Gravity
Corporate brand
UnclaimedGravity is a South Korean video game company best known for the Ragnarok Online massively multiplayer online role-playing game franchise.
Last updated November 4, 2026
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Overview
Gravity Co., Ltd. is a South Korean video game developer and publisher whose business is centered on online role-playing games, mobile games, licensing, and international distribution. The company is primarily identified with Ragnarok Online, a massively multiplayer online role-playing game based on the Ragnarok manhwa by Lee Myung-jin. First released in South Korea in 2002, Ragnarok Online became Gravity’s defining intellectual property and supported a broad ecosystem of sequels, mobile adaptations, animated content, derivative games, regional publishing arrangements, and licensed merchandise. The company began as a small operation in Seoul’s Shinsa-dong district and later expanded through subsidiaries and partnerships serving markets across Asia, North America, Europe, and the Commonwealth of Independent States. Its international structure has included Gravity Interactive in the United States, Gravity CIS in Russia, Gravity Europe in France, Gravity Game Arise in Japan, and Gravity Game Tech in Thailand. These entities have supported regional publishing, localization, operations, and development. Gravity’s strongest commercial and cultural presence has historically been in South Korea and other Asian markets, while its performance in Europe and the United States has been more uneven than that of some Western online-game publishers. Gravity became the first Korean game company to list on NASDAQ when it completed its initial public offering in February 2005 under the symbol GRVY. The company’s early public-company period was marked by management conflict, financial-governance questions, shareholder litigation, and a major change in ownership. Former chief executive Hakyu Kim became involved in an internal power struggle with company president Jung Ryool Kim. Jung Ryool Kim later assumed the chief executive role, but was accused of diverting approximately $6 million in company funds during 2002–2004. The matter led to an investigation, a settlement, and corrections to financial statements. In 2005, Jung Ryool Kim sold a controlling stake to Japanese interests, and Gravity subsequently came under the majority control of GungHo Online Entertainment in 2008. Alongside Ragnarok Online, Gravity has developed or published a varied portfolio of PC, console, handheld, and mobile titles. Relevant properties have included ROSE Online, Requiem: Bloodymare, Ragnarok Odyssey, Ragnarok Online 2: Legend of the Second, Ragnarok: Eternal Love, Ragnarok M: Eternal Love, Ragnarok X: Next Generation, Ragnarok Origin, Ragnarok Begins, and Ragnarok Labyrinth NFT. The company has also worked with external intellectual-property owners, including a proposed Ice Age Online project based on the 20th Century Fox film franchise. Some initiatives were discontinued or unsuccessful, including an investment in Perpetual Entertainment and the short-lived L5 Games development subsidiary. In recent years, Gravity’s strategy has increasingly emphasized mobile and cross-platform versions of the Ragnarok property, regional publishing partnerships, and expansion into new Asian markets. Ragnarok: Eternal Love, released in 2017, and later mobile titles extended the franchise beyond the original PC subscription and free-to-play online-game model. Ragnarok Origin followed in 2021, while Ragnarok Labyrinth NFT represented an experiment with blockchain-based collectibles. Gravity has also announced Ragnarok Online 3, a planned PC and mobile title associated with its Hong Kong-based Gravity Game Vision operation and targeted for release in 2026. The company remains best understood as a specialist global game publisher built around a durable Korean online-game franchise rather than as a general consumer brand.
