preferences.
- Franchise concentrationImpact: HighLikelihood: High
A large share of the business is tied to Ragnarok, so performance depends on the longevity of one IP.
Exposure: Core game franchise
- Foreign exchange volatilityImpact: MediumLikelihood: High
Revenue, royalties, and costs span multiple currencies across Asia and the Americas.
Exposure: Cross-border publishing and royalties
- Global regulatory and localization riskImpact: MediumLikelihood: Medium
Operating in many jurisdictions requires compliance with different content, tax, and consumer rules.
Exposure: 91 markets and multiple subsidiaries
- Intercompany and transfer-pricing scrutinyImpact: MediumLikelihood: Medium
The group relies on royalties and related-party transactions across subsidiaries.
Exposure: Royalty-based group structure
Accounting
Judgemental itemsRevenue is recognized after collections as content or licenses are delivered, affecting timing and quarter comparability.
Impact: Paid content and license revenue
A large share of activity flows through subsidiaries and affiliates, requiring careful elimination and transfer-pricing treatment.
Impact: Consolidated revenue and expenses
Financial assets are classified across amortized cost, FVOCI, and FVTPL, affecting finance income and OCI.
Impact: Other comprehensive income and profit or loss
Loss allowances are required for amortized cost assets and FVOCI debt securities, affecting asset values.
Impact: Financial asset carrying values
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Last updated: 28/09/2026