Shift Up Explained

Shift Up Corporation (stylized in all caps; ko|시프트업) is a South Korean video game developer and publisher. It was founded on December 2, 2013, by Kim Hyung Tae and is best known for the games and Stellar Blade.

History

Shift Up Corporation was founded in December 2013 by Kim Hyung Tae after leaving NCSoft, where he worked as art director on Blade & Soul.^{[2] [3]}

On March 14, 2014, Next Floor (now Line Games) announced that it had signed an investment agreement with Shift Up, to strengthen its strategic partnership and expand its global mobile game lineup. It was also announced that the two developers would collaborate on a video game.^[4] On December 16, 2015, it was announced that the game would be called Destiny Child and that it would be a gacha role playing game.^[5] The game was first released in South Korea for Android and iOS on October 27, 2016.^[6] On November 24, 2017, the game was released in Japan.^[7] The world-wide release was on December 6, 2018.^[8] In 2018, WeMade Entertainment, another South Korean video game developer, acquired a 4.23% stake in Shift Up for ₩10 billion.^[9]

On April 4, 2019, Shift Up held a media event titled "Crank in Showcase". Two games were revealed here, Project Eve (working title) and NIKKE: The Goddess of Victory (later renamed to ). Project Eve was announced as AAA post-apocalyptic action RPG for PC, Playstation 4 and Xbox One. The game would be developed by the newly created Second Eve Studio using the Unreal Engine 4. Nikke was presented as online coop third-person shooter for Android and iOS developed with the Unity game engine.^{[10] [11] [12]}

On October 20, 2019, it was announced that Shift Up would take over the operation of the Korean and overseas services of Destiny Child.^[13] This was previously handled by Line Games. For the operation of the Japanese version, a new Japanese branch, Shift Up JP, was established in Japan in February 2020.^[14]

On May 27, 2021, Shift Up published a video game adaptation of South Korean web novel Why Raeliana Ended Up at the Duke's Mansion. The game was developed by Studio VINO, a subsidiary of Shift Up, and released on PC, Android and iOS.^{[15] [16] [17]} To commemorate the release of the game, Shift Up sold limited edition NFTs with illustrations by Hyung Tae.^{[18] [19]}

In July 2022, Hyung Tae and a few other executives of Shift Up had sold some of their shares to IMM investment and Smilegate.^{[20] [21]} During Sony's State of the Play conference on September 14, 2022, Shift Up announced that Project Eve would actually be called Stellar Blade and that it would be released exclusively for Playstation 5 in 2023.^{[22] [23] [24]} On November 4, 2022, Nikke was released on Android and iOS, published by Level Infinite, a subsidiary of Tencent.^[25] A Windows version of the game was released on February 15, 2023.^[26] At the end of the month, Nikke had already generated a revenue of more than US$100 million.^{[27] [28]} In November 2022, Shift Up signed a memorandum of understanding with the Saudi Arabian Ministry of Investment.^{[29] [30]} In December, it was announced that Chinese technology conglomerate Tencent had acquired a 20% stake in Shift Up, which made them the second largest shareholder after Kim Hyung Tae and his associates.^{[31] [32] [33]}

In October 2023, WeMade sold their shares to Tencent for nearly ₩80 billion, resulting in a profit of nearly ₩70 billion.^[34] This transaction resulted in an increase of Tencent's stake in Shift Up to 24.23%. By the end of 2023, Tencent had raised their stake to 40.06%, significantly narrowing the gap with Hyung Tae and his associates, who owned 45.19%.^[35] In November 2023, it was revealed that Shift Up signed a contract to become Sony's first Korean second-party developer.^{[36] [37]} In 2023, the company had 292 employees, of which 88% percent were developers.^[38]

On March 5, 2024, Shift Up filed an application to be listed on the Korean Stock Exchange with a projected valuation of $2.3 billion.^{[39] [40]} In April, Stellar Blade was released and at the end of the month it was the top selling video game in Japan and the USA.^{[41] [42] [43]} In May, it was confirmed that Shift Up was considering a PC version and a sequel of Stellar Blade.^[44] At the same time, it was also revealed that the company was working on a new "AAA urban sci-fi action RPG", codenamed Project Witches (later changed to Project Spirits),^[45] with a planned release for 2027. Development of a PC port of Stellar Blade was confirmed in August.^[46] On July 11, Shift Up raised ₩435 billion during its IPO.^{[47] [48]} This was the largest public offering for a video game company in South Korea since 2021, when Krafton raised $3.8 billion. Following the IPO, Hyung Tae's ownership in the company decreased to 39%, whereas Tencent's stake fell to 35%.^[49] In 2024, Shift Up achieved annual revenue of ₩219.8 million, reflecting a 30% year-over-year growth. Most of the revenue came from Goddess of Victory: Nikke and Stellar Blade. Due to this financial success, Shift Up announced plans to expand its workforce from 322 to 400–420 employees by the end of 2025.^[50]

On June 11, 2025, the Windows version of Stellar Blade was released,^[51] selling over one million copies within its first three days and bringing the game's total sales to over three million units.^[52]

