Gravity Co., Ltd. (GRVY): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind Gravity Co., Ltd.'s (GRVY) current valuation, and honestly, it boils down to their masterful, almost relentless, monetization of the Ragnarok Intellectual Property (IP) across every platform imaginable. After two decades in this game, I see a company that's essentially a cash-rich IP-licensing machine, sitting on about KRW 609,927 million in liquidity as of September 30, 2025, while their mobile segment drives a dominant 78.88% of their Q3 revenue. This Business Model Canvas breaks down exactly how they turn that core IP into hard revenue across PC, mobile, and even niche channels, so you can see precisely where their near-term opportunities and defintely their cost concentration risks are hiding below.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Gravity Co., Ltd.'s global gaming engine running, especially given their reliance on established IP and platform gatekeepers. These partnerships are critical because they dictate market access and revenue share, so you need to know the exact terms.

The most significant relationship is with the majority shareholder, GungHo Online Entertainment, Inc., which holds a controlling 59.31% stake in Gravity Co., Ltd.. This backing from the Japanese publisher provides a strategic umbrella, allowing for the sharing of technology and IP pipelines, which reduces financing risk and bolsters bargaining power with platform holders.

Gravity Co., Ltd. actively diversifies its content risk by engaging third-party developers for co-development and IP licensing deals. This publishing arm acts as a second growth lever, distributing external titles and capping downside through revenue-share arrangements. The company typically secures a 30% royalty take on these external titles, meaning incremental launches drop quickly to the bottom line with near-zero inventory risk.

The dependence on mobile storefronts is a key structural element of the Key Partnerships block. Gravity earns approximately 85% of its total revenue from the Android and iOS stores. This high concentration means platform holders like Apple and Google are essential partners for mobile distribution, but also represent a significant policy risk vector. For context, Gravity Co., Ltd.'s Q3 2025 total revenues were reported as KRW 138,894 million (approximately US$ 98,883 thousand).

The company is also expanding its reach into the console space through specific licensing agreements. For instance, Gravity Co., Ltd. signed a publishing agreement with TOMY COMPANY, LTD. for the Nintendo Switch board and party console game based on The Game of LIFE IP, targeting release in Asia (excluding Japan) on December 18, 2025.

To manage its global footprint, which includes making Ragnarok Online commercially available in 91 regions globally, Gravity relies on a structured network of subsidiaries and licensing partnerships for localized service, customer support, and marketing infrastructure.

Here is a breakdown of the key operational entities supporting this global structure:

• North America: Gravity Interactive subsidiary
• Japan: Gravity Game Arise subsidiary
• Emerging Markets: Offices and joint ventures in Taiwan, China, and Southeast Asia
• Regional Enhancement: Establishment of a new subsidiary in Malaysia to enhance service offerings in that region

The financial implications of these regional structures are tied to the success of direct service rollouts, such as the launch of Ragnarok Online America Latina in May 2025, which improved margin capture by cutting out third-party operators.

You can see the structure of the console publishing deal here:

Partner	Game Title	Platform	Territory	Planned Launch Date
TOMY COMPANY, LTD.	The Game of LIFE (IP-based)	Nintendo Switch	Asia (except Japan)	December 18, 2025

Finance: draft 13-week cash view by Friday.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Key Activities

Gravity Co., Ltd. focuses its core operational activities on maximizing the value derived from its established intellectual property (IP) portfolio, primarily the Ragnarok Online franchise, across various platforms and geographies.

Multi-platform game development and continuous IP refresh

Gravity Co., Ltd. actively develops new titles and refreshes existing IP across PC and mobile platforms. This involves both internal development and co-development efforts. For instance, in the third quarter of 2025, online game revenues reached KRW 25,968 million (US$ 18,487 thousand), marking a 32.1% increase year-over-year, partially driven by the initial revenue from Ragnarok Zero launched in Taiwan, Hong Kong and Macau on July 3, 2025. Mobile game revenues for Q3 2025 were KRW 109,571 million (US$ 78,007 thousand), showing a 6.9% year-over-year increase. The company has been aggressive with new releases, including Ragnarok Idle Adventure Plus in Korea, Ragnarok 3, and Ragnarok Libre globally, alongside the Q2 2025 launch of Ragnarok Online America Latina. The company maintains a significant cash reserve, reported at approximately US$ 426.2 million as of June 30, 2025, to fund these development pipelines.