History
Gravity developed from a small Seoul-based game business into an international online-game company. Its strategic identity was established by Ragnarok Online, a Korean MMORPG based on Lee Myung-jin’s Ragnarok manhwa. The game launched in South Korea in 2002 and became the company’s principal commercial property. Its combination of anime-influenced visual design, persistent online worlds, class-based character development, and mythology drawn from multiple cultural traditions enabled Gravity to license and operate the title through regional partners. The company expanded internationally through dedicated subsidiaries and publishing entities. Gravity Interactive was established in the United States in 2003. Gravity CIS followed in 2005 for Russia and CIS territories, while Gravity Europe was established in 2006. Gravity also acquired Neo Cyon and Triggersoft in 2005. Triggersoft had created ROSE Online, although its development role ended in 2007 and the property was subsequently handled by different rights holders. Later regional operations included Gravity Game Arise in Japan and Gravity Game Tech in Thailand, both established in 2019. Gravity’s public-company history began with its NASDAQ offering on 8 February 2005. The listing made it the first Korean game company to trade on that exchange. The period around the listing was nevertheless unsettled. Internal disputes involved chief executive Hakyu Kim and president Jung Ryool Kim, with Jung Ryool Kim eventually assuming control as chief executive. Allegations that Jung Ryool Kim diverted roughly $6 million of company funds between 2002 and 2004 resulted in an investigation, a settlement, and revisions to financial statements. In August 2005, he sold a 52 percent controlling interest and announced plans to leave the board. The stake was acquired by Japanese technology ventures associated with Il Young Ryu and the Son family. Il Young Ryu became Gravity’s chairman and joint chief executive in September 2005. The investment structure later changed hands, with EZER selling its interest to Son Assets Management in 2007. The company also pursued external development and licensing opportunities. In 2006, Gravity invested $9 million in U.S. developer Perpetual Entertainment and received a board position and preferential access to certain future content and intellectual property. The investment was lost after Perpetual canceled development of Gods and Heroes. Gravity announced L5 Games, a U.S. studio staffed by former Blizzard Entertainment employees, in December 2007; the subsidiary entered liquidation in 2008. Gravity also announced a seven-year agreement with 20th Century Fox in 2008 to develop and publish Ice Age Online, but the project was halted in 2009. Shareholder relations generated further legal pressure. In 2006, two U.S. hedge funds sued, alleging that directors, officers, and controlling shareholders had violated fiduciary duties. Gravity settled the dispute in 2007 for $10 million while maintaining that it had not committed wrongdoing. In February 2008, GungHo Online Entertainment acquired a 52.4 percent stake, making it Gravity’s controlling shareholder and linking the company to the Japanese online-game group. Gravity continued to broaden the Ragnarok brand across platforms. Ragnarok Odyssey reached PlayStation Vita in 2012, and Ragnarok Online 2: Legend of the Second was released in South Korea the same year. Mobile development later became increasingly important: Ragnarok: Eternal Love arrived in 2017, followed by Ragnarok M: Eternal Love, Ragnarok X: Next Generation, Ragnarok Origin in 2021, and other mobile and portable projects. The company also experimented with blockchain through Ragnarok Labyrinth NFT in 2022. Alongside the Ragnarok portfolio, Gravity has published or developed titles such as Requiem: Bloodymare, Paper Man, Emil Chronicle Online, Pucca Racing, and Double Dragon II: Wander of the Dragons. The company’s announced future pipeline includes Ragnarok Online 3, associated with the Hong Kong-based Gravity Game Vision and planned for PC and mobile platforms in 2026. Overall, Gravity’s history reflects a transition from a Korean PC-MMORPG developer to a multinational franchise operator whose growth depends heavily on localization, regional publishing, mobile adaptations, and continued exploitation of the Ragnarok property.
- 2026
Planned Ragnarok Online 3 release
[1]Ragnarok Online 3 is planned for PC and mobile platforms through Gravity Game Vision.
- 2022
Ragnarok enters the NFT market
[1]Gravity releases Ragnarok Labyrinth NFT, incorporating blockchain-based collectibles.
- 2021
Ragnarok Origin launches
[1]The company releases another mobile adaptation of Ragnarok Online.
- 2017
Ragnarok: Eternal Love launches
[1]Gravity brings the Ragnarok franchise to a new mobile role-playing format.
- 2012
Ragnarok expands to console and sequel formats
[1]Ragnarok Odyssey reaches PlayStation Vita and Ragnarok Online 2: Legend of the Second is released in South Korea.
- 2008
GungHo acquires majority stake
[1]GungHo Online Entertainment obtains 52.4 percent of Gravity.
- 2007
Perpetual investment is written off
[1]Gravity reports losing its Perpetual Entertainment investment after the cancellation of Gods and Heroes.
- 2006
Investment in Perpetual Entertainment
[1]Gravity invests $9 million in the U.S. developer Perpetual Entertainment and receives board representation.
- 2005
NASDAQ listing
[1]Gravity completes its initial public offering on NASDAQ under the ticker GRVY.
- 2005
Control changes hands
[1]Jung Ryool Kim sells a controlling stake to Japanese investors, followed by the appointment of Il Young Ryu as chairman and joint chief executive.
Products and positioning
A Korean online-game specialist and international publisher centered on the long-running Ragnarok entertainment franchise, with emphasis on MMORPGs, mobile adaptations, and Asian market distribution.
MMORPG · 2002
Ragnarok Online
Gravity’s best-known MMORPG, based on the Ragnarok manhwa. Released in South Korea in 2002, it combines persistent online worlds, character classes, cooperative play, and a stylized fantasy setting influenced by Norse mythology, Christianity, and Asian cultural elements. The property became the foundation for sequels, animation, mobile adaptations, and regional publishing operations.
