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Krafton

Topic: Company

 From HandWiki - Reading time: 19 min

Krafton Inc.
Native name
컴퍼니 크래프톤 )l
TypePublic
KRX: 259960
IndustryVideo games
Founded5 November 2018; 7 years ago (2018-11-05)
Headquarters
Bundang District, Seongnam
,
South Korea
Key people
Revenue₩2.7 trillion
US$1.9 billion (2024)[1]
Owner
Number of employees
≥3400
Subsidiaries
Websitekrafton.com

Krafton Inc. (Korean: 주식회사 컴퍼니 크래프톤) is a South Korean video game publisher and holding company based in Bundang District, Seongnam. It pl created in November 2018 to serve as the parent company for Bluehole, founded by Chang Byung-gyu in Seoul in March 2007, and its subsidiaries. The company has published several notable video game titles including TERA, Software:PUBG: Battlegrounds, New State Mobile, The Callisto Protocol, and InZOI.)

History

Following the success of Software:PUBG: Battlegrounds, which had led to both investment from Tencent Holdings, and expansion and acquisition of studios, Bluehole opted to establish Krafton on November 5th 2018, to serve as a holding company for its video game properties. "Krafton" was selected based on the names of craft guilds of the Middle Ages.[4] Kim Chang-han, the CEO of the PUBG Corporation (current PUBG Studios) that developed PlayerUnknown's Battlegrounds, was named as CEO for Krafton.[5]

The company announced its plans to file for an initial public offering in July 2021, filing its initial approval for listing on the Korea Stock Exchange in April 2021.[6] The firm planned to raise ₩5.6 trillion (US$5 billion) at a market valuation of ₩30 trillion (US$27.2 billion).[5][7] The IPO was held on 10 August 2021; while its value dropped by 8.8% from the original asking price at the end of trading, it still ended with Krafton being valued at US$19.32 billion.[8]

Subsidiaries

Bluehole has acquired several development studios since its founding. On 5 November 2018, all subsidiaries were reorganized under one parent company: Krafton Game Union.

Bluehole Studio

Logo of Bluehole Studio

Bluehole Studio was founded in Seoul in March 2007 by Chang Byung-gyu.[9] Chang previously established Neowiz in 1997, along seven other co-founders, moved on to found search engine developer First Snow in 2005, and sold that venture in 2006.[10] The company announced on 22 April 2015 that they had changed their name to simply Bluehole.[11]

In August 2017, Chinese holding company Tencent announced that it had, following a rejected acquisition bid, invested an undisclosed amount of money into Bluehole.[12] Bluehole initially denied that any investment had been made,[13] but later stated that they were in talks with Tencent in multiple partnerships, including the acquisition of an equity stake in Bluehole by Tencent.[14] Subsequently, Tencent acquired 1.5% of Bluehole for a total of ₩70 billion.[15] Tencent reaffirmed their intents to fully acquire Bluehole in November 2017.[16][17] Korean magazine The Korea Times suggested that an initial public offering, through which Bluehole would become a public company, was "out of question" due to Chang Byung-gyu's position as chairman of both Bluehole and the Fourth Industrial Revolution committee.[18] At the time, 38 Communications, a company that tracks unlisted Korean stocks, valued the company at ₩5.2 trillion.[19][20] Tencent plans to invest further ₩500 billion to acquire further 10% ownership, raising their total stake to 11.5%.[21]

PUBG Studios

Logo of PUBG Studios

PUBG Studios (formerly Ginno Games, Bluehole Ginno Games and PUBG Corporation) is an internal studio of Bluehole's that developed one of the establishing battle royale games, PlayerUnknown's Battlegrounds (PUBG), based on user mods in other games by Brendan "PlayerUnknown" Greene and who was hired by PUBG Studios to develop it into a full title. Originally, Ginno Games had been founded by Kim Chang-han to develop MMOs, but around 2014, he had been forced to lay off a third of his staff as their last product had not performed well.[5] He sold Ginno Games to Bluehole on 27 January 2015, with the sale to close on 27 March that year.[22][23] At the time, Ginno Games employed 60 people.[23] Ginno Games changed their corporate name to Bluehole Ginno Games in May 2015. Shortly after Bluehole's acquisition in 2015, Chang-han reached out to Greene to offer him support to build out his battle royale at Bluehole Ginno, which Greene accepted. PUBG was first released in early access in March 2017 as a highly popular game. Following the success of PUBG in 2017, Bluehole Ginno Games was renamed PUBG Corporation in September 2017.[24]

A second office was established in Madison, Wisconsin, in late 2017, with two further offices in Amsterdam and Japan opened later.[25][26] On 12 March 2018, PUBG Corporation acquired New York-based studio MadGlory, which was renamed PUBG MadGlory.[27]

Greene, having been based in the Seoul offices of PUBG Corporation, left that division in March 2019 to lead a new subsidiary, PUBG Special Projects, at the Amsterdam office, later renamed to PUBG Productions.[28] PUBG Productions announced their first game Prologue at The Game Awards 2019 in December. Unrelated to Battlegrounds, Prologue is called an exploration of gameplay and technology, and said "to give players unique and memorable experiences, each and every time they play".[29]

At the end of 2019 Tencent Games announced some big plans for PUBG in India's upcoming future, as well as its general eSports.[30]

Krafton fully merged PUBG Corporation into their internal studio system in December 2020, rebranding the team as PUBG Studios.[31]