Aggressive global publishing and regional market expansion

Publishing activities are central to Gravity Co., Ltd.'s revenue generation, leveraging its presence in 91 Regions globally with its flagship title. Expansion is executed through direct publishing and establishing local subsidiaries, such as the new subsidiary in Malaysia, Gravity Game Unite. The Q2 2025 results showed online game revenues increasing 13.0% year-over-year, largely due to the launch of Ragnarok Online America Latina. The company's strategy involves continuous geographic diversification.

Metric	Q1 2025 Value (KRW million)	Q2 2025 Value (KRW million)	Q3 2025 Value (KRW million)
Total Revenues	137,464	170,740	138,894
Mobile Game Revenues	115,486	144,003	109,571
Online Game Revenues	18,806	21,971	25,968

Live service operation and content updates for existing titles

Maintaining the installed base through live service operations is critical, especially for long-running titles like Ragnarok Online. This activity includes regular content updates and localized service management. The Q3 2025 sequential revenue decrease of 23.9% in mobile games was attributed to decreased revenues from Ragnarok M: Classic in Southeast Asia and Taiwan, Hong Kong and Macau, highlighting the direct financial impact of live service performance and content cadence in these established markets. Conversely, the Q3 2025 online revenue increase was supported by the launch of Ragnarok Zero in new territories.

Strategic marketing to drive user acquisition for new launches

Marketing spend supports the aggressive launch schedule across platforms and regions. In Q1 2025, operating expenses rose due to increased advertising spend for new game launches and regional expansion efforts. For example, the company reported a 31.1% jump in operating expenses in Q1 2025. This spending is aimed at driving user acquisition for titles like Ragnarok M: Classic, which saw its mobile game revenues increase 45.4% year-over-year in Q2 2025 following its launch in Taiwan, Hong Kong and Macau on April 16, 2025.

IP-centric content creation (One-Source Multi-Use strategy)

Gravity Co., Ltd. actively leverages its core IP beyond core gaming. This strategy aims to create a sticky ecosystem around the Ragnarok IP. The company is moving to transition from being purely IP-centric to a full-fledged global publisher, but the IP remains the foundation. This strategy includes diversification into non-gaming areas, such as the reported expansion into physical entertainment with the first Ragnarok Golf Monsters indoor-screen golf facility in Taipei, Taiwan, during Q1 2025. The company's revenue stream is dominated by mobile game titles based on this core IP.

• Mobile game titles accounted for approximately 84% of total revenue in Q2 2025.
• The company is exploring licensing and royalty models for external titles to expand its content funnel.
• The core activity is continually refreshing the Ragnarok IP across PC, mobile, and other media formats.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Key Resources

You're looking at the core assets that let Gravity Co., Ltd. operate and compete. These aren't just things they own; they are the foundational elements that drive their value proposition in the gaming world. Honestly, for a company like Gravity Co., Ltd., the IP is king.

The most significant intangible asset is the globally recognized Ragnarok Intellectual Property (IP). This IP is the bedrock of their continued relevance, powering new releases and maintaining legacy titles. As of mid-2025, the original Ragnarok Online is commercially offered in 91 markets. The company continues to actively expand its global capabilities for this IP in 2025, launching titles like Ragnarok: Twilight and Ragnarok Zero in Taiwan, Hong Kong, and Macau on July 3, 2025.

Next, let's talk about the balance sheet strength, which is a critical resource for funding development and market expansion. You need to know what they have on hand to weather any storm. Here's the quick math on their liquidity, using the figure you specified for the end of the third quarter:

Financial Metric	Amount (KRW)	Amount (USD)	As of Date
Cash and Short-Term Instruments Balance	KRW 609,927 million	US$ 434.2 million	September 30, 2025

To give you a sense of the trend, their cash and equivalents were KRW 576,840 million (US$ 426.2 million) as of June 30, 2025. This level of liquidity helps them fund aggressive development schedules, such as the Q1 2025 operating expenses which were KRW 25,276 million (US$ 17,143 thousand).

The physical and organizational footprint is another key resource. Gravity Co., Ltd. maintains a global network of 17 international offices/subsidiaries dedicated to localization, regional marketing, and direct market engagement. This network supports their global customer base across regions including Europe, Asia, Oceania, North America, and South America. The company's operational structure as of October 2025 included approximately 501 employees across 3 continents.

