Gravity is a Korean online and mobile game developer and publisher built almost entirely on a single intellectual property: the Ragnarok franchise, a cartoon-derived IP whose copyright Gravity holds through 2063. Gravity develops and publishes a series of Ragnarok-branded MMORPGs — games where large numbers of players interact in shared virtual worlds — across mobile and PC platforms. Mobile games represent roughly 81% of revenue, led by Ragnarok M: Classic, Ragnarok X: Next Generation, and Ragnarok Origin, while the original PC-based Ragnarok Online contributes around 15%. Gravity's core business model is free-to-play with micro-transactions: players download games for free and spend real money on virtual in-game items, with a "Gacha" randomized loot mechanic driving repeat purchases. High-spending players drive a disproportionate share of revenue. In markets where Gravity operates directly — Taiwan, Indonesia, Thailand, the Philippines, and others via wholly-owned subsidiaries — it captures micro-transaction revenue in full. In markets operated by third-party licensees, Gravity earns royalties. Mobile games have short lifecycles, typically peaking within three months of launch, so Gravity depends on a continuous pipeline of new Ragnarok-branded releases to sustain revenue. Geographic expansion of existing titles and IP licensing to third-party developers — who build new Ragnarok games and pay Gravity royalties — extend the revenue life of each title and spread development risk.