Krafton Explained

Krafton Inc.
Native Name:컴퍼니 크래프톤
Type:Public
Industry:Video games
Hq Location City:Bundang-gu, Seongnam
Hq Location Country:South Korea
Num Employees:≥3400

Krafton Inc. (Korean: 주식회사 컴퍼니 크래프톤) is a South Korean video game publisher and holding company based in Bundang-gu, Seongnam. It was 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, , New State Mobile, The Callisto Protocol and Moonbreaker. According to Forbes, Chang has a net worth of $2.9 billion and is one of the seven gaming billionaires in South Korea.[1]

History

Following the success of PUBG which had led to both investment from Tencent Holdings and expansion and acquisition of studios, Bluehole opted to establish Krafton on 5 November 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.[2] Kim Chang-han, the CEO of the PUBG Corporation (current PUBG Studios) that developed PlayerUnknown's Battlegrounds, was named as CEO for Krafton.

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.[3] The firm plans to raise (US$5 billion) at a market valuation of .[4] 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 .[5]

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

Bluehole Studio was founded in Seoul in March 2007 by Chang Byung-gyu.[6] 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.[7] The company announced on 22 April 2015 that they had changed their name to simply Bluehole.[8]

In August 2017, Chinese holding company Tencent announced that it had, following a rejected acquisition bid, invested an undisclosed amount of money into Bluehole.[9] Bluehole initially denied that any investment had been made,[10] but later stated that they were in talks with Tencent in multiple partnerships, including the acquisition of an equity stake in Bluehole by Tencent.[11] Subsequently, Tencent acquired 1.5% of Bluehole for a total of .[12] Tencent reaffirmed their intents to fully acquire Bluehole in November 2017.[13] [14] 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.[15] At the time, 38 Communications, a company that tracks unlisted Korean stocks, valued the company at .[16] [17] Tencent plans to invest further to acquire further 10% ownership, raising their total stake to 11.5%.[18]

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.[19] He sold Ginno Games to Bluehole on 27 January 2015, with the sale to close on 27 March that year.[20] [21] At the time, Ginno Games employed 60 people. Ginno Games changed their corporate name to Bluehole Ginno Games in May 2015. Shortly after Bluehole's acquisition in 2015, Chang-ha 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.[22]

A second office was established in Madison, Wisconsin, in late 2017, with two further offices in Amsterdam and Japan opened later.[23] [24] On 12 March 2018, PUBG Corporation acquired New York-based studio MadGlory, which was renamed PUBG MadGlory.[25]

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.[26] 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".[27]

At the end of 2019 Tencent Games announced some big plans for PUBG in India's upcoming future, as well as its general eSports.[28]

Krafton fully merged PUBG Corporation into their internal studio system in December 2020, rebranding the team as PUBG Studios.[29]

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.[30]

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[31] and on 18 August 2021 for iOS.[32] This time the game was published by Krafton, Inc.

In February 2021, PUBG Studios announced the development of , 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.[33] [34] 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.[35]

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, is set to develop narrative-driven games based on PUBG.[36] 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. Striking Distance Studios is headquartered in San Ramon, California.[37]

RisingWings

RisingWings is a game development company formed by the merger of Pnix and Delusion. RisingWings focuses primarily on casual mobile games.[38] RisingWings is based in Seoul.[39] [40]

Dreamotion Inc.

Dreamotion is a South Korean video game development company founded in July 2016.[41] They primarily focus on developing mobile games.[42] Dreamotion was acquired by Krafton on 13 May 2021.[43] [44] [45] Dreamotion is headquartered in Seal Beach, California.

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.[46]

Unknown Worlds Entertainment

Unknown Worlds Entertainment, based in San Francisco, California, is a company founded in 2001 known for having developed games such as Natural Selection and Subnautica.[47] This company was acquired by Krafton in October 2021. In August 2022, it was announced that the company will develop Moonbreaker, a turn based role-playing game which will be published by Krafton.[48] [49] [50] The game had its full release on February 2, 2024.[51]

5minlab Corporation

5minlab is a South Korean company founded in 2013, known for developing Smash Legends, Baam Squad, Toy Clash, among others.[52] 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.[53] [54]

Neon Giant

In November 2022, it was announced Krafton had acquired the Uppsala-based developer of The Ascent, Neon Giant.[55]

Tango Gameworks

See main article: Tango Gameworks. On August 11th, 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 acquistion, 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.[56] [57]

Defunct subsidiaries

L-Time Games

L-Time Games was founded in June 2009.[58] The company attracted a and a investment from Knet Investment Partners and IMM Investments, respectively.[59] 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,[60] previously head of business development for Neowiz.[61] Bluehole Studio announced on 16 January 2015 that they were acquiring the company, which was completed in October that year. At Bluehole's January 2017 shareholders' meeting, it was decided that Maui Games would enter liquidation, which was effective immediately.[62] Nine staff members of Maui Games, a fraction of that company's total employee count, were reemployed directly within Bluehole.

