By Sagar V. Mankar 
Krafton Inc., the South Korean video game company renowned for its PUBG franchise, reported record-breaking financial results for 2024. The company’s sales surged by 41.8% year-over-year, reaching ₩2.7 trillion (approximately $1.9 billion). Operating income also saw a significant increase, rising by 54% to ₩1.2 trillion (around $811.9 million).
This remarkable performance was largely driven by the continued success of the PUBG franchise, which has maintained a steady 20% annual growth rate over the past five years.
Mobile gaming proved to be Krafton’s biggest revenue generator, contributing 62.4% of the company’s total earnings. According to the fiscal report, mobile revenue surged by 35.7% to reach $1.2 billion, with Battlegrounds Mobile India (BGMI) being a standout performer in terms of both traffic and sales.
The PC platform also showed remarkable growth, with PUBG achieving its best revenue figures since 2018. PC sales increased by 61.3% to $648.3 million, demonstrating the game’s enduring popularity across platforms. Console sales, however, remained relatively modest at $30.5 million.
In the fourth quarter of 2024, Krafton’s sales reached ₩617.6 billion (around $425.1 million), reflecting a 15.5% increase compared to the same period the previous year. Operating profit for the quarter was ₩215.5 billion (approximately $148.3 million), marking a 31.1% year-over-year rise. Although these figures represented a slight decline from the record-breaking third quarter, they underscored the company’s sustained financial health.
Looking ahead, Krafton has ambitious plans for expansion. As per CEO CH Kim’s statement, the company aims to discover new franchise IPs while continuing to build upon the success of PUBG. The gaming developer has already lined up several promising titles for 2025, including the RPG Dark and Darker, which recently soft-launched in the US and Canada.
The company’s growth strategy also includes significant investments in AI technology, which they believe will shape the future of gaming experiences. Their AI adventure begins with Co-Playable Characters [CPC], the AI companions for PUBG players.
To strengthen its development capabilities, Krafton acquired Tango Gameworks, the studio behind HI-FI Rush, which was previously owned by Microsoft. The company plans to invest approximately KRW 300 billion ($206 million) annually in development costs over the next five years.
Their upcoming game portfolio includes diverse titles such as the life simulation game Inzoi, survival adventure Subnautica 2, and frontier life simulation Dinkum Together.
The success of PUBG’s free-to-play model, implemented in 2022, has proven to be a strategic masterpiece, helping the game reach a peak of 890,000 concurrent players in 2024. In fact, PUBG still holds the record 3.2 million concurrent viewership record on Steam even after 6 years. To build on this popularity, Krafton wants to expand the PUBG franchise into various genres and even transmedia.
Through these developments and strategic investments, Krafton is positioning itself as a key player in the global entertainment ecosystem. They have now set an ambitious target of reaching $4.8 billion in annual revenue by 2030, showing their commitment to long-term growth.