Shift Up Q3 2024 Financial Results

Shift Up’s financial results for the third quarter of 2024 reveal a period of significant growth, characterized by a 52.3% year-over-year revenue increase to ₩58 billion ($41.2 million) and a 120.4% surge in operating profit to ₩35.5 billion ($25.2 million). Despite these gains, net profit experienced a marginal decline of 1.9%, settling at ₩23.4 billion ($16.6 million). The company’s workforce also saw expansion, growing 9.4% year-over-year to 313 employees.

The performance of the studio’s primary titles was mixed. Goddess of Victory: Nikke remained the company's largest revenue driver, contributing 59% of total earnings, though its revenue fell 10.9% compared to the same period in 2023, partly due to the underwhelming performance of an Evangelion collaboration. However, management anticipates a recovery in the fourth quarter and is preparing for the game’s launch in China during the first half of 2025. Meanwhile, Stellar Blade generated ₩22.5 billion ($16 million) in royalties, a 12.7% decrease from the previous quarter.

Looking ahead, Shift Up is prioritizing the expansion of the Stellar Blade intellectual property. The studio plans to release a PC version of the title in 2025, projecting that sales on that platform will surpass those on PlayStation 5. This optimism is driven by the growing influence of the Steam marketplace and the recent global success of Black Myth: Wukong. Additionally, the company is developing a multiplatform RPG, codenamed Project Witches, with a projected release date after 2027 and further details expected in early 2025.