By Sagar V. Mankar 
Shift Up, the South Korean video game developer, achieved record financial performance in 2024. According to the company’s FY24 report, their revenue increased by 30.4%, while operating profit surged to 33.8% year-over-year basis.
Financial Highlights for 2024:
- Total Revenue: $151.4 million (↑30.4%)
- Operating Profit: $102.3 million (↑33.8%)
- Net Profit: $98.2 million (↑33.7%)
- Stellar Blade Royalties: $43.2 million
- Goddess of Victory: Nikke Revenue: $105.4 million
A significant contributor to this success was “Stellar Blade,” which generated royalties amounting to $43.2 million (₩62.8 billion). Playstation 5 exclusive title sustained its popularity through regular updates, new content, and collaborations, such as the Nier: Automata DLC. Looking ahead, Shift Up expressed optimism about the upcoming PC version, predicting it could outperform the console release, particularly in Asian markets. The company has also confirmed ongoing optimization efforts to ensure compatibility with the Steam Deck.
While “Goddess of Victory: Nikke” experienced a slight decline of 7% in revenue, generating $105.4 million (₩153 billion) in 2024, it remained the company’s primary revenue source, accounting for 69.6% of total earnings. As reported in the financial statements, despite facing intense market competition, the game maintained its player base through strategic events and collaborations. The company has now set its sights on the Chinese market for 2025, with pre-registration numbers meeting expected targets.
In July 2024, Shift Up successfully completed an initial public offering (IPO), raising 435 billion won ($320 million). This marked the largest gaming IPO in South Korea in over two years. The company intends to use the proceeds to expand its game portfolio.
Looking toward future developments, Shift Up has announced plans to reveal new information about Project Witches in the first half of 2025, though the game’s release is scheduled for after 2027. The studio has also outlined ambitious expansion plans for its workforce. With 322 employees currently on staff, of which 90% are game developers, the company aims to grow to 400-420 employees by the end of 2025.