Shift Up, a prominent name in Korea’s gaming industry, has posted impressive financial results for Q3 2024, demonstrating the company’s growth trajectory as it prepares to expand its popular games into new markets and platforms. In the third quarter, Shift Up recorded revenue of ₩58 billion, a year-over-year increase of 52.3%, though it was a slight decline from the previous quarter. Operating income reached ₩35.6 billion, reflecting a 120.4% jump compared to last year, and the company noted a net income of ₩23.5 billion despite foreign exchange losses and IPO-related costs.

Key contributors to this strong performance include “Victory Goddess: NIKKE” and “Stellar Blade,” two flagship titles that have each secured a substantial market engagement. “Victory Goddess: NIKKE” generated ₩34.2 billion in Q3 revenue, maintaining steady user traffic through well-received anniversary events. However, its revenue saw an 11% decrease from the previous quarter’s ₩38.5 billion, largely due to an underwhelming response to its recent Evangelion collaboration. Shift Up acknowledged this feedback and indicated plans to incorporate user input for future collaborations, expected in 2025, to enhance appeal and market resonance.

“Stellar Blade,” which launched as a PS5 exclusive in April, brought in ₩22.5 billion for Q3. This follows a strong start in Q2 and brings the title’s cumulative revenue to ₩48.3 billion. Sales have remained steady, and Shift Up has sustained interest through regular content updates, including plans to release high-profile DLC featuring the world of “NieR: Automata” to keep the title relevant until it expands to additional platforms.

Looking to Q4, Shift Up anticipates a positive performance for “Victory Goddess: NIKKE” as it celebrates its two-year anniversary with new characters and premium features that have already captured player attention. During the event’s first week, “NIKKE” secured top spots in iOS revenue rankings across several markets, including first place in Korea and Taiwan and second in Japan. The company expects these ongoing events to either match or surpass the game’s Q4 performance from the previous year, aided by additional content and special event features.

Shift Up is also preparing to introduce “Victory Goddess: NIKKE” to the Chinese market, working in close collaboration with an experienced global publisher. The company has set its sights on a release for the first half of 2025 and is conducting an in-depth analysis of the region’s recent gaming successes to implement a tailored launch strategy that will support long-term engagement and sustainability in this significant market.

With continued interest in “Stellar Blade” and prospects for the game’s release on other platforms, Shift Up’s commitment to expanding “Stellar Blade” to PC is particularly noteworthy. The company is targeting a PC launch by 2025, anticipating high engagement on Steam and other major PC gaming platforms. Considering recent trends in the AAA gaming market, Shift Up is optimistic that “Stellar Blade” will perform on par with, if not exceed, its console success as it enters the rapidly growing global PC gaming space.

Shift Up’s Q3 performance and forward-looking strategies underscore the company’s commitment to leveraging its IP strength and exploring opportunities across diverse markets and platforms. By focusing on audience feedback, localized marketing strategies, and platform diversification, Shift Up is positioning itself for sustained growth and expanded reach into 2025 and beyond.

Sayart / Jack Lee, wangjb77@gmail.com