Finally, the technical expertise is a non-replicable asset. This includes their proprietary game engine and development know-how for MMORPGs. This internal capability allows them to develop titles like Ragnarok Online in-house, which is a major advantage over relying solely on third-party development. Their technical resources also extend to system development and maintenance services.

To put some of their recent operational scale into context, here are some Q1 2025 performance metrics:

• Total revenues were KRW 137,464 million (US$ 93,231 thousand).
• Operating profit reached KRW 24,730 million (US$ 16,772 thousand).
• Net profit attributable to the parent company was KRW 22,038 million (US$ 14,947 thousand).

Finance: draft 13-week cash view by Friday.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Value Propositions

You're looking at the core offerings that keep Gravity Co., Ltd. players engaged across their portfolio as of late 2025. The foundation remains the enduring appeal of the Ragnarok Online intellectual property, which serves as the anchor for a long-term player base.

The company delivers value through a spectrum of game styles, catering to different player preferences and time availability. This strategy is clearly reflected in the recent financial performance, showing a mix of legacy and new title contributions. For instance, online game revenues in the third quarter of 2025 reached KRW 25,968 million (approximately US$ 18,487 thousand).

This mix of formats is crucial for maintaining top-line stability. Here's a look at the scale of the business based on the Q3 2025 results:

Metric	Amount (KRW)	Amount (USD Equivalent)	Period
Total Revenue	KRW 138,894 million	US$ 98,883 thousand	Q3 2025
Operating Profit	KRW 21,276 million	US$ 15,147 thousand	Q3 2025
Net Profit Attributable to Parent	KRW 19,869 million	US$ 14,145 thousand	Q3 2025

The focus on diverse formats is evident in the recent pipeline. The launch of Ragnarok Idle Adventure Plus in Korea and its subsequent success in Southeast Asia supports the Idle/Mobile segment. This title hit the #1 free rank on Google Play in Thailand, Malaysia, Indonesia, and the Philippines.

Gravity Co., Ltd. emphasizes high-quality, localized content, which is key to maintaining regional strength. The company operates through numerous regional subsidiaries, including PT GRAVITY Game Link in INDONESIA, GRAVITY Communications Co., Ltd. in TAIWAN, and GRAVITY Game Vision, Ltd. in HONGKONG and Singapore. The launch of Ragnarok: Twilight in Southeast Asia on October 23, 2025, further demonstrates this regional focus.

The core monetization strategy relies on a free-to-play structure, allowing broad access, supplemented by optional in-game purchases for convenience and progression. While specific conversion rates aren't public, the success of mobile titles like Ragnarok M: Classic, which contributed to mobile revenue growth in Q1 2025, confirms the effectiveness of this model.

Seamless user access is supported by a commitment to both PC and mobile platforms. The revenue stream is clearly segmented between online (PC-centric) and mobile games, showing that both channels are active value delivery points. For example, online game revenues saw a 32.1% year-over-year increase in Q3 2025, driven by launches like Ragnarok Zero.

You should track these specific platform contributions:

• Online Game Revenue YoY Growth (Q3 2025): 32.1%
• Mobile Game Revenue YoY Growth (Q1 2025): 17.2%
• Cash and short-term instruments as of September 30, 2025: KRW 609,927 million (approximately US$ 434.2 million)

Finance: review the Q4 2025 projections for mobile vs. online revenue contribution by Friday.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Customer Relationships

You're looking at how Gravity Co., Ltd. keeps its massive global player base engaged across its portfolio, which includes the flagship Ragnarok Online available in more than 91 markets. This is a relationship built on localized presence and continuous content delivery.

Dedicated community management via the international subsidiary network

Gravity Co., Ltd. supports its global user base through its network of international subsidiaries. The establishment of a new subsidiary, such as the one in Malaysia, signals a direct commitment to tapping into regional gaming communities, like Southeast Asia's market, which is a key focus area. This localized structure is essential for managing community sentiment and providing region-specific engagement that a central office simply can't replicate.

Direct service rollout in key markets to enhance user experience and margin

The strategy heavily leans on direct service rollouts, which directly impacts both user experience and the company's take-home margin by potentially reducing third-party overhead. The success of this is visible in the financial results. For instance, Q3 2025 saw online game revenues increase 32.1% year-over-year, largely due to initial revenue from titles like Ragnarok Zero launched in Taiwan, Hong Kong and Macau, and Ragnarok Online America Latina. The mobile segment, which is a major driver of customer interaction, hit KRW 144 billion in Q2 2025, making up 84% of total revenue. The investment in this expansion is reflected in the year-over-year rise in operating expenses, which was 31.1% in Q1 2025, tied to advertising for these new regional launches.