On 9 November 2020, it was announced that Krafton will participate in G-Star 2020 to introduce their upcoming multiplayer online game Elyon through Krafton, an e-sports reality show where celebrities and streamers entered a special school that specialized in battlegrounds conduct episodes and talk related to PUBG Series 3. Celebrities (G)I-dle's Song Yuqi and Ailee and streamers Chyo Man and Choi Kwang-won appeared in the show.[32]

In September 2020, the Government of India banned PUBG Mobile in the country along with several apps published by Chinese vendors, in this case Tencent Games, due to data privacy issues. To relaunch the game back in India, Krafton took back the control of Intellectual Property (IP) of the game for the Indian region from Tencent. An aesthetically new version of PUBG Mobile, Battlegrounds Mobile India, was launched on 2 July 2021 for Android[33] and on 18 August 2021 for iOS.[34] This time the game was published by Krafton, Inc.

In February 2021, PUBG Studios announced the development of Software:PUBG: New State, the second installment in the PUBG Universe, set in the future (2051). Drones, shields, weapon customization, neon sights, reviving teammates and 'recruiting' knocked out enemies are just some of the new mechanics in PUBG: New State. The game released on 11 November 2021, and reported through a presentation that to date the game had exceeded 55 million pre-registrations on Google Play and App Store.[35][36] On 27 January 2022, a name change was announced, going from being called "PUBG: New State" to being called "New State Mobile". According to Krafton this was done to create a unique mobile-centric experience, and through that change they were putting it into practice.[37]

In Fall 2024, Krafton signed a licensing agreement with Pocketpair for Palworld's intellectual property. PUBG Studios announced it has begun developing a mobile version of the game.[38]

Striking Distance Studios

In June 2019, a new studio called Striking Distance was opened in conjunction with Glen Schofield, the co-founder of Sledgehammer Games. Striking Distance, headed by Schofield as chief executive officer, was set to develop narrative-driven games based on PUBG.[39] The studio's first game is The Callisto Protocol, a survival horror game. It was originally intended to be set within the PUBG universe but that never went into fruition. It was released on December 2, 2022. In August 2024, the studio announced [REDACTED], a new game set in the Callisto Protocol universe.[40] [REDACTED] was released on 28 October 2024, receiving initial positive reviews.[41]

Striking Distance Studios is headquartered in San Ramon, California.[42]

RisingWings

RisingWings is a game development company formed by the merger of Pnix and Delusion. RisingWings focuses primarily on casual mobile games.[43] RisingWings is based in Seoul.[44][45]

Dreamotion Inc.

Dreamotion is a South Korean video game development company founded in July 2016.[46] They primarily focus on developing mobile games.[47] Dreamotion was acquired by Krafton on 13 May 2021.[48][49][50]

Thingsflow

Thingsflow Inc. an interactive content production company known for Hellobot, a chat-based content platform that allows users to engage with bot-driven characters through dedicated apps and messenger services. As of May 2021, Hellobot has more than four million users throughout Korea and Japan. On 29 June 2021 this company was acquired by Krafton.[51]

Unknown Worlds Entertainment

Main article: Company:Unknown Worlds Entertainment

Unknown Worlds Entertainment, founded in 2001 in San Francisco, California, is a video game studio renowned for titles like Natural Selection and Subnautica.[52] In October 2021, the studio was acquired by Krafton. In August 2022, they announced the development of Moonbreaker, a turn-based strategy game set in a sci-fi universe crafted by author Brandon Sanderson.[53][54][55] The game had its full release on February 2, 2024.[56]

The studio is currently developing Subnautica 2, the sequel to Subnautica (2018) and Software:Subnautica: Below Zero (2021). Subnautica 2 is scheduled to enter early access in 2026 and will initially be available on Windows and Xbox Series X/S.[57]

In July 2025, Krafton announced that Unknown Worlds co-founders Charlie Cleveland and Max McGuire, as well as the CEO Ted Gill, had been replaced by Steve Papoutsis, who previously worked at Striking Distance Studios.[58] The leadership change prompted widespread criticism from the video game community.[59] In a follow-up statement, Krafton stated that the original leadership had been removed due to its alleged abandonment of responsibilities, which the company claimed had caused significant delays in the development of Subnautica 2.[60] Later that month, Cleveland, McGuire and Gill filed a lawsuit against Krafton in response to their firings claiming that their terminations and the delay of the game's early access release were intended to prevent the payment of a previously promised $250 million bonus to the studio.[61]

5minlab Corporation

5minlab is a South Korean company founded in 2013, known for developing Smash Legends, Baam Squad, Toy Clash, among others.[62] It is also known for developing live Q&A broadcast systems and providing AR/VR software and content to large corporations and broadcast companies. This company was acquired by Krafton in February 2022.[63][64]

Notable games developed by 5minlab after its acquisition by Krafton include Kill the Crows, a fast-paced top-down western arena shooter, and Private Military Manager. The studio is currently developing Dinkum Together, a multiplayer spin-off of the life simulation game Dinkum, by James Bendon. In February 2025, it was announced that Krafton had acquired publishing rights for all titles within the Dinkum IP.[65][66]

Neon Giant

In November 2022, it was announced that Krafton had acquired Neon Giant, the Uppsala-based developer of The Ascent.[67]

Krafton Montreal Studio

Krafton had opened Krafton Montreal Studio, its first Canadian studio, in February 2023. As its first game, the studio is developing a game based on the South Korean fantasy novel The Bird That Drinks Tears by Lee Yeongdo.[68]

