The past year marked a record high for the South Korean studio Shift Up. In its latest financial report, the company announced that as of the end of 2024, it achieved the highest operating profit and revenue in its history.

In November 2022, the South Korean studio Shift Up released the gacha game Goddess of Victory: Nikke, which became a major hit. According to analysts from Sensor Tower, the title’s revenue has surpassed one billion dollars on Google Play and the App Store alone as of today.

Shift Up Studio reported its financial results for the third quarter of 2024, which spanned from July 1 to September 30. We have highlighted the key points from the report.

The studio Shift Up has encountered issues due to the game title Stellar Blade. The American film company Stellarblade has initiated legal proceedings against it. Sony, the corporation that published the game, has also received a lawsuit.

The studio Shift Up successfully went public. It managed to raise 435 billion won (319.7 million dollars) through its initial public offering — the best result among South Korean gaming companies in the last three years.

Shift Up Studio plans to sell their shares at the top end of its set price range during the IPO, sources tell Reuters. They expect to raise 435 billion won ($313 million) from investors after going public.

During a press conference dedicated to its IPO, Shift Up touched upon the topic of Stellar Blade sales. They shared that by the end of May, they had earned 22 billion won (15.8 million dollars) from the game — this is the amount of royalties that Sony has transferred to them.

The South Korean studio Shift Up has encountered difficulties in going public. They postponed the collection of preliminary stock applications from early June to the end of the month. The developers did this after financial authorities indicated that Shift Up’s business relies too heavily on Goddess of Victory: Nikke.

On March 29, South Korean studio Shift Up released a demo of the futuristic action game Stellar Blade on PlayStation 5 consoles. The game showed excellent results. Analysts from Ampere Analysis estimated that at its peak it attracted almost twice as many daily active users (DAU) as the demo version of Final Fantasy VII Rebirth at the time.

The South Korean studio Shift Up summed up the financial results of 2023. She reported a sharp increase in income.

Shift Up Studio, known for Goddess of Victory: Nikke and the upcoming Stellar Blade, is about to become a public company. She has applied for a listing on the Korean Stock Exchange.

The anime gacha shooter Goddess of Victory: Nikke has overcome a major milestone. According to Sensor Tower, since its release in November 2022, the game has raised half a billion dollars on mobile devices.

Anime shooter Goddess of Victory: Nikke has earned over $400 million on mobile platforms since its release in November 2022. This is reported by Sensor Tower analysts.

There is another replenishment in the Tencent portfolio. According to Korean media, the giant has acquired a stake in the SHIFT UP studio. She is known for the mobile shooter Goddess of Victory: Nikke, released in early November.