Pnix

Pnix (formerly Bluehole Pnix) was a mobile game developer. The company was founded as Pnix Games in 2012.[63] Bluehole announced that they had acquired Pnix Games, alongside Squall, on 22 April 2015. 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.[64] Bluehole announced that they had acquired Squall, alongside Pnix Games, on 22 April 2015. 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.[65]

Red Sahara Studio

Red Sahara Studio was a mobile game developer headed by Lee Ji-hoon.[66] On 12 March 2018, Bluehole completed the acquisition of the studio in a stock swap deal.[67] Red Sahara was developing a mobile game based on TERA.

Delusion

Delusion Studio was founded in April 2011 and is headed by Kang Moon-chul.[68] On 22 June 2018, Bluehole announced the acquisition of the studio.[69] Delusion developed mobile games such as Guardian Stone, Jellipo, House of Mice and, most notably, Castle Burn.[70] 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.[71]

In September 2020, En Masse Entertainment announced that it would be shutting down its offices after 10 years of service in the gaming industry,[72] where it was decided that Krafton would be publishing TERA's Console version globally[73] - taking over a self-publishing role, in place of En Masse Entertainment, whereas the PC version would be published by Gameforge.[74]

R&D

Krafton AI, headquartered in Seoul, is a research and development center focused on advancing deep learning technologies.

Games

Games developed or published as "Bluehole Studio"

TitleYearDeveloperNotes
TERA2011Bluehole StudioDeveloper only. Shut down on 30 June 2022 (Console edition still active)
Devilian2015Bluehole StudioOriginally published by Devilian, later by Krafton. Shut down on 5 March 2018.
Mini Golf King2017Bluehole Studio
PUBG Studios
Road to Valor: World War II2019Bluehole Studio
Elyon2020Bluehole StudioDeveloper only. Shut down globally on 19 September 2023

Games developed or published as "Krafton"

YearTitleDeveloperNotes
2018PUBG MobileLightSpeed & Quantum StudioPublisher in Korea & Japan only.
2019MistoverKrafton
2021Battlegrounds Mobile IndiaKraftonPublisher in India only
New State MobilePUBG StudiosOriginally released as "PUBG: New State"
Thunder Tier OneKrafton
2022The Callisto ProtocolStriking Distance Studios
2023Road to Valor: EmpiresDreamotion Inc.Publisher in India only.
Defense DerbyRising Wings
2024Garuda SagaAlchemist Games Inc.Publisher in India only.
Bullet Echo IndiaZeptoLabPublisher in India only.
MoonbreakerUnknown Worlds EntertainmentIn 2022 in early access
TBAinZOIKrafton
TBADark and Darker MobileKrafton
TBAThe Bird That Drinks TearsKrafton
TBAHi-Fi Rush 2Tango Gameworks

