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Gravity (Korean company)

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Gravity Co., Ltd.
Company typePublic
Nasdaq: GRVY
IndustryVideo games
FoundedApril 2000
HeadquartersSeoul, Republic of Korea
Key people
Hyun Chul Park (CEO)
Yoshinori Kitamura, COO
Heung Gon Kim, CFO
ProductsVideo games
RevenueIncrease KRW₩141,623,000,000 (2017)[1]
Increase KRW₩13,314,000,000 (2017)
ParentGungHo Online Entertainment
SubsidiariesGravity Interactive
Gravity Game Tech
WebsiteGravity Co., Ltd. Korean

Gravity Co., Ltd. (Korean: 그라비티 주식회사) is a South Korean video game corporation primarily known for the development of the massively multiplayer online role-playing game Ragnarok Online.

History

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The corporation started as a small business in Shinsa-dong, Kangnam-ku, Seoul, South Korea and has expanded to an international corporate interest with several subsidiary divisions. On 8 February 2005, Gravity Corporation made their IPO and traded $108 million US dollars on NASDAQ under the ticker symbol GRVY, making it the first Korean game company to be listed on the NASDAQ.[2][3]

The company has had a rather turbulent history initially involving internal political conflicts between CEO Hakyu Kim (who eventually left the company), and company president Jung Ryool Kim (who later assumed control as CEO), but has since stabilised and expanded operations to all of north and south-east Asia through supervised partnerships with native corporate entities. However, while Gravity Corporation's flagship product Ragnarok Online is considered a success in Asia, operations are not as well developed in Europe and the United States in comparison to similar products marketed and developed there.

Jung Ryool Kim, diverted approximately $6 million in company funds to himself between 2002 and 2004, which eventually led to an investigation, settlement, and corrections of financial statements for those years.[4][5][6] On 30 August 2005, Jung Ryool Kim, the controlling shareholder, sold his 52% stake and set plans to quit as a director. The buyers of his shares were Ezer and Techno Groove (which later merged into Asian Groove) of Japan, a pair of technology ventures controlled by Il Young Ryu and Taizo and Masayoshi Son. After becoming the new majority shareholder, on 13 September 2005, Il Young Ryu was named by Gravity as its new chairman and joint chief executive. EZER subsequently returned Techno Groove's investment of 9.9 billion yen to Asian Groove, which gave up any interest in Gravity. On 19 October 2007, EZER sold their interest in Gravity to Son Assets Management or SAM.[7][8][9][10]

On 22 May 2006, Gravity announced it had invested $9 Million in US game developer Perpetual Entertainment. Consequently, Gravity received a position on Perpetual's board of directors. Gravity also received "priority rights for future access to contents and other intellectual property rights of Perpetual Entertainment."[11] On 21 November 2007, Gravity announced they had lost their investment after Perpetual cancelled its development of the MMORPG Gods and Heroes.[12]

On 5 December 2007, Gravity announced they had formed a new US-based game developer, L5 Games. L5 is a subsidiary of Gravity Interactive, Inc. and is based in San Mateo, California. The company was composed of former Blizzard Entertainment employees, and went into liquidation in 2008.[13]

On 14 February 2008, GungHo Online Entertainment obtained 52.4% stake of Gravity.[14]

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Gravity faced litigation in 2006 when two US based hedge funds complained that majority shareholders and officers had violated their fiduciary obligations. In 2007, Gravity agreed to settle for $10 million, but continued to deny any wrongdoing.[15]


Titles

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The following are games that have been published and/or are currently being developed by Gravity.

Ragnarok Odyssey

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Main article: Ragnarok Odyssey

Ragnarok Odyssey was developed by Game Arts and released in February, 2012 for Playstation Vita.[16]

Requiem: Bloodymare

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Main article: Requiem: Bloodymare

Requiem: Bloodymare (Korean: 레퀴엠 온라인) is a massively multiplayer online role-playing game created by Gravity. It was released in South Korea on 31 August 2007 for Microsoft Windows.

Ice Age Online

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On 14 January 2008, the company announced an exclusive seven-year deal with 20th Century Fox licensing and merchandising to develop and publish "Ice Age Online", an online game based on Fox's Ice Age motion picture franchise, but development was halted in 2009.[17]

Ragnarok Online

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Main article: Ragnarok Online

Ragnarok Online (Korean: 라그나로크 온라인) is a massively multiplayer online role-playing game created by Gravity based on the manhwa Ragnarok by Lee Myung-jin. It was released in South Korea on 31 August 2002 for Microsoft Windows. Much of the game's mythos is based on Norse mythology, but its style has been influenced by Christianity and various Asian cultures as well. The game has spawned an animated series, Ragnarok the Animation, and a sequel game, Ragnarok Online 2: Legend of the Second, (a remake of Ragnarok Online 2: The Gate of the World) released in South Korea on 26 March 2012. It has also spawned a beat 'em up game called Ragnarok Battle Offline, which was developed by French Bread and published by Gravity.