Games developed

Notes and References

1. Web site: Income statement. shiftup.co.kr. 2025-05-27.
2. Web site: Custer . C. . 2014-01-10 . Blade & Soul art director Kim Hyung Tae leaves NCSoft . 2024-07-24 . www.techinasia.com . en-US.
3. Web site: Pacheco . Filipe . Lee . Youkyung . 2024-07-11 . Game Maker Shift Up Jumps in South Korea After $320 Million IPO . 2024-07-24 . Yahoo Finance . en-US.
4. Web site: 박 . 철현 . 2014-03-14 . 드래곤플라이트의 넥스트플로어, 김형태와 공동 신작 개발 착수 . 2024-07-24 . IT조선 . ko.
5. Web site: 2015-12-16 . 게임트릭스 - PC방 게임전문 리서치 서비스! . 2024-07-26 . www.gametrics.com . ko.
6. Web site: Chelen . Matt . 2016-10-27 . Destiny Child Launches On Android And iOS In South Korea . 2024-08-01 . MMOs.com . en-US.
7. Web site: 2017-11-22 . スマホ版「デスティニーチャイルド」，サービス開始に先駆けてアプリの先行ダウンロードが開始。事前登録者数は150万人を突破 . 2024-08-01 . 4Gamer.net . ja.
8. Web site: Altay . Omer . 2018-11-27 . Busty Mobile CCG Destiny Child Launching In December, Pre-Registrations Open (Launched Dec 6) . 2024-08-01 . MMOs.com . en-US.
9. Web site: 편 . 지수 . 2023-10-24 . 위메이드, 시프트업 주식 매각해 700억원 차익 . 2024-08-01 . 비즈니스워치 . ko.
10. Web site: 2019-04-05 . キム・ヒョンテ氏率いるSHIFT UPが2つの新作を韓国で発表。PC＆コンシューマ機向け「Project EVE」とスマホ向け「NIKKE」 . 2024-08-01 . 4Gamer.net . ja.
11. Web site: 2019-04-04 . Shift Up - Destiny Child developer reveals 2 new games for global market . 2024-08-01 . MMO Culture . en-US.
12. Web site: Agossah . Iyane . 2019-04-08 . Shift Up Announces Project Eve and Nikke the Goddess of Victory with First Trailers . 2024-08-01 . DualShockers . en.
13. Web site: 2019-09-20 . 라인게임즈 '데스티니 차일드', 시프트업으로 서비스 이관 . 2024-08-01 . 뉴데일리 . ko.
14. Web site: 2020-02-21 . 『デスチャ』のシフトアップが日本支社を設立。国内サービスにおける支援を行う体制をより強固に構築 ファミ通App【スマホゲーム情報サイト】 . 2024-08-01 . ファミ通App . ja.
15. Web site: 2021-05-28 . 시프트업, '그녀가 공작저로 가야했던 사정' 출시 . 2024-08-03 . 미래를 보는 신문 - 전자신문 . ko.
16. Web site: 시프트업, 첫 스토리 게임 '그공사' 모바일앱마켓·스팀 출시 - 매일경제 게임진 . 2024-08-03 . . ko.
17. Web site: 2021-06-01 . SHIFT UPがインタラクティブストーリーゲーム「彼女が公爵邸に行った理由」をSteam/iOS/Android向けに配信 . 2024-08-03 . 4Gamer.net . ja.
18. Web site: 2021-05-31 . 시프트업, 신작게임 '그.공.사'에 NFT 적용한 디지털 한정판 발행 . 2024-08-03 . 테크M . ko.
19. Web site: 2021-07-08 . WEMIX NFT Auction Now Open — Token Giveaway Event Launched, World-first Live Commerce Coming Up Next Week . 2024-08-03 . medium.com.
20. Web site: 건우 . 김 . 2022-07-08 . 만화가 꿈꾸던 게임 작화가의 변신...9년만에 1조 유니콘 CEO 됐다 . 2024-08-03 . . ko.
21. Web site: 2023-10-24 . 위메이드, 시프트업 주식 매각해 700억원 차익 . 2024-08-03 . 비즈니스워치 . ko.
22. Web site: Carpenter . Nicole . 2022-09-13 . ShiftUp's Project Eve is now Stellar Blade, still has shiny suits and gross monsters . 2024-08-03 . Polygon . en-US.
23. Web site: Moyse . Chris . 2022-09-13 . Project EVE is now Stellar Blade, coming exclusively to PS5 in 2023 . 2024-08-03 . Destructoid . en-US.
24. Web site: Valentine . Rebekah . 2022-09-13 . Project Eve Gets a New Title, 2023 Release Window . 2024-08-03 . IGN . en.
25. Web site: Liu . Stephanie . 2022-11-04 . Goddess of Victory Nikke Launches for Mobile Worldwide . 2024-08-03 . Siliconera . en-US.
26. Web site: Bernasibo . Dave . 2023-02-15 . NIKKE to launch Chainsaw Man event, PC release . 2024-08-03 . inquirer.net.
27. Web site: 윤 . 선훈 . 2022-12-13 . '승리의 여신: 니케', 출시 1개월만에 글로벌 매출 1억 달러 달성 . 2024-08-03 . . ko.
28. Web site: 『勝利の女神:NIKKE』、11月収益は1億ドル(132億円)で世界4位 日本が最大収益 『原神』は1億7000万ドル(224億円)で2位に SensorTower調査 gamebiz . 2024-08-03 . gamebiz【ゲームビズ】 . ja.