Notes and References

  1. Web site: Kang. John. Despite IPO Tumble, Founder Of Korean Game Company Krafton Now Worth Billions. 14 August 2021. Forbes. en.
  2. Web site: Bluehole launches new brand for its subunits . Kim . Young-won . 5 November 2018 . The Investor.
  3. Web site: Daniel. Joshua. PUBG creator Krafton plans to raise $5 billion from the stock market - MEGPlay. 16 June 2021 . 21 June 2021. en-US.
  4. Web site: Korean video game firm Krafton applies for IPO, seen worth billions of dollars . Joyce . Lee . 8 April 2021 . 16 April 2021 . Reuters .
  5. Web site: UPDATE 4-S.Korea's Krafton, maker of hit game 'PUBG', tumbles on debut . Joyce . Lee . Scott . Murdoch . 10 August 2021 . 10 August 2021 . Reuters . .
  6. Web site: Past failures and endurance can make success . Yoon . Sung-won . 10 September 2017 . The Korea Times.
  7. Web site: 'Serial entrepreneurs' pioneer IT industry . Yoon . Sung-won . 21 May 2017 . The Korea Times.
  8. Web site: Beulluhol, pinigseugeimjeu·seukol insulo mobailsijang jeongyeog jinchul . ko:블루홀, 피닉스게임즈·스콜 인수로 모바일시장 전격 진출 . ko . Bluehole enters into mobile market with acquisition of Phoenix Games . 박 . 소연 . 22 April 2015 . ZDNet Korea.
  9. Web site: Report: Tencent invests in Battlegrounds dev Bluehole . Alissa . McAloon . 14 August 2017 . Gamasutra.
  10. Web site: Bluehole squashes Tencent investment rumour . Will . Freeman . 15 August 2017 . GamesIndustry.biz.
  11. Web site: Bluehole confirms Tencent talks . Brendan . Sinclair . 28 September 2017 . GamesIndustry.biz.
  12. Web site: Tencent eyes investment in Bluehole, maker of hit video game 'Battlegrounds' . Sohn . Ji-young . 30 April 2018 . The Korea Herald.
  13. Web site: Tencent still eyes acquisition of PUBG developer Bluehole - report . Christopher . Dring . 9 November 2017 . GamesIndustry.biz.
  14. Web site: Tencent could yet acquire Bluehole . MCV Staff . 9 November 2017 . MCV.
  15. Tencent seemingly still pursuing Bluehole takeover bid . Joe . Donnelly . 9 November 2017 . PC Gamer.
  16. Web site: One Man's Journey From Welfare to World's Hottest Video Game . Yuji . Nakamura . Sam . Kim . 27 September 2017 . Bloomberg L.P..
  17. Web site: PUBG Developer Bluehole, Inc. Valued at Over $4 Billion . Asif . Khan . 27 September 2017 . Shacknews.
  18. Web site: Report: Tencent could sink $470M into Battlegrounds dev Bluehole . Chris . Kerr . 30 April 2018 . Gamasutra.
  19. Web site: Coding Prodigy Behind Hit Game PUBG Eyes IPO Worth Billions . Sohee . Kim . 18 January 2021 . 19 January 2021 . .
  20. Web site: Beulluholseutyudio, 'debillieon' jinogeimjeu insu chujin . ko:블루홀스튜디오, '데빌리언' 지노게임즈 인수 추진 . ko . Bluehole Studio to acquire 'Devilian' Ginno Games . 이 . 도원 . 27 January 2015 . ZDNet Korea.
  21. Web site: Beulluhol, jinogeimjeu insu…haegsim injae hwagbo . ko:블루홀, 지노게임즈 인수…핵심 인재 확보 . ko . Bluehole acquires Ginno Games ... Gain core talent . 대호 . 이 . 27 January 2015 . Digital Daily.
  22. Web site: Playerunknown's Battlegrounds studio becomes PUBG Corp. [updated] ]. Alice . O'Connor . 29 September 2017 . Rock, Paper, Shotgun.
  23. Web site: PUBG team will spin off as subsidiary company . Charlie . Hall . 29 September 2017 . Polygon.
  24. Web site: PUBG Corp. to kick off 2018 expansion with new Amsterdam office . James . Batchelor . 23 January 2018 . GamesIndustry.biz.
  25. Web site: PUBG Corp acquires MadGlory to enable community developer tools . James . Batchelor . 12 March 2018 . GamesIndustry.biz.
  26. Web site: Brendan Greene leading new Special Projects division at PUBG Corp . James . Batchelor . 13 March 2019 . 19 December 2019 . .
