The South Korean studio Shift Up summed up the financial results of 2023. She reported a sharp increase in income.
Stellar Blade
The main thing from the report
- Shift Up's operating profit for the year increased by 516% to 111 billion won (82.4 million dollars).
- Shift Up's annual revenue was 168.6 billion won ($125 million). It showed an increase of 154.5% compared to 2022.
- The studio earned almost the entire amount thanks to royalties — they accounted for 164.4 billion won ($122 million). As the South Korean gaming publication GameMeca suggests, this is revenue from Goddess of Victory: Nikke. Although the gacha shooter developed Shift Up, the publisher of the game is Level Infinite, a subsidiary of Tencent.
- The games published by Shift Up itself brought her 3.98 billion won ($3 million). This is 61% less than in 2022. The drop is due to the closure of the Destiny Child mobile battler in July 2023.
- According to the report, Shift Up mainly earns money abroad. In 2023, in South Korea, it earned only 1.28 billion won ($951,000). The vast majority of revenue came from the rest of Asia — 166.2 billion won (123 million dollars). In the Americas, the studio earned 848.6 million won (629.5 thousand dollars), in Europe — 140.9 million won (104.5 thousand dollars).
Earlier, it became known about Shift Up's plans to list on the Korean Stock Exchange. So far, her application is only being considered. According to analysts, after the studio goes public, its market value will be 3 trillion won ($2.3 billion).
Now Shift Up is actively preparing for the release of its next game, the futuristic action game Stellar Blade. On March 29, the developers released a demo on PlayStation 5, the full release will take place on April 26.