29. Web site: 조 . 성호 . 2022-11-22 . 사우디 '빈 살만'이 게임사 시프트업 주목한 이유 . 2024-08-07 . 민주신문 . ko.
30. Web site: 2022-11-25 . キム・ヒョンテ氏率いるSHIFT UPとサウジアラビア投資省が包括的な事業協力に基本合意。中東地域に本格進出を模索 . 2024-08-07 . 4Gamer.net . ja.
31. Web site: 2022-12-15 . 中 텐센트, 시프트업 2대 주주 등극 . 2024-08-07 . 더게임스데일리 . ko.
32. Web site: 2022-12-15 . [단독]텐센트, 시프트업 지분 20% 취득...'승리의 여신' 미소짓다 ]. 2024-08-07 . news.mtn.co.kr . ko.
33. Web site: Tencent，「NIKKE」開発のSHIFT UPの株式を20％取得――出資比率は創業者キム・ヒョンテ氏に次ぐ第2位に . 2024-08-07 . 4Gamer.net . ja.
34. Web site: Semenov . Alexander . 2023-10-30 . Market value of Goddess of Victory: NIKKE developer Shift Up increased eightfold over past five years . 2024-08-07 . Game World Observer . en-US.
35. Web site: 2024-05-10 . '3조원 대어' 시프트업 상장땐 中텐센트 수천억 돈방석 . 2024-08-07 . . ko.
36. Web site: Barker . Sammy . 2023-11-28 . Stellar Blade PS5 Dev Shift Up Allegedly Signs on As Sony Second-Party . 2024-08-07 . Push Square . en-GB.
37. Web site: Wutz . Marco . 2023-11-24 . Sony reportedly moves closer to Stellar Blade, Nikke developer Shift Up . 2024-08-07 . Video Games on Sports Illustrated . en.
38. News: Joon-hyun . Moon . [KH Explains] Shift Up shakes up Korean gaming industry with agility ]. . en . 4 August 2024.
39. Web site: Obedkov . Evgeny . 2024-03-11 . Stellar Blade developer Shift Up to go public at projected valuation of $2.3 billion . 2024-08-07 . Game World Observer . en-US.
40. Web site: 시프트업 . 2024-08-07 . krx.co.kr . ko.
41. Web site: 2024-05-10 . 2024年4月のソフト・ハード売上ランキングが公開。『ステラーブレイド』が首位を獲得。『百英雄伝』Switch/PS5/PS4合計で6.5万本と好スタートを記録 ゲーム・エンタメ最新情報のファミ通.com . 2024-08-07 . ファミ通.com . ja.
42. Web site: Tassi . Paul . 2024-05-30 . PS5's 'Stellar Blade' Topped Sales Charts In April, A Wild Achievement For Many Reasons . 2024-08-07 . Forbes . en.
43. Web site: Lyles . Taylor . 2024-05-29 . Stellar Blade Tops April Charts, But It's the Lowest Sales to Lead an April Since Prototype 2 . 2024-08-07 . IGN . en.
44. Web site: Zollner . Amelia . 2024-05-20 . Stellar Blade Studio's Next Game Reportedly AAA Action RPG Titled Project Witches . 2025-06-02 . IGN . en.
45. Web site: Romano . Sal . 2025-06-01 . SHIFT UP's Project Witches becomes Project Spirits, now recruiting development staff . 2025-06-02 . Gematsu.
46. Web site: Nelson . Will . 2024-08-20 . After months of waiting, the Stellar Blade PC port is finally coming in the "near future" . 2025-06-02 . PCGamesN.
47. News: Pacheco . Filipe . Lee . Youkyung . 2024-07-10 . Game Maker Shift Up Jumps in South Korea After $320 Million IPO . 2024-08-07 . Bloomberg.com . en.
48. Web site: Obedkov . Evgeny . 2024-07-12 . Shift Up raises $320 million in IPO, largest for game company in South Korea since Krafton . 2024-08-07 . Game World Observer . en-US.
49. Web site: Kang . John . 2024-07-11 . Founder Of Korean Gaming Company Becomes Billionaire As Shares Surge On Listing . 2025-03-08 . Forbes . en.
50. Web site: Obedkov . Evgeny . 2025-02-10 . Shift Up reports record revenue and operating profit in 2024, with Stellar Blade bringing in $43M in royalties . 2025-02-22 . Game World Observer . en-US.
51. Web site: Williams . Hayley . 2025-05-16 . Stellar Blade PC Specs And Release Date Confirmed . 2025-06-17 . GameSpot . en-US.
52. Web site: Bonthuys . Darryn . 2025-06-16 . Stellar Blade Sold 1 Million Copies In Just 3 Days On Steam . 2025-06-17 . GameSpot . en-US.