  27. Web site: PlayerUnknown's next project, Prologue, announced . Austen . Goslin . 12 December 2019 . 12 December 2019 . .
  28. Web site: Vora. Mayank. 1 July 2019. PUBG News: Tencent Games and PUBG Corp. announce PUBG MOBILE India Tour 2019. 9 August 2021. www.sportskeeda.com. en-us.
  29. Web site: PUBG Corp. Fully Merges into KRAFTON, Becomes PUBG Studio . Tobias . Seck . 1 December 2020 . 23 July 2021 . .
  30. Web site: https://sports.chosun.com/news/ntype.htm?id=202011100100075540004926&servicedate=20201109. ko:크래프톤, '지스타 2020'에 '승부겜성'이란 메시지로 참가. Krafton participates in 'G-Star 2020' with the message of 'Game Match'. Nam Jeong-seok. Sports Chosun. 9 November 2020.
  31. Web site: BATTLEGROUNDS MOBILE INDIA created by KRAFTON for Indian gamers drops today!. 31 August 2021. www.battlegroundsmobileindia.com. en.
  32. Web site: The Wait is Over! BATTLEGROUNDS MOBILE INDIA has launched on iOS App Store today!. 31 August 2021. www.battlegroundsmobileindia.com. en.
  33. Web site: PUBG: NEW STATE - Assets - KRAFTON Press Room. 27 October 2021. press.pubg.com. 4 January 2022. https://web.archive.org/web/20220104035950/https://press.pubg.com/pubg-newstate. dead.
  34. Web site: PUBG: NEW STATE – officially released on November 11th on iOS and Android. 27 October 2021. news.in-24.com.
  35. Web site: 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.. 18 February 2022. Twitter. en.
  36. Web site: Former COD exec joins PUBG developer to make narrative games "beyond battle royale" . Ali . Jones . 26 June 2019 . PCGamesN.
  37. Web site: The Callisto Protocol comes from Striking Distance Studios in 2022. Dean. Takahashi. VentureBeat. 10 December 2020. 12 December 2020.
  38. Web site: RisingWings - GAMES. 11 February 2022. 라이징윙스 공식. ko.
  39. Web site: Partleton. Kayleigh. Writer. Staff. Krafton consolidates Pnix and Delusion Studio to form RisingWings. 9 August 2021. pocketgamer.biz. 2 December 2020 .
  40. Web site: RisingWings - GAMES. 9 August 2021. 라이징윙스 공식. ko.
  41. Web site: Dreamotion Inc. - Android developer info on AppBrain. 15 May 2021. App Brain.
  42. Web site: Dreamotion Inc.. 11 February 2022. dreamotion.us.
  43. News: 14 May 2021. PUBG owner Krafton has acquired mobile studio Dreamotion. Gamasutra. 15 May 2021.
  44. News: Wasif. Ahmed. 13 May 2021. Krafton acquires mobile game development company Dreamotion. Dot Esports. 15 May 2021.
  45. News: 15 May 2021. Krafton Inc. acquired game developer 'Dreamotion Inc.'. The Indian Esports. 3 July 2021.
  46. Web site: "KRAFTON, INC. ACQUIRES THINGSFLOW, AN INTERACTIVE CONTENT PRODUCTION FIRM" - KRAFTON Press Room . 2024-08-12 . press.krafton.com.
  47. Web site: Unknown Worlds Games. 11 February 2022. Unknown Worlds. en.
  48. Web site: 29 October 2021. KRAFTON, INC. TO ACQUIRE UNKNOWN WORLDS, THE DEVELOPERS BEHIND SUBNAUTICA AND NATURAL SELECTION KRAFTON. 11 February 2022. en-US.
  49. Web site: Krafton to acquire U.S. game developer Unknown Worlds for maximum $750 mn - Pulse by Maeil Business News Korea. 11 February 2022. m.pulsenews.co.kr. ko.
  50. News: Bell . Alice . 2022-08-23 . The Subnautica devs are doing a turn-based, space-pirates, tabletop miniatures game called Moonbreaker . en . Rock, Paper, Shotgun . 2022-08-24.
  51. News: Bolding . Jonathan . 2024-02-03 . Moonbreaker, the digital miniatures game from Subnautica developer Unknown Worlds, has released . 2024-08-12 . PC Gamer . en.
  52. Web site: 5minlabhostmaster. Games_EN. 11 February 2022. 5minlab. en-US.
  53. Web site: 14 February 2022. KRAFTON ACQUIRES 5MINLAB, DEVELOPERS OF SMASH LEGENDS KRAFTON. 20 February 2022. en-US.
