Gravity’s 2024 revenue fell 31.0% to KRW 500.8 billion, and shareholders reappointed eleven directors on Mar 31, 2025

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Gravity Co., an online and mobile game developer and publisher based in South Korea, held its annual general meeting in Seoul on Mar 31, 2025, and reported the results in a Form 6-K, the filing a company based outside the US uses to pass the SEC the news it has published elsewhere. Shareholders approved the company’s consolidated and separate financial statements for the years ended Dec 31, 2024 and 2023, which the filing says were prepared under International Financial Reporting Standards as adopted by Korea, known as Korean IFRS, and audited under Korean auditing standards. They also approved the reappointment of eleven directors and a maximum of KRW 4 billion in pay for directors as a group for fiscal year 2025. At a board meeting held straight after, Hyun Chul Park was reappointed chief executive and Yoshinori Kitamura chairman of the board.1^,2^,3^,4^,5^,6^,7^,8

The same filing carried Gravity’s consolidated results for the fiscal year ended Dec 31, 2024, prepared under Korean IFRS. Revenue was KRW 500.8 billion, down 31.0% from KRW 725.5 billion in 2023. Mobile game revenue fell 35.6% to KRW 405.7 billion, mainly on lower revenue from Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau, Ragnarok X: Next Generation and Ragnarok M: Eternal Love. Initial revenue from Ragnarok Origin, launched in North, Central and South America on Feb 28, 2024, and from THE RAGNAROK, launched in Taiwan, Hong Kong and Macau on Jun 6, 2024, in Korea on Sep 9, 2024 and in Southeast Asia on Oct 31, 2024, partly offset the fall. Online game revenue fell 5.0% to KRW 77.0 billion, mostly because Ragnarok Online earned less in Thailand and Taiwan. Operating income was KRW 86.2 billion, against KRW 161.0 billion in 2023, and net profit was KRW 84.9 billion, against KRW 132.0 billion. That net profit was the consolidated figure for the year, which includes non-controlling interests, the outside holders of Gravity’s subsidiaries, and the annual business report attributed a loss of KRW 17.1 million of it to them. Gravity’s separate results, which cover the parent company on its own, showed revenue of KRW 179.3 billion for 2024, down 26.1%.9^,10^,11^,12^,13^,14^,15^,16^,17^,18

The annual business report listed GungHo Online Entertainment, Inc. with 4,121,737 shares of Gravity, shown as 59.31 in its Shares Owned% column, as of Dec 31, 2024. It also showed 414 employees at that date, 238 of them developers. Gravity’s annual report on Form 20-F followed on Apr 25, 2025.19^,20^,21^,22