Tango Gameworks

Main article: Company:Tango Gameworks

On August 11, 2024, Krafton announced their purchase of Tango Gameworks and the intellectual property rights to Hi-Fi Rush from Microsoft Gaming following the studio's closure earlier that June. The development studio acts as Krafton's first video game subsidiary based in Japan, with the rights to previous Tango games remaining with Microsoft Gaming's ZeniMax Media division. Following the acquisition, Krafton plans "to continue developing the Hi-Fi Rush IP and explore future projects", while also forged a strategic partnership with Microsoft, including help integrate Tango among the others Krafton's studios and support future Hi-Fi Rush projects.[69][70]

InZOI Studio

In early 2025, it was announced that Krafton had founded InZOI Studio, the development studio behind the simulation game InZOI.[71]

JofSoft

In June 2025, Krafton announced its first Steam publisher sale, including Pizza Bandit by Korean / USA indie studio JofSoft, confirming that the studio has recently joined Krafton.[72]

Eleventh Hour Games

On the 25th July 2025, Krafton announced that it had acquired Last Epoch developer Eleventh Hour Games. The initial purchase price was $96 million.[73]

Defunct subsidiaries

L-Time Games

L-Time Games was founded in June 2009.[74] The company attracted a ₩2 billion and a ₩5 billion investment from Knet Investment Partners and IMM Investments, respectively.[75] L-Time Games was acquired by and merged into Bluehole in January 2014.

Maui Games

Maui Games was a mobile game developer founded in 2013 by Woonghee Cho,[76] previously head of business development for Neowiz.[77] Bluehole Studio announced on 16 January 2015 that they were acquiring the company, which was completed in October that year.[76] At Bluehole's January 2017 shareholders' meeting, it was decided that Maui Games would enter liquidation, which was effective immediately.[78] Nine staff members of Maui Games, a fraction of that company's total employee count, were reemployed directly within Bluehole.[78]

Pnix

Pnix (formerly Bluehole Pnix) was a mobile game developer. The company was founded as Pnix Games in 2012.[79] Bluehole announced that they had acquired Pnix Games, alongside Squall, on 22 April 2015.[11] Pnix Games changed their corporate name to Bluehole Pnix in June 2016. Corporate name again changed to Pnix in 2018 after being a subsidiary of Krafton. In 2020 Pnix was merged with Delusion to form a RisingWings.

Squall

Squall (formerly Bluehole Squall) was a mobile game developer. The company was founded as Squall by Park Jin-seok, a founding member of Neowiz, in 2013.[80] Bluehole announced that they had acquired Squall, alongside Pnix Games, on 22 April 2015.[11] Squall changed their corporate name to Bluehole Squall in March 2016. Corporate name again changed to Squall in 2018 after being a subsidiary of Krafton. It was shut down by Krafton after internal conflicts in 2020.[81]

Red Sahara Studio

Red Sahara Studio was a mobile game developer headed by Lee Ji-hoon.[82] On 12 March 2018, Bluehole completed the acquisition of the studio in a stock swap deal.[83] Red Sahara was developing a mobile game based on TERA.[82]

Delusion

Delusion Studio was founded in April 2011 headed by Kang Moon-chul.[84] On 22 June 2018, Bluehole announced the acquisition of the studio.[85] Delusion developed mobile games such as Guardian Stone, Jellipo, House of Mice and, most notably, Castle Burn.[86] In 2020 Delusion was merged with Pnix to form RisingWings.

En Masse Entertainment

En Masse Entertainment was Krafton's North American publishing arm. The company was established as Bluehole Interactive in June 2008. On 26 February 2010, the company announced that it had changed its corporate name to En Masse Entertainment.[87]

In September 2020, En Masse Entertainment announced that it would be shutting down its offices after 10 years of service in the gaming industry,[88] where it was decided that Krafton would be publishing TERA's Console version globally[89] - taking over a self-publishing role, in place of En Masse Entertainment, whereas the PC version would be published by Gameforge.[90]

R&D

Krafton AI, headquartered in Seoul, is a research and development center focused on advancing deep learning technologies. Research directions include vision and animation, language models, voice synthesis, and reinforcement learning.

At CES 2025, Krafton introduced two deep learning-based game technologies developed in collaboration with NVIDIA: PUBG Ally and Smart Zoi.[91] Smart Zois are included in the early access version of InZOI, together with other deep learning-powered solutions such as the 3D printer, to generate 3D assets from images, and more.[92][93]

In April 2025, Krafton and NVIDIA discussed deepening their collaboration, with focus on Agentic AI and Embodied AI.[94]

Supported studios and companies

Krafton supports various studios and companies worldwide, including:

  • EF Games, Madrid, Spain[95]
  • Spoonlabs, Seoul, South Korea[96]
  • Wolf Haus Games, Montreal, Canada[97]
  • IMM Investment's India fund[98]
  • Ruckus Games, Frisco, Texas[99]
  • Cashfree, Bengaluru, India[100]
  • Nautilus Mobile, Pune, India[101]
  • Neptune (Kakao Games subsidiary), South Korea[102]

In April 2025, Krafton announced Blue Ocean Games, a $30 million venture capital fund.[103] The mission of the fund is to support about 100 indie game developers over three years.