MMORPG · 2012
Ragnarok Online 2: Legend of the Second
A sequel MMORPG set in the Ragnarok universe. It was released in South Korea in 2012 and continued the franchise’s fantasy world through a new online-game design. Its soundtrack was produced by composer Yoko Kanno.
Action role-playing game · 2012
Ragnarok Odyssey
A handheld action role-playing title developed by Game Arts and released for PlayStation Vita. It adapted Ragnarok’s characters and setting into a more action-oriented format rather than reproducing the original MMORPG structure.
Mobile role-playing game · 2017
Ragnarok: Eternal Love
A mobile expansion of the Ragnarok brand released in 2017. It translated the franchise’s online role-playing formula to smartphones and helped make mobile distribution a central part of Gravity’s platform strategy.
Mobile MMORPG
Ragnarok M: Eternal Love
A mobile MMORPG in the Ragnarok family, developed and published as part of Gravity’s broader effort to extend its core intellectual property across mobile markets.
Mobile MMORPG
Ragnarok X: Next Generation
A mobile Ragnarok title designed for a newer generation of players and devices. It is part of the company’s continuing strategy of using the franchise as a platform for regionally operated mobile games.
Mobile MMORPG · 2021
Ragnarok Origin
A mobile adaptation released in 2021 that revisits the Ragnarok setting and online role-playing format for contemporary smartphone platforms.
Blockchain mobile game · 2022
Ragnarok Labyrinth NFT
A Ragnarok-branded game incorporating blockchain technology and non-fungible-token collectibles. The release represented Gravity’s experiment with a new digital-ownership model within its established franchise.
MMORPG · 2007
Requiem: Bloodymare
A darker-themed MMORPG created by Gravity and released in South Korea in 2007 for Microsoft Windows. It broadened the company’s portfolio beyond the lighter visual and tonal identity associated with Ragnarok Online.
MMORPG
ROSE Online
An online role-playing game originally created by Triggersoft. Gravity acquired Triggersoft and later operated a version through Gravity Interactive for North American and European territories, while rights and operations were subsequently distributed among multiple companies.
Controversies
2007
Shareholder fiduciary-duty litigation
Two U.S. hedge funds alleged that Gravity’s majority shareholders and officers had violated fiduciary obligations. Gravity agreed to a $10 million settlement while continuing to deny wrongdoing.
2005
Alleged diversion of company funds
Jung Ryool Kim was accused of diverting approximately $6 million in Gravity funds to himself during 2002–2004. The matter prompted an investigation, a settlement, and corrections to the company’s financial statements.
Brand decisions
2022
Blockchain experimentation through Ragnarok Labyrinth NFTStrategyBackground
Game publishers were exploring blockchain-based digital assets and collectible systems.
Action taken
Gravity released a Ragnarok title using non-fungible-token collectibles.
Aftermath
The release marked an experimental extension of the Ragnarok franchise into blockchain gaming.
2017
Expansion of Ragnarok into mobile gamingProduct launchBackground
Mobile devices had become a major distribution platform for online role-playing games.
Action taken
Gravity released Ragnarok: Eternal Love and continued developing mobile versions of the Ragnarok property.
Aftermath
The company’s portfolio increasingly emphasized smartphone-based Ragnarok games and regional mobile publishing.
2008
GungHo majority acquisitionM&ABackground
Gravity’s ownership had changed several times after the 2005 control sale.
Action taken
GungHo Online Entertainment acquired a 52.4 percent stake in Gravity.
Aftermath
GungHo became Gravity’s controlling shareholder and provided a long-term corporate connection to Japan’s online-game sector.
2006
Investment in Perpetual EntertainmentM&ABackground
Gravity sought to expand its development and intellectual-property position in the U.S. market.
Action taken
It invested $9 million in Perpetual Entertainment, received a board seat, and obtained priority rights to certain future content and intellectual property.
Aftermath
The investment was lost after Perpetual canceled development of Gods and Heroes.
Investment. $9 million → Lost (2006–2007)
2005
Sale of controlling stakeM&ABackground
Following management conflict and governance controversy, controlling shareholder Jung Ryool Kim decided to sell approximately 52 percent of Gravity.
Action taken
The stake was sold to Japanese technology-related investors, and Il Young Ryu became chairman and joint chief executive.
Aftermath
The transaction changed Gravity’s control structure and preceded a later transfer of majority ownership to GungHo Online Entertainment.
Recent events
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