Here's a look at the regional revenue impact from recent launches:

Game/Region Focus	Reporting Period	Revenue Metric Change	Value/Rate
Online Games (YoY)	Q3 2025	Revenue Increase	32.1%
Mobile Games (Total Revenue)	Q2 2025	Total Mobile Revenue	KRW 144 billion
Mobile Games (Share of Total)	Q2 2025	Percentage of Total Revenue	84%
Operating Expenses (YoY)	Q1 2025	Increase due to Expansion/Launches	31.1%

Continuous live service updates and regional in-game events

Keeping the relationship fresh means continuous content. Gravity Co., Ltd. supports this through regular game updates and events tied to regional schedules. The Q3 2025 results specifically mention initial revenue from Ragnarok Zero launching in Taiwan, Hong Kong and Macau on July 3, 2025, and Ragnarok Online America Latina launching on May 28, 2025. These launches are the tangible evidence of the content pipeline keeping the customer relationship active.

The company maintains operational capacity to support these services, evidenced by its balance sheet strength. As of September 30, 2025, the balance of cash and cash equivalents and short-term financial instruments stood at KRW 609,927 million (US$ 434,226 thousand).

Automated self-service support for in-game transactions and issues

To handle the volume generated by 91 markets, the operational structure must include efficiency measures. While specific metrics on automated support resolution aren't public, the focus on operational efficiency is implied by cost management alongside growth. For example, operating expenses decreased 22.9% quarter-over-quarter in Q1 2025, partly due to decreased advertising spend. This suggests a focus on optimizing spending, which often includes scaling support functions through automation for routine in-game transaction queries.

The company's ability to manage customer-facing costs, like commission paid for mobile game services, saw a 22.3% decrease quarter-over-quarter in Q3 2025. This efficiency helps maintain profitability even when net profit attributable to the parent company is down year-over-year, as seen in Q3 2025 at 11.2%.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Channels

Mobile game revenues formed the largest channel, generating KRW 144,003 million (US$ 106,393 thousand) in the second quarter of 2025, representing 84% of total revenue for that period. By the third quarter of 2025, mobile game revenue was KRW 109,571 million (US$ 78,007 thousand).

• Mobile game revenue increased 45.4% year-over-year in Q2 2025.
• Mobile game revenue decreased 23.9% quarter-over-quarter in Q3 2025 from the Q2 2025 figure.

Online game revenues, which align with PC client downloads via official game websites, accounted for KRW 21,971 million (US$ 16,233 thousand) in Q2 2025. This channel saw sequential growth to KRW 25,968 million (US$ 18,487 thousand) in Q3 2025.

Period Ending	Revenue Segment	Amount (KRW)	Amount (USD)
Q2 2025	Total Revenue	KRW 170,740 million	US$ 126,147 thousand
Q2 2025	Mobile Game Revenue	KRW 144,003 million	US$ 106,393 thousand
Q2 2025	Online Game Revenue	KRW 21,971 million	US$ 16,233 thousand
Q3 2025	Total Revenue	KRW 138,894 million	US$ 98,883 thousand
Q3 2025	Mobile Game Revenue	KRW 109,571 million	US$ 78,007 thousand
Q3 2025	Online Game Revenue	KRW 25,968 million	US$ 18,487 thousand

Niche digital channels like WeChat Mini Programs are not explicitly detailed with separate revenue figures, but China/Taiwan/Hong Kong revenues contribute to the Online Game segment. Royalty streams from China and Japan carry 80%-plus gross margin.

Console platforms saw releases in Q1 2025, including Twilight Monk and Snow Brothers 2 Special.

Physical entertainment venues, such as the first "Ragnarok Golf Monsters" indoor screen-golf venue opened in Taipei in Q1 2025. Consumer-products revenue, which includes this experiential retail, was 2% of the mix in Q1 2025.

• Ragnarok Online is commercially available in 91 markets globally.
• Online game revenue increased 32.1% year-over-year in Q3 2025.
• Other revenues in Q3 2025 were KRW 3,355 million (US$ 2,389 thousand).

