Shift Up Q2 2024 Financial Results

Shift Up’s second quarter of 2024 financial results demonstrate significant growth following the company’s initial public offering. The South Korean developer achieved record-breaking quarterly performance, reporting total revenue of ₩65.2 billion ($48 million), representing a 65.4% year-over-year increase. Operating profit rose to ₩45.1 billion ($33.1 million), a 49% increase, while net profit grew by 5.1% to ₩40.3 billion ($29.7 million).

The company’s revenue streams remain anchored by two primary titles. Goddess of Victory: Nikke continues to be the leading contributor, accounting for 58.9% of total revenue with ₩38.4 billion ($28.3 million) in royalties. Meanwhile, the newly launched Stellar Blade generated ₩25.8 billion ($19 million) in royalties during the quarter. Although sales for Stellar Blade have moderated since its initial launch, the title has reached one million units sold, and the developer intends to sustain its momentum through ongoing content updates and a planned PC version.

Looking toward future growth, the company is actively developing a new AAA action RPG, codenamed Project Witches. This upcoming title is intended to be a cross-platform release, with further details expected in 2025. To support this expansion, the company plans to increase its workforce from 309 employees as of June 30, 2024, to approximately 420 staff members by the end of 2025. These results underscore a period of strong financial health and strategic investment in new intellectual property for the studio.