Shift Up, Stellar Blade developer and Nikke, reported a huge 2023 operating profit growth of 516% to $82.4 million. Revenue reached $125 million, up 154.5% year over year.
Net income was $79 million, significantly better than the $5.3 million net loss recorded in 2022.
The majority of revenue came from royalties, $122 million. By royalty, we mean compensation received from other companies products that use Shift Up's intellectual property. According to the Korean publication GameMeca, this should be the money Tencent received for Goddess of Victory: Nikke, published by Level Infinite, a subsidiary label of the Chinese giant.
In contrast, Shift Up's self-published games brought in just $3 million in revenue, down 61% from last year. The decline is, in part, due to the closure of Destiny Child.
Interestingly, most of the income was generated from the global market, as domestic income, i.e. income generated in South Korea, was only $951,000. However, thanks to the agreement with Tencent, the majority of revenue was generated from Asia (98.5%), followed by America (0.5%) and Europe (0.08%). Let's see how Stellar Blade will change this situation.
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