Finance: review Q3 2025 revenue breakdown by specific game title vs. licensing by end of week.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Customer Segments

You're looking at the core audience Gravity Co., Ltd. (GRVY) serves as of late 2025, based on where their money is coming from and where they are launching new titles. Honestly, the numbers show a clear focus on mobile, but the legacy PC base is still a meaningful part of the business.

The primary customer base is heavily skewed toward mobile gamers. For the third quarter of 2025, mobile game revenues accounted for a significant portion of the top line, though the specific percentage isn't explicitly stated for Q3, the Q2 2025 figure shows mobile games were 84% of total revenue, reaching KRW 144,003 million in that period. This indicates that the vast majority of Gravity Co., Ltd.'s current user base is accessing their games via smartphones.

Here is a breakdown of the revenue contribution by platform for the third quarter ended September 30, 2025:

Segment	Q3 2025 Revenue (KRW)	Q3 2025 Revenue (USD approx.)	Year-over-Year Growth
Mobile Games	KRW 109,571 million	US$ 78,007 thousand	6.9%
Online Games	KRW 25,968 million	US$ 18,487 thousand	32.1%
Total Revenues	KRW 138,894 million	US$ 98,883 thousand	8.2%

The legacy PC MMORPG players seeking a nostalgic experience are served by the Online Games segment. This segment saw strong year-over-year growth of 32.1% in Q3 2025, reaching KRW 25,968 million. This growth was largely driven by the initial revenue from Ragnarok Zero, launched in Taiwan, Hong Kong and Macau on July 3, 2025, and continued performance from Ragnarok Online America Latina.

Global mobile gamers, particularly in Asia and Latin America, are a core focus, evidenced by strategic launches:

• Ragnarok M: Classic Global launched in North and South America, Europe, Middle East, and Oceania on September 3, 2025.
• Ragnarok Online America Latina launched in Latin America on May 28, 2025.
• Ragnarok M: Classic had prior launches in Asia (Taiwan, Hong Kong and Macau on April 16, 2025).

Geographically segmented users in high-growth markets are actively targeted. For instance, the launch of Ragnarok: Twilight in China on August 15, 2025, and Southeast Asia on October 23, 2025, directly addresses these regions. Still, performance can be uneven; Q3 2025 saw decreased revenues from Ragnarok M: Classic in Southeast Asia and Taiwan, Hong Kong and Macau.

Casual gamers attracted to Idle MMOARPG formats are being courted with newer titles. While Q3 2025 mobile revenue saw a sequential drop of 23.9% from Q2 2025, this was attributed to reduced earnings from Ragnarok M: Classic. New titles like Ragnarok Idle Adventure Plus, which launched in Korea, aim to capture this more casual segment, which often prefers the Idle format.

The company's overall geographic reach is extensive, with Ragnarok Online being commercially available in 91 markets globally as of Q2 2025. Gravity Co., Ltd. also established a new subsidiary in Malaysia in Q1 2025 to enhance game services in that region.

Finance: review the Q4 2025 marketing spend against the Q3 2025 mobile revenue decline by Friday.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep the Gravity Co., Ltd. engine running, especially as they push new titles globally. Honestly, for a company heavily reliant on mobile revenue, the platform fees are a major fixed-ish cost.

High Cost of Revenue, primarily platform commissions for mobile services is a significant drain. This cost component is directly tied to the performance of the mobile segment, which, while still dominant, saw its revenue fall 23.9% quarter-over-quarter (QoQ) in Q3 2025. The Cost of Revenue for Q3 2025 was KRW 88,542 million (US$ 63,036 thousand). The sequential decrease in this cost, down 22.3% QoQ, was explicitly due to lower commission paid for mobile game services, specifically for Ragnarok M: Classic in Southeast Asia and Taiwan, Hong Kong, and Macau.

Significant advertising expenses for new game launches are a key driver of Operating Expenses. While Q3 2025 Operating Expenses were KRW 29,076 million (US$ 20,700 thousand), representing a 21.6% decrease QoQ, this was partly due to decreased advertising expenses for several titles like Ragnarok Online America Latina. To be fair, the year-over-year (YoY) increase in Operating Expenses (up 18.5% YoY from KRW 24,539 million) was partly driven by increased advertising expenses for titles like Ragnarok Idle Adventure Plus and Nobunaga's Ambition: The Road to the World.