Ragnarok Online 2: Legend of The Second

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Main article: Ragnarok Online 2: Legend of the Second

Ragnarok Online 2: Legend of the Second (Korean: 라그나로크 온라인 2: Legend of the Second; is a massively multiplayer online role-playing game, the sequel to Ragnarok Online. Most of the game's universe is based on Norse mythology. The soundtrack was produced by Yoko Kanno, well known for her work in Cowboy Bebop and other anime series.

ROSE Online

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Main article: ROSE Online

ROSE Online, or Rush On Seven Episodes Online (Korean: 로즈 온라인) is a massively multiplayer online role-playing game which was created by Korean company Triggersoft and published by Gravity Corp. Triggersoft stopped developing the game in 2007, and the rights of ROSE Online were sold to several different companies which now develop and publish their own versions of the game. For instance, Gravity Interactive, Inc. develops and publishes its version of the game for 3 North American and 40 European countries.[18]

Double Dragon II: Wander of the Dragons

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Main article: Double Dragon II: The Revenge § Legacy

Double Dragon II: Wander of the Dragons is a beat 'em up game based on the arcade game Double Dragon II: The Revenge. It was released for the Xbox 360 via Xbox Live Arcade service.

Ragnarok: Eternal Love

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Gravity released a mobile game titled Ragnarok: Eternal Love in 2017.

Ragnarok: Origin

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Ragnarok: Origin is a mobile adaptation of the franchise which was released in 2021.[19]

Ragnarok Labyrinth NFT

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In 2022, Gravity released a version of Ragnarok featuring collectible blockchain-based non-fungible tokens (NFTs).[20]

Mobile/Handheld

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Gravity has also developed and/or published the following titles for mobile devices or portable consoles:

  • Ragnarok M: Eternal Love
  • Ragnarok X: Next Generation
  • Ragnarok R
  • MR!P: Miracle PORORO
  • MagicPuzzle Island
  • Ragnarok: Path of Heroes
  • RO: Idle Poring
  • Requiem Mobile
  • Ragnarok DS
  • Ragnarok Begins

PC

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Gravity Corporation has also developed and/or published the following PC game titles:

Subsidiaries

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Gravity owns a number of subsidiary companies, which publish and develop its games in countries and regions around the world.

  • Gravity Interactive publishes games in North America. It was established in March, 2003, and is based in Buena Park, California.[21]
  • Gravity CIS, Inc. publishes games in Russia and CIS countries. It was established in 2005 and is based in Moscow, Russia.[22]
  • Gravity Europe SAS publishes games in Europe. It was established in September, 2006, and is based in Paris, France.[23]
  • Neo Cyon, Inc., established in 2000, develops and publishes mobile games and MMORPGs. It was acquired by Gravity in 2005.[24][25]
  • Triggersoft, which created ROSE Online, was acquired by Gravity in 2005. It was liquidated in 2007.[26]

See also

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References

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  1. ^ "그라비티 오피셜".
  2. ^ MSN Money IPO Center - Gravity Co., Ltd. IPO
  3. ^ "More GRVY Please: Finding Value In Gravity, A Korean Gaming Company (NASDAQ:GRVY) | Seeking Alpha". seekingalpha.com. 30 November 2020. Retrieved 2022-06-21.
  4. ^ 08-2005 SEC 6-K Filing
  5. ^ 18-05-2006 SEC 6-K Filing
  6. ^ 10-2005 SEC 6-K Filing
  7. ^ 19-10-2007 SEC 13-D/A Filing
  8. ^ 30-08-2005 SEC 13D Filing
  9. ^ 13-09-2005 SEC 6-K Filing
  10. ^ 5-11-2007 SEC 13-D Filing
  11. ^ 22-05-2006 SEC 6-K Filing
  12. ^ 21-11-2007 SEC 6-K Filing
  13. ^ 05-12-2007 SEC 6-K Filing
  14. ^ Japan's GungHo to acquire S.Korea Gravity majority
  15. ^ 11-06-2007 SEC 6-K Filing
  16. ^ Moriarty, Colin (2011-11-24). "PS Vita RPG Ragnarok Odyssey Given Release Date". IGN. Retrieved 2022-06-21.
  17. ^ see 20-f form page 46 in 2009[full citation needed]
  18. ^ "2009 Annual Report". Gravity Corp. 2010-06-01. Retrieved 2011-03-18.
  19. ^ Meena, Sumant (11 November 2021). "Ragnarok Origin, Gravity's fantasy MMORPG, has released on Android and iOS worldwide". www.pocketgamer.com. Retrieved 2022-06-21.
  20. ^ "Beginner's Guide to Ragnarok NFT (Tips and Tricks)". WhatIfGaming. 2022-05-26. Retrieved 2022-06-21.
  21. ^ "About Gravity Interactive - Gravity KR Website". Archived from the original on 2006-07-15. Retrieved 2007-12-07.
  22. ^ About Gravity CIS, Inc. - Gravity KR Website
  23. ^ About Gravity Europe - Gravity KR Website
  24. ^ About Neo Cyon, Inc. - Gravity KR Website
  25. ^ 15-11-2005 SEC 6-K Filing
  26. ^ "2007 Annual Report". Gravity Corp.
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