Games

Games developed or published as "Bluehole Studio"

Title Year Developer Notes
TERA 2011 Bluehole Studio Developer only. Shut down on 30 June 2022 (Console edition still active)
Devilian 2015 Bluehole Studio Originally published by Devilian, later by Krafton. Shut down on 5 March 2018.
Mini Golf King 2017 Bluehole Studio
Software:PUBG: Battlegrounds PUBG Studios
Road to Valor: World War II 2019 Bluehole Studio
Elyon 2020 Bluehole Studio Developer only. Shut down globally on 19 September 2023

Games developed or published as "Krafton"

Year Title Developer Notes
2018 PUBG Mobile LightSpeed & Quantum Studio Publisher in Korea & Japan only.
2019 Mistover Krafton
2021 Battlegrounds Mobile India Krafton Publisher in India only
New State Mobile PUBG Studios Originally released as "PUBG: New State"
Thunder Tier One Krafton
Ronin: The Last Samurai Dreamotion Inc.
2022 The Callisto Protocol Striking Distance Studios
Road to Valor: Empires Dreamotion Inc.
2023 Defense Derby Rising Wings
2024 Garuda Saga Alchemist Games Inc. Publisher in India only.
Bullet Echo India ZeptoLab Publisher in India only.
Moonbreaker Unknown Worlds Entertainment In 2022 in early access
[Redacted] Striking Distance Studios
Cookie Run India Devsisters Publisher in India only.
2025 Dark and Darker Mobile Bluehole Soft launch on February 4 (Canada and US)[104]
inZOI inZOI Studio Early access release: 28 March 2025[105]
2026 Subnautica 2 Unknown Worlds Entertainment Early access in 2026 for Xbox Series X and S, and PC[106]
TBA Project Black Budget PUBG Studios
The Bird that Drinks Tears Krafton Montreal Studio
Hi-Fi Rush 2 Tango Gameworks
Rivals Hover League EF Games Announced in March 2025[107]