Game development and maintenance costs (R&D and salaries) fall under Operating Expenses. The QoQ decrease in Operating Expenses for Q3 2025 was also attributed to decreased research and development expenses. Salaries are also a component of these operational costs, as seen in Q1 2025 when increased salaries contributed to a YoY rise in operating expenses.

Here's a quick look at the key cost line items from the Q3 2025 report:

Cost Component	Q3 2025 Amount (KRW million)	QoQ Change
Cost of Revenue	88,542	-22.3%
Operating Expenses	29,076	-21.6%
Advertising Expense (Component of OpEx)	Not Separately Itemized	Decreased QoQ
Research & Development (Component of OpEx)	Not Separately Itemized	Decreased QoQ

Server hosting and global IT infrastructure costs are embedded within the Cost of Revenue and Operating Expenses, supporting the global service of titles like Ragnarok Online, which is commercially offered in 91 regions.

Salaries and operational costs for 17 international offices represent the fixed overhead for global presence. As of June 2025, Gravity's subsidiary network spanned 17 offices. These micro-hubs manage localized events and community management.

• Platform commissions are a variable cost tied to mobile revenue streams.
• Advertising spend fluctuates based on new game launch schedules.
• R&D costs show flexibility, decreasing in Q3 2025 following prior spending.
• Global operational footprint requires sustained spending across 17 international locations.

Gravity Co., Ltd. (GRVY) - Canvas Business Model: Revenue Streams

You're looking at how Gravity Co., Ltd. actually brings in the cash flow as of late 2025. It's heavily reliant on its established intellectual property, but the mix is shifting slightly, which is something to watch.

The total revenue for the third quarter ended September 30, 2025, hit KRW 138,894 million (approximately US$ 98,883 thousand). This figure gives us the baseline for understanding where the money is coming from.

Mobile Game Revenue, the dominant stream

Mobile gaming remains the bedrock of Gravity Co., Ltd.'s income, though it saw a sequential dip. In Q3 2025, mobile game revenues were KRW 109,571 million (US$ 78,007 thousand). This represented about 78.89% of the total revenue for the quarter. This stream is primarily driven by ongoing monetization within titles like Ragnarok M: Classic, even though that title saw decreased revenues sequentially. This revenue is almost entirely generated through in-game purchases.

The core mechanism here is in-game purchases, which you can think of as microtransactions. These are the transactions players make for things like:

• Cosmetics that change character appearance.
• Convenience items that speed up progression.
• Power-ups or resources that enhance gameplay.

Online Game Revenue from PC titles

The PC online segment is showing strength, which is a positive sign for the core IP. Online game revenues for Q3 2025 were KRW 25,968 million (US$ 18,487 thousand). That's about 18.70% of the total revenue. This growth was notably supported by the initial revenue from Ragnarok Zero in Taiwan, Hong Kong, and Macau, and the launch of Ragnarok Online America Latina. This segment is classic subscription and item sales, but the new launches are clearly providing a lift, up 32.1% year-over-year.

Here's a quick look at the top-line revenue breakdown for Q3 2025:

Revenue Segment	Q3 2025 Revenue (KRW million)	Approximate Percentage of Total
Mobile Game Revenue	109,571	78.89%
Online Game Revenue	25,968	18.70%
Other Revenue	3,355	2.42%

Licensing and merchandising revenue from the Ragnarok IP

The remaining revenue falls under the Other Revenue category, which was KRW 3,355 million (US$ 2,389 thousand) in Q3 2025. This stream, representing roughly 2.42% of the total, is where you'd find licensing fees and merchandising income derived from the powerful Ragnarok IP. For instance, the licensing deal for Ragnarok Online Landverse America, which is set to launch in December 2025, contributes to this bucket, often through upfront fees or minimum guarantees, though the bulk of that title's revenue will flow through game sales/purchases later.

Revenue-share from third-party publishing titles

Specific data separating revenue-share from direct licensing/merchandising within the 'Other Revenue' line isn't explicitly detailed in the Q3 2025 report line items. However, revenue-share agreements with third-party publishers for titles like Ragnarok Online Landverse America would be accounted for here, or potentially within the relevant Mobile/Online segments depending on the contract structure. What this estimate hides is the exact split between pure IP licensing versus revenue-share agreements, but it's a smaller, supporting pillar compared to direct game sales.

Finance: draft 13-week cash view by Friday.