Shift Up Annual Report: The Studio Achieves Record Revenues, Stellar Blade Generates $43 Million

The past year marked a record high for the South Korean studio Shift Up. In its latest financial report, the company announced that as of the end of 2024, it achieved the highest operating profit and revenue in its history.

Stellar Blade

• Shift Up's operating profit reached 148.58 billion won ($102.3 million), an increase of 33.8% compared to 2023.
• The studio's net profit rose by 33.7% to 142.6 billion won ($98.2 million).
• Shift Up's revenue was 219.85 billion won ($151.4 million), a growth of 30.4% year-over-year.
• Gacha game Goddess of Victory: Nikke contributed 69.6% of the revenue, generating 153 billion won ($105.4 million)—7% less than the previous year.
• Royalties from the sales of Stellar Blade amounted to 62.8 billion won ($43.2 million). According to the developers, the game continues to sell well, even though nearly a year has passed since its release on April 26, 2024. The studio expects to boost sales even further after releasing Stellar Blade on PC.
• As of December 31, 2024, Shift Up had 322 employees, 90% of whom were developers. In September, the studio had eight fewer employees. Shift Up aims to have 400-420 employees by the end of 2025, so it is actively recruiting new talent.