Gravity is a South Korean game studio that makes and publishes online and mobile games, best known for the long-running Ragnarok franchise, which it also extends into merchandise and licensing.
Gravity's revenue comes from game sales and in-game purchases, with the Ragnarok series as the primary driver. The business is profitable, with a TTM net margin of 13.11% and a gross margin of 34.13%, though revenue is lumpy, as seen in the volatile quarterly
Gravity's moat is weak because its core Ragnarok IP, while nostalgic, faces intense competition from deep-pocketed rivals like Nexon, Netmarble, and miHoYo, who can replicate its live-service model and outspend on marketing and development.
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