Goddess of Victory: NIKKE Hits $600 Million in Revenue

Key insights

7 takeaways

01
Goddess of Victory: NIKKE generated $600 million in mobile revenue globally during its first year, spanning November 4, 2022, to November 10, 2023.
02
Japan is the primary market for the title, accounting for 60% of total revenue and 67.7% of organic downloads.
03
The game is now the third highest-grossing title in Tencent’s portfolio, trailing only PUBG Mobile and Honor of Kings.
04
Shift Up’s strong performance led Tencent to increase its equity stake in the developer to over 24%.
05
Total lifetime revenue is heavily concentrated in three regions, with the United States and South Korea contributing 16% and 12% respectively.
06
The game has reached 11.2 million total mobile downloads, with 43.5% of the United States player base under the age of 25.
07
The $600 million revenue figure is exclusive to mobile performance and does not include undisclosed earnings from the PC version.

Summary

The mobile title Goddess of Victory: NIKKE, developed by South Korean studio Shift Up and published by Tencent’s label Level Infinite, achieved $600 million in global player spending during its first year of operation. Spanning the period from November 4, 2022, to November 10, 2023, this financial milestone underscores the game's role as a primary growth driver for Tencent’s international gaming segment. The data, primarily sourced from Sensor Tower and supplemented by AppMagic, highlights the title's status as the third highest-grossing game in Tencent’s portfolio, trailing only PUBG Mobile and Honor of Kings.

Geographically, the game’s revenue is heavily concentrated in three markets, which collectively account for nearly 90% of lifetime earnings. Japan leads with 60% of total revenue, followed by the United States at 16% and South Korea at 12%. Japan also maintains the highest share of organic downloads at 67.7%, while South Korea shows the highest reliance on ad-driven installs at 31.7%. In the United States, the player base skews young, with 43.5% of users under the age of 25. While total download figures are estimated at 11.2 million, the game’s success has significantly bolstered the valuation of developer Shift Up, leading Tencent to increase its equity stake in the studio to over 24%.

The findings illustrate the effectiveness of the game's gacha-based monetization model, particularly in the Japanese market, where it ranks among the top five mobile titles alongside established local competitors. This performance has solidified Tencent’s global standing as a leading mobile publisher. Although the game is also available on PC, the revenue generated from that platform remains undisclosed, meaning the $600 million figure represents mobile-exclusive performance.