Further reading

  • Lee Gi-mun. Krafton Way. Gimm-Young Publishers, 2021. ISBN 978-89-349-8683-6

References

  1. ↑ 2024 Earnings Release, https://www.krafton.com/wp-content/uploads/2025/02/KRAFTON-4Q24-Earnings-1rsRelease_vF_ENG.pdf 
  2. ↑ "KRAFTON, INC. : Shareholders Board Members Managers and Company Profile | KR7259960003 | MarketScreener". M.marketscreener.com. https://m.marketscreener.com/quote/stock/KRAFTON-INC-126415385/company/. Retrieved 24 March 2022. 
  3. ↑ "Shareholders". Krafton. 11 May 2021. https://www.krafton.com/en/ir/governance/shareholder-composition/. Retrieved 24 March 2022. 
  4. ↑ Kim, Young-won (5 November 2018). "Bluehole launches new brand for its subunits". http://www.theinvestor.co.kr/view.php?ud=20181105000797. 
  5. ↑ 5.0 5.1 5.2 Kim, Sohee (18 January 2021). "Coding Prodigy Behind Hit Game PUBG Eyes IPO Worth Billions". Bloomberg News. https://www.bloomberg.com/news/articles/2021-01-18/coding-prodigy-behind-hit-game-pubg-eyes-ipo-worth-billions. 
  6. ↑ Daniel, Joshua (16 June 2021). "PUBG creator Krafton plans to raise $5 billion from the stock market - MEGPlay" (in en-US). MEGPlay. https://megplay.com/krafton-pubg-stock-market/. 
  7. ↑ Lee, Joyce (8 April 2021). "Korean video game firm Krafton applies for IPO, seen worth billions of dollars". Reuters. https://www.reuters.com/article/uk-krafton-ipo-idUSKBN2BV15L. Retrieved 16 April 2021. 
  8. ↑ Lee, Joyce; Murdoch, Scott (10 August 2021). "UPDATE 4-S.Korea's Krafton, maker of hit game 'PUBG', tumbles on debut". Reuters. https://finance.yahoo.com/news/1-shares-koreas-krafton-maker-002410374.html. Retrieved 10 August 2021. 
  9. ↑ Yoon, Sung-won (10 September 2017). "Past failures and endurance can make success". https://www.koreatimes.co.kr/www/tech/2019/06/134_236228.html. 
  10. ↑ Yoon, Sung-won (21 May 2017). "'Serial entrepreneurs' pioneer IT industry". https://www.koreatimes.co.kr/www/tech/2019/06/133_229710.html. 
  11. ↑ 11.0 11.1 11.2 박, 소연 (22 April 2015). "Beulluhol, pinigseugeimjeu·seukol insulo mobailsijang jeongyeog jinchul" (in ko). http://www.zdnet.co.kr/news/news_view.asp?artice_id=20150422105308. 
  12. ↑ McAloon, Alissa (14 August 2017). "Report: Tencent invests in Battlegrounds dev Bluehole". https://www.gamedeveloper.com/business/report-tencent-invests-in-i-battlegrounds-i-dev-bluehole. 
  13. ↑ Freeman, Will (15 August 2017). "Bluehole squashes Tencent investment rumour". https://www.gamesindustry.biz/articles/2017-08-15-tencent-invests-in-playerunknowns-battlegrounds-studio-bluehole-report. 
  14. ↑ Sinclair, Brendan (28 September 2017). "Bluehole confirms Tencent talks". https://www.gamesindustry.biz/articles/2017-09-28-bluehole-confirms-tencent-talks. 
  15. ↑ Ji-young, Sohn (30 April 2018). "Tencent eyes investment in Bluehole, maker of hit video game 'Battlegrounds'". http://www.koreaherald.com/view.php?ud=20180430000772. 
  16. ↑ Dring, Christopher (9 November 2017). "Tencent still eyes acquisition of PUBG developer Bluehole - report". https://www.gamesindustry.biz/articles/2017-11-09-tencent-still-eyes-acquisition-of-playerunknowns-battlegrounds-developer-bluehole-report. 
  17. ↑ MCV Staff (9 November 2017). "Tencent could yet acquire Bluehole". https://www.mcvuk.com/tencent-could-yet-acquire-bluehole/. 
  18. ↑ Donnelly, Joe (9 November 2017). "Tencent seemingly still pursuing Bluehole takeover bid". PC Gamer. https://www.pcgamer.com/tencent-seemingly-still-pursuing-bluehole-takeover-bid/. 
  19. ↑ Nakamura, Yuji; Kim, Sam (27 September 2017). "One Man's Journey From Welfare to World's Hottest Video Game". https://www.bloomberg.com/news/articles/2017-09-27/one-man-s-journey-from-welfare-to-world-s-hottest-video-game. 
  20. ↑ Khan, Asif (27 September 2017). "PUBG Developer Bluehole, Inc. Valued at Over $4 Billion". https://www.shacknews.com/article/101511/pubg-developer-bluehole-inc-valued-at-over-4-billion. 
  21. ↑ Kerr, Chris (30 April 2018). "Report: Tencent could sink $470M into Battlegrounds dev Bluehole". https://www.gamedeveloper.com/business/report-tencent-could-sink-470m-into-i-battlegrounds-i-dev-bluehole. 
  22. ↑ 이, 도원 (27 January 2015). "Beulluholseutyudio, 'debillieon' jinogeimjeu insu chujin" (in ko). http://www.zdnet.co.kr/news/news_view.asp?artice_id=20150127114002. 
  23. ↑ 23.0 23.1 이, 대호 (27 January 2015). "Beulluhol, jinogeimjeu insu…haegsim injae hwagbo" (in ko). http://www.ddaily.co.kr/news/article.html?no=126772. 
  24. ↑ O'Connor, Alice (29 September 2017). "Playerunknown's Battlegrounds studio becomes PUBG Corp. [updated"]. https://www.rockpapershotgun.com/2017/09/29/playerunknowns-battlegrounds-studio-becomes-pubg-corporation/. 
  25. ↑ Hall, Charlie (29 September 2017). "PUBG team will spin off as subsidiary company". https://www.polygon.com/2017/9/29/16384350/pubg-corp-spin-off-as-tencent-investment. 
  26. ↑ Batchelor, James (23 January 2018). "PUBG Corp. to kick off 2018 expansion with new Amsterdam office". https://www.gamesindustry.biz/articles/2018-01-23-new-amsterdam-office-to-kick-off-2018-expansion-of-pubg-corp. 