  54. Web site: 11 February 2022. 크래프톤, '스매시 레전드' 개발사 5민랩 인수 KRAFTON. 11 February 2022. blog.krafton.com. ko-KR.
  55. Web site: D'Angelo . William . 2022-11-11 . Krafton Acquires The Ascent developer Neon Giant . 2022-11-11 . VGChartz . en-US.
  56. Web site: 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 . 2024-08-11 . . . en.
  57. Web site: 2024-08-12 . KRAFTON Strengthens Global Presence Through Strategic Integration of Tango Gameworks and Hi-Fi RUSH IP . 2024-08-12 . Krafton . en-US.
  58. Web site: Sinsaeng gaebalsa eltaimgeimjeu, 25eog-won tuja yuchi . ko:신생 개발사 엘타임게임즈, 25억원 투자 유치 . ko . New development company L-Time Games attracts 2.5 billion won investment . 남규 . 김 . 15 September 2011 . DongA.
  59. Web site: Sinsaeng gaebalsa eltaimgeimjeu, 25eog-won tuja yuchi . ko:신생 개발사 엘타임게임즈, 25억원 투자 유치 . ko . New development company L-Time Games attracts 2.5 billion won investment . 전 . 하나 . 15 September 2011 . ZDNet Korea.
  60. Web site: Beulluhol, mobail geim gaebalsa 'mau-igeimjeu' insu . ko:블루홀, 모바일 게임 개발사 '마우이게임즈' 인수 . ko . Bluehole acquires Maui Games, a mobile game developer . 박 . 소연 . 16 October 2015 . ZDNet Korea.
  61. Web site: Agrawal . Aditya . 10 January 2024 . PUBG Corp Established To Handle All Things PlayerUnknown's Battlegrounds . Tech Avenue Edge.
  62. Web site: 'Goppi joeneun' beulluhol…gyeyeolsa mau-i 1nyeonman-e cheongsan' . ko:고삐 죄는' 블루홀…계열사 마우이 1년만에 청산 . ko . 'The Redemption' Bluehole ... Affiliate Maui liquidated in one year . 임 . 일곤 . 20 January 2017 . Business Watch.
  63. Web site: [Nyuseu] Beulluholseutyudio, 'beulluhol'lo samyeong byeongyeong...mobailgeimsa 2gos insu ]. ko:[뉴스] 블루홀스튜디오, '블루홀'로 사명 변경...모바일게임사 2곳 인수 . ko . [News] Bluehole Studio changed its name to 'Bluehole' ... Acquired two mobile game companies . 정 . 재훈 . 22 April 2015 . Inven.
  64. Web site: Beulluhol, mobailgeim sa-eob bongyeoghwa...gaebalsa 2gos insu . ko:블루홀, 모바일게임 사업 본격화...개발사 2곳 인수 . ko . Bluehole, mobile game business in full swing ... Acquired two development companies . 이 . 대호 . 22 April 2015 . Digital Daily.
  65. Web site: Krafton faces IPO setback due to friction in management - 매일경제 영문뉴스 펄스(Pulse) . 27 April 2020 . 5 July 2020 . https://web.archive.org/web/20200705083440/https://pulsenews.co.kr/view.php?year=2020&no=128299 . dead .
  66. Web site: Beulluhol, 'ledeusahalaseutyudio' insu wanlyo . ko:블루홀, '레드사하라스튜디오' 인수 완료 . ko . Bluehole acquires 'Red Sahara Studio' . 남 . 혁우 . 12 March 2018 . ZDNet Korea.
  67. Web site: Beulluhol, 'bulmyeol-ui jeonsa' gaebalsa ledeusahalaseutyudio insu . ko:블루홀, '불멸의 전사' 개발사 레드사하라스튜디오 인수 . ko . Bluehole acquires Red Sahara Studio, developer of 'Immortal Warrior' . 김 . 수진 . 12 March 2018 . Inven.
  68. Web site: [Inteobyu] Mobail seutakeulaepeuteu? RTSui haegsim-eul damda, 'kaeseulbeon' inteobyu ]. ko:[인터뷰] 모바일 스타크래프트? RTS의 핵심을 담다, '캐슬번' 인터뷰 . ko . [Interview] Mobile StarCraft? Interview with 'Castle Burn', the heart of RTS . 허 . 재민 . 25 September 2017 . Inven.
  69. Web site: Bluehole to acquire mobile dev Delusion Studio . Alissa . McAloon . 22 June 2018 . Gamasutra.
  70. Web site: Bluehole to acquire Delusion Studio . Rebekah . Valentine . 22 June 2018 . GamesIndustry.biz.
  71. Web site: En Masse Entertainment Debuts as New MMO Game Company . IGN Staff . 25 February 2010 . IGN.
  72. Web site: Kerr. Chris. Tera publisher En Masse is shutting down after over a decade. 27 September 2020. www.gamasutra.com. 18 August 2020. en.
  73. Web site: 31 August 2020. TERA Announces Its Newest Global Publisher. 27 September 2020. Sarumonin.com. en-US.
  74. Web site: 15 October 2020. Gameforge Takes Over Publishing Rights for TERA in the Americas.