Shift Up revenue up 30% to $151m in 2024 despite decrease in Goddess of Victory: Nikke sales
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Goddess of Victory: Nikke developer Shift Up recorded 30.4% year-on-year revenue growth in 2024, generating ₩219.9 billion ($151.2 million) across the full fiscal year.
Goddess of Victory: Nikke specifically accounted for ₩153.1bn ($105.3m) of that revenue. However, earnings from the game were down 7.1% year-on-year, with some slowdown in player spending during the third quarter.
Even so, its second anniversary followed in the fourth quarter and was more lucrative than its first, “maintaining stable user traffic” according to Shift Up. This helped boost the game’s Q4 financial performance by 28% quarter-on-quarter, earning Shift Up ₩43.9bn ($30.1m).
After generating almost $1bn to date by AppMagic estimates, Goddess of Victory: Nikke is finally approaching a full launch in China in 2025. Pre-registrations are currently open.
A new contender
Across Shift Up’s games catalogue, total operating profit increased by 33.8% year-over-year in 2024, hitting ₩148.6bn ($102.2m). Net profit, meanwhile, rose by a similar 33.7% to ₩142.6bn ($98m).
The share of revenue contributed by Goddess of Victory: Nikke declined year-on-year, down from 97.8% in 2023 to 69.6% in 2024. This was more influenced by the PS5 title Stellar Blade’s release than Goddess of Victory: Nikke’s own marginal decline, as the newer title’s ₩62.8bn ($43.2m) accounted for 28.6% of total revenue in 2024.
The final quarter of the fiscal year was the developer’s most profitable overall, at ₩54.2bn ($37.3m) in net profit. This was more than double Q3’s ₩23.5bn ($16.2m).
Shift Up partly attributed its fourth quarter climbs to “foreign currency translation gains”.
“Goddess of Victory: Nikke has operated steadily throughout 2024 thanks to love from users,” Shift Up stated in its financial report (translated via Google Translate).
“The competition has become very fierce, and as a result, some major games have seen a decline in user interest. But Goddess of Victory: Nikke has been able to receive consistent love based on its unique charm.
“In addition, we have been able to confirm the possibility of long-term success through user interest.”