  27. ↑ Batchelor, James (12 March 2018). "PUBG Corp acquires MadGlory to enable community developer tools". https://www.gamesindustry.biz/articles/2018-03-12-pubg-corp-acquires-madglory-to-enable-community-developer-tools. 
  28. ↑ Batchelor, James (13 March 2019). "Brendan Greene leading new Special Projects division at PUBG Corp". GamesIndustry.biz. https://www.gamesindustry.biz/articles/2019-03-13-brendan-greene-leading-new-special-projects-division-at-pubg-corp. 
  29. ↑ Goslin, Austen (12 December 2019). "PlayerUnknown's next project, Prologue, announced". Polygon. https://www.polygon.com/game-awards-tga/2019/12/12/21019929/playerunknowns-prologue-new-game-battlegrounds-tga-2019. 
  30. ↑ Vora, Mayank (1 July 2019). "PUBG News: Tencent Games and PUBG Corp. announce PUBG MOBILE India Tour 2019" (in en-us). https://www.sportskeeda.com/esports/pubg-news-tencent-games-and-pubg-corp-announce-pubg-mobile-india-tour-2019. 
  31. ↑ Seck, Tobias (1 December 2020). "PUBG Corp. Fully Merges into KRAFTON, Becomes PUBG Studio". The Esports Observer. https://archive.esportsobserver.com/krafton-pubg-studio/. Retrieved 23 July 2021. 
  32. ↑ Nam Jeong-seok (9 November 2020). "Error: no |title= specified when using {{Cite web}}". Sports Chosun. https://sports.chosun.com/news/ntype.htm?id=202011100100075540004926&servicedate=20201109. 
  33. ↑ "BATTLEGROUNDS MOBILE INDIA created by KRAFTON for Indian gamers drops today!" (in en). https://www.battlegroundsmobileindia.com/news_view/615?n=16&t=46&c=. 
  34. ↑ "The Wait is Over! BATTLEGROUNDS MOBILE INDIA has launched on iOS App Store today!" (in en). https://www.battlegroundsmobileindia.com/news_view/675. 
  35. ↑ "PUBG: NEW STATE - Assets - KRAFTON Press Room". https://press.pubg.com/pubg-newstate. 
  36. ↑ "PUBG: NEW STATE – officially released on November 11th on iOS and Android". https://news.in-24.com/technology/amp/231066. 
  37. ↑ "Hello Survivors. NEW STATE has always been a mobile-focused experience, and through the transformation to NEW STATE MOBILE, we are bringing this to the core. We always appreciate your support, and please look out for upcoming content updates later this year." (in en). https://twitter.com/_newstatemobile/status/1486549651692011528. 
  38. ↑ Ozoa, Enricko (2024-10-11). "New Palworld Mobile Game Explained" (in en). https://gamerant.com/palworld-new-mobile-game-krafton-pubg-studios-explained/. 
  39. ↑ Jones, Ali (26 June 2019). "Former COD exec joins PUBG developer to make narrative games "beyond battle royale"". https://www.pcgamesn.com/pubg/striking-distance. 
  40. ↑ Dinsdale, Ryan (2024-08-22). "Callisto Protocol Dev Announces [REDACTED, a Roguelike Set in the Game's Black Iron Prison"] (in en). https://www.ign.com/articles/callisto-protocol-dev-announces-redacted-a-roguelike-set-in-the-games-black-iron-prison. 
  41. ↑ "[REDACTED Reviews"] (in en). https://www.metacritic.com/game/redacted/. 
  42. ↑ Takahashi, Dean (10 December 2020). "The Callisto Protocol comes from Striking Distance Studios in 2022". VentureBeat. https://venturebeat.com/2020/12/10/the-calisto-protocol-comes-from-striking-distance-studios-in-2022/. 
  43. ↑ "RisingWings - GAMES" (in ko). https://en.risingwings.com/games. 
  44. ↑ Partleton, Kayleigh; Writer, Staff (2 December 2020). "Krafton consolidates Pnix and Delusion Studio to form RisingWings". https://www.pocketgamer.biz/news/75198/krafton-consolidates-pnix-and-delusion-studio-to-form-risingwings/. 
  45. ↑ "RisingWings - GAMES" (in ko). https://en.risingwings.com/games. 
  46. ↑ "Dreamotion Inc. - Android developer info on AppBrain". https://www.appbrain.com/dev/Dreamotion+Inc./. 
  47. ↑ "Dreamotion Inc.". http://dreamotion.us/#Games. 
  48. ↑ "PUBG owner Krafton has acquired mobile studio Dreamotion". Gamasutra. 14 May 2021. https://www.gamasutra.com/view/news/381460/PUBG_owner_Krafton_has_acquired_mobile_studio_Dreamotion.php. 
  49. ↑ Wasif, Ahmed (13 May 2021). "Krafton acquires mobile game development company Dreamotion". Dot Esports. https://dotesports.com/news/krafton-acquires-mobile-game-development-company-dreamotion. 
  50. ↑ "Krafton Inc. acquired game developer 'Dreamotion Inc.'". The Indian Esports. 15 May 2021. https://indianesports.indialivedaily.com/esportsbiz/krafton-inc-acquired-game-developer-dreamotion-inc/. 
  51. ↑ ""KRAFTON, INC. ACQUIRES THINGSFLOW, AN INTERACTIVE CONTENT PRODUCTION FIRM" - KRAFTON Press Room". https://press.krafton.com/KRAFTON-INC-ACQUIRES-THINGSFLOW-AN-INTERACTIVE-CONTENT-PRODUCTION-FIRM. 
  52. ↑ "Unknown Worlds Games" (in en). https://unknownworlds.com/games/. 
  53. ↑ "KRAFTON, INC. TO ACQUIRE UNKNOWN WORLDS, THE DEVELOPERS BEHIND SUBNAUTICA AND NATURAL SELECTION | KRAFTON" (in en-US). 29 October 2021. https://krafton.com/en/news/press/krafton-inc-to-acquire-unknown-worlds-the-developers-behind-subnautica-and-natural-selection/. 
  54. ↑ "Krafton to acquire U.S. game developer Unknown Worlds for maximum $750 mn - Pulse by Maeil Business News Korea" (in ko). https://m.pulsenews.co.kr/view.php?year=2021&no=1032094#:~:text=Krafton%20to%20acquire%20U.S.%20game%20developer%20Unknown%20Worlds%20for%20maximum%20$750%20mn,-2021.11.01%2009&text=South%20Korea's%20Krafton%20Inc.,%20the,it%20went%20public%20in%20August.. 
  55. ↑ Bell, Alice (2022-08-23). "The Subnautica devs are doing a turn-based, space-pirates, tabletop miniatures game called Moonbreaker" (in en). Rock, Paper, Shotgun. https://www.rockpapershotgun.com/the-subnautica-devs-are-doing-a-turn-based-space-pirates-tabletop-miniatures-game-called-moonbreaker. 
  56. ↑ Bolding, Jonathan (2024-02-03). "Moonbreaker, the digital miniatures game from Subnautica developer Unknown Worlds, has released" (in en). PC Gamer. https://www.pcgamer.com/moonbreaker-the-digital-miniatures-game-from-subnautica-developer-unknown-worlds-has-released/. 
  57. ↑ Weber, Rachel (2024-10-17). "Subnautica 2 Adds a New Planet and Co-Op in 2025" (in en). https://www.ign.com/articles/subnautica-2-adds-a-new-planet-and-co-op-in-2025. 
  58. ↑ "In a massive shakeup, Subnautica creators and Unknown Worlds co-founders have been replaced by The Callisto Protocol studio CEO months before Subnautica 2's early access launch" (in en). 1 July 2025. https://www.gamesradar.com/games/survival/in-a-massive-shakeup-subnautica-creators-and-unknown-worlds-co-founders-have-been-replaced-by-the-callisto-protocol-studio-ceo-months-before-subnautica-2s-early-access-launch/. 
  59. ↑ Woods, Sam (10 July 2025). ""Review-Bombing It As Soon As It Releases": The Subnautica Community Has Vowed To Take Action Following Founders' Firings And Sequel Delay" (in en). https://www.thegamer.com/subnautica-community-planning-action-following-founders-firings-and-delay/. 
  60. ↑ Parrish, Ash (10 July 2025). "Krafton slams ex-Subnautica 2 execs — who now say they're suing" (in en-US). https://www.theverge.com/news/704606/subnautica-2-delay-krafton-unknown-worlds-bonus. 
  61. ↑ Blake, Vikki (11 July 2025). "Ousted Subnautica 2 Leadership 'Files Lawsuit' Against Parent Company Krafton as Row Over $250M Bonus Gets Personal" (in en). https://www.ign.com/articles/ousted-subnautica-2-leadership-files-lawsuit-against-parent-company-krafton-as-row-over-250m-bonus-gets-personal. 
  62. ↑ 5minlabhostmaster. "Games_EN" (in en-US). https://5minlab.com/en/games_us/. 
  63. ↑ "KRAFTON ACQUIRES 5MINLAB, DEVELOPERS OF SMASH LEGENDS | KRAFTON" (in en-US). 14 February 2022. https://www.krafton.com/en/news/press/krafton-acquires-5minlab-developers-of-smash-legends/. 
  64. ↑ "Error: no |title= specified when using {{Cite web}}" (in ko). 11 February 2022. https://blog.krafton.com/6298/. 
  65. ↑ ""KRAFTON SIGNS GLOBAL PUBLISHING DEAL FOR PC SURVIVAL LIFE SIM DINKUM AND EXPANDS LANGUAGE SUPPORT TO 14 LANGUAGES " - Games Press". https://www.gamespress.com/tr/KRAFTON-SIGNS-GLOBAL-PUBLISHING-DEAL-FOR-PC-SURVIVAL-LIFE-SIM-DINKUM-A. 
  66. ↑ "Krafton announced on the 12th that it has signed a global publishing contract for the survival life .." (in en). 2025-02-12. https://www.mk.co.kr/en/it/11239185. 
  67. ↑ D'Angelo, William (2022-11-11). "Krafton Acquires The Ascent developer Neon Giant" (in en-US). https://www.vgchartz.com/article/455438/krafton-acquires-the-ascent-developer-neon-giant/. 
  68. ↑ "Krafton Inc. To Open ITS First Canadian AAA Game Studio in Montréal | Krafton". 9 February 2023. https://krafton.com/en/news/press/krafton-inc-to-open-its-first-canadian-aaa-game-studio-in-montreal/. 
  69. ↑ Corden, Jez (11 August 2024). "Former Xbox studio Tango Gameworks and 'Hi-Fi Rush' have been acquired by PUBG's Krafton Inc, saving it from closure" (in en). Windows Central. Future plc. https://www.windowscentral.com/gaming/xbox/former-xbox-studio-tango-gameworks-and-hi-fi-rush-has-been-acquired-by-pubgs-krafton-inc-saving-it-from-closure. 
  70. ↑ "KRAFTON Strengthens Global Presence Through Strategic Integration of Tango Gameworks and Hi-Fi RUSH IP" (in en-US). 2024-08-12. https://krafton.com/en/news/press/krafton-strengthens-global-presence-through-strategic-integration-of-tango-gameworks-and-hi-fi-rush-ip/. 
  71. ↑ "inZOI Studio | KRAFTON" (in en-US). 2025-01-14. https://www.krafton.com/en/studios/inzoi/. 
  72. ↑ "KRAFTON LAUNCHES FIRST STEAM PUBLISHER SALE FEATURING GLOBAL HITS INCLUDING PUBG, INZOI, DINKUM, AND MORE" (in en-US). 2025-06-12. https://press.krafton.com/KRAFTON-LAUNCHES-FIRST-STEAM-PUBLISHER-SALE-FEATURING-GLOBAL-HITS-INCL. 
  73. ↑ ""KRAFTON Acquires Eleventh Hour Games, Creators of Last Epoch " - KRAFTON Press Room". https://press.krafton.com/KRAFTON-Acquires-Eleventh-Hour-Games-Creators-of-Last-Epoch. 
  74. ↑ "Error: no |title= specified when using {{Cite web}}" (in ko). 15 September 2011. https://www.thisisgame.com/webzine/rboard/1/?page=1274&n=33741. 
  75. ↑ 전, 하나 (15 September 2011). "Sinsaeng gaebalsa eltaimgeimjeu, 25eog-won tuja yuchi" (in ko). http://www.zdnet.co.kr/news/news_view.asp?artice_id=20110915204001. 
  76. ↑ 76.0 76.1 박, 소연 (16 October 2015). "Beulluhol, mobail geim gaebalsa 'mau-igeimjeu' insu" (in ko). http://www.zdnet.co.kr/news/news_view.asp?artice_id=20151016095009. 
  77. ↑ Agrawal, Aditya (10 January 2024). "PUBG Corp Established To Handle All Things PlayerUnknown's Battlegrounds". https://www.techavenueedge.com/2024/01/pubg-corp-established-to-handle-all-things-playerunknowns-battlegrounds.html. 
  78. ↑ 78.0 78.1 임, 일곤 (20 January 2017). "'Goppi joeneun' beulluhol…gyeyeolsa mau-i 1nyeonman-e cheongsan'" (in ko). http://news.bizwatch.co.kr/article/market/2017/01/20/0017. 
  79. ↑ Jo, Jinho (22 April 2015). (in ko)Sports Kyunghyang. https://sports.khan.co.kr/article/201504221327143. 
  80. ↑ 이, 대호 (22 April 2015). "Beulluhol, mobailgeim sa-eob bongyeoghwa...gaebalsa 2gos insu" (in ko). http://www.ddaily.co.kr/cloud/news/article.html?no=129540. 
  81. ↑ "Krafton faces IPO setback due to friction in management". https://pulsenews.co.kr/view.php?year=2020&no=128299. 
  82. ↑ 82.0 82.1 남, 혁우 (12 March 2018). "Beulluhol, 'ledeusahalaseutyudio' insu wanlyo" (in ko). http://www.zdnet.co.kr/news/news_view.asp?artice_id=20180312130158. 
  83. ↑ Park, Huijin (12 March 2018). (in ko)The Korea Economic Daily. https://www.hankyung.com/article/2018031268486. 
  84. ↑ Jo, Jinho (21 June 2018). (in ko)Sports Kyunghyang. https://sports.khan.co.kr/article/201806211125003. 
  85. ↑ McAloon, Alissa (22 June 2018). "Bluehole to acquire mobile dev Delusion Studio". https://www.gamedeveloper.com/business/bluehole-to-acquire-mobile-dev-delusion-studio. 
  86. ↑ Valentine, Rebekah (22 June 2018). "Bluehole to acquire Delusion Studio". https://www.gamesindustry.biz/articles/2018-06-22-bluehole-will-soon-acquire-delusion-studio. 
  87. ↑ IGN Staff (25 February 2010). "En Masse Entertainment Debuts as New MMO Game Company". https://www.ign.com/articles/2010/02/26/en-masse-entertainment-debuts-as-new-mmo-game-company. 
  88. ↑ Kerr, Chris (18 August 2020). "Tera publisher En Masse is shutting down after over a decade" (in en). https://www.gamasutra.com/view/news/368414/Tera_publisher_En_Masse_is_shutting_down_after_over_a_decade.php. 
  89. ↑ "TERA Announces Its Newest Global Publisher" (in en-US). 31 August 2020. https://www.sarumonin.com/news/tera-announces-its-newest-global-publisher/. 
  90. ↑ "Gameforge Takes Over Publishing Rights for TERA in the Americas". 15 October 2020. https://corporate.gameforge.com/press-release/gameforge-takes-over-publishing-rights-for-tera-in-the-americas/?lang=en. 
  91. ↑ Peters, Jay (2025-01-07). "Nvidia's AI NPCs are no longer chatbots — they're your new PUBG teammate" (in en). https://www.theverge.com/2025/1/6/24337949/nvidia-ace-ai-npcs-pubg-ally-teammate. 
  92. ↑ Leclair, Elara (2025-03-29). "InZOI: Smart Zoi Function Explained" (in en). https://gamerant.com/inzoi-smart-zoi-function-explained/. 
  93. ↑ Grantham, Joe (2025-03-28). "InZOI: How To Use The 3D Printer" (in en). https://gamerant.com/inzoi-how-use-3d-printer-make-custom-objects/. 
  94. ↑ "Tech in Asia - Connecting Asia's startup ecosystem" (in en-US). https://www.techinasia.com/news/pubg-maker-krafton-nvidia-partners-ai-game-characters. 
  95. ↑ "KRAFTON ANNOUNCES INVESTMENT AGREEMENT WITH EF GAMES, SUPPORTING DEVELOPMENT OF NEW PVP GAME | KRAFTON" (in en-US). 2024-10-09. https://www.krafton.com/en/news/press/krafton-announces-investment-agreement-with-ef-games-supporting-development-of-new-pvp-game/. 
  96. ↑ "KRAFTON INVESTS IN SHORT-FORM VIDEO PLATFORM 'SPOON LABS,' WITH FOCUS ON DRAMATIC CONTENT | KRAFTON" (in en-US). 2024-09-11. https://www.krafton.com/en/news/press/krafton-invests-in-short-form-video-platform-spoon-labs-with-focus-on-dramatic-content/. 
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  103. ↑ Takahashi, Dean (2025-04-22). "Blue Ocean Games announces $30M fund to invest in indie games via game challenge" (in en-US). https://venturebeat.com/games/blue-ocean-games-announces-30m-fund-to-invest-in-indie-games-via-game-challenge-contest/. 
  104. ↑ Rossi, José V. (2025-01-29). "February 4 is Going to Be a Big Day for Dark and Darker Mobile" (in en). https://gamerant.com/dark-and-darker-mobile-soft-launch-us-canada-release-february-4/. 
  105. ↑ Knight, Kyle (2024-11-07). "Sims Competitor inZOI Delays Early Access Release Date" (in en). https://gamerant.com/inzoi-early-access-release-date-delayed/. 
  106. ↑ "Unknown Worlds / An Update On Subnautica 2 Early Access" (in en). https://unknownworlds.com/news/subnautica-2-coming-2026. 
  107. ↑ "KRAFTON AND EF GAMES INTRODUCE RIVALS HOVER LEAGUE AT FUTURE GAMES SHOW | KRAFTON" (in en-US). 2025-03-21. https://krafton.com/en/news/press/krafton-and-ef-games-introduce-rivals-hover-league-at-future-games-show/. 

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