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PUBG Madison

Publishes and develops global multiplayer games

Overview

PUBG Madison focuses on developing and publishing high-quality games for PC, console, and mobile. It contributes to Krafton’s global portfolio, most notably the PUBG franchise, by delivering immersive experiences, supporting popular eSports activities, and expanding via in-game purchases and licensing. The game works by combining online multiplayer gameplay with scalable servers and ongoing updates to keep players engaged across platforms. Compared to competitors, PUBG Madison emphasizes a connected ecosystem around a flagship franchise and a mix of casual play and competitive esports, backed by Krafton’s investment in technology and live-service support. The goal is to entertain a global audience, grow communities around shared gaming moments, and push the boundaries of what’s possible in interactive entertainment.

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About PUBG Madison

Simplify's Rating
Why PUBG Madison is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Consumer SoftwareEntertainmentGaming

Company Size

51-200

Company Stage

IPO

Headquarters

Seongnam-si, South Korea

Founded

2007

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What believers are saying

  • Gamescom 2026 reveal triggered strong coverage for PUBG: DED.NET across IGN and Eurogamer.
  • Closed beta pre-registration opened in 2026, signaling active development and near-term player testing.
  • Simplify listed six openings in July 2026, including senior art and publishing roles.

What critics are saying

  • Krafton cut 271 jobs in January 2026, including 158 at PUBG Studio headquarters.
  • PUBG Madison's DED.NET launch depends on beta validation; delays can freeze hiring and budgets.
  • If DED.NET flops in 2027, Krafton can consolidate Madison into core PUBG operations.

What makes PUBG Madison unique

  • PUBG Madison is Krafton's U.S. studio behind PUBG: DED.NET's roguelite battle royale reinvention.
  • Madison pairs Wisconsin development with Seoul coordination, targeting PC, PlayStation 5, and Xbox Series X|S.
  • The studio builds franchise extensions beyond battle royale, using analog-grunge 1996 Cascadia setting.

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Funding

Total Funding

$4.3B

Above

Industry Average

Funded Over

2 Rounds

IPO funding comparison data is currently unavailable. We're working to provide this information soon!
IPO Funding Comparison Coming Soon

Benefits

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Life Insurance
  • Disability Insurance
  • Unlimited Paid Time Off
  • Paid Vacation
  • Paid Sick Leave
  • Paid Holidays
  • Hybrid Work Options
  • 401(k) Company Match
  • Family Planning Benefits

Stock Price

Company News

The Korea Times
Nov 11th, 2026
NC swings to profit, Nexon beats expectations as Krafton struggles.

NC swings to profit, Nexon beats expectations as Krafton struggles. By Nam Hyun-woo * Published Nov 11, 2026 3:36 pm KST NC, Nexon benefit from stronger game sales, while Krafton faces falling PC revenue, rising costs. Korean game developers have reported mixed third-quarter earnings. NC returned to profitability from a year earlier, while Nexon defied market pessimism with solid revenue from its live service games. Krafton, meanwhile, saw its operating profit decline as revenue from PUBG: Battlegrounds (PUBG) failed to keep pace with rising costs associated with its business diversification efforts. NC announced its third-quarter earnings Wednesday, reporting sales of 686.5 billion won ($514.2 million) and an operating profit of 119.6 billion won. Revenue surged 91 percent year-on-year, while the company swung to an operating profit from a loss of 750 million won in the same period last year. Overseas sales accounted for 54 percent of total revenue, marking the fifth consecutive quarter of growth in their share, as the company continued to expand its global revenue base, particularly in North America and Europe. Notably, revenue from mobile casual games increased from the previous quarter to 171.9 billion won. The segment accounted for 25 percent of total revenue, contributing to the diversification of the company's revenue portfolio. AION 2, which launched globally on Oct. 5, is also expected to contribute to the company's earnings starting in the fourth quarter. The game recorded a peak of 410,000 concurrent players and generated cumulative revenue of 110.3 billion won between the start of early access on Sept. 30 and Tuesday. Nexon posted stronger-than-expected earnings, with third-quarter revenue rising 17 percent year-on-year to 138.4 billion yen ($920.45 million). Operating profit also increased 11 percent to 418 billion yen during the same period. Nexon reports its earnings in Japanese yen as it is listed on the Tokyo Stock Exchange. The results defied market pessimism and Nexon's own guidance for the third quarter, which had projected that operating profit could decline by as much as 39.8 percent from a year earlier. Flagship titles MapleStory and FC Online fueled the strong performance, with both games posting record quarterly revenue. Revenue from the MapleStory franchise surged 72 percent year-on-year, driven by growth in the original PC game in Korea and overseas, the global expansion of MapleStory: Idle RPG and continued growth of MapleStory Worlds. FC Online launched a major overhaul of its game systems and updated new content, including additional player classes, during the third quarter. These pushed average playtime per user to an all-time high. The company said it expects to drive further growth through titles targeting global markets. On Nov. 26, Nexon will launch TEMPPAL: OVERGEARED in Korea, Taiwan, Hong Kong and Macao. In the first half of 2027, Nexon plans to launch the mobile idle role-playing game Arad: Idle RPG globally. The company also plans to introduce several internally developed titles, including the action RPG Vindictus: Defying Fate and the zombie survival game NAKWON: LAST PARADISE. On the other hand, Krafton suffered a slowdown in its growth. Its third-quarter sales grew 11.6 percent year-on-year to 971.4 billion won, but operating profit remained at 225 billion won, down 35.5 percent during the same period. The main reason for weakened profit was a decline in PC game revenue. The company's PC game revenue plunged 57.4 percent to 238.9 billion won in the third quarter from 560.4 billion won in the previous quarter. During its earnings call Tuesday, the company said it had released relatively little paid content for the PC version of PUBG in the third quarter and that the impact of initial sales of Subnautica 2 had faded. However, it added that PC traffic has since recovered to a healthy level and that it expects strong performance in the fourth quarter. In contrast, the company's operating expenses rose 43 percent year-on-year to 746.4 billion won. This reflected the weaker-than-expected performance of ADK Holdings, a Japanese advertising and animation firm Krafton acquired in June last year, and the company's increased marketing costs, including expenses related to its participation in Gamescom trade show in August. "ADK's animation business is performing better than we initially expected, but its advertising business is struggling as Japan's traditional advertising market continues to shrink," the company said during the earnings call. Krafton is now expanding its business into various areas beyond gaming. The company is developing its proprietary large language model, Raon-1 Mini, which raised questions from analysts over why the game company is developing its own artificial intelligence (AI) model from scratch. "We believe the capabilities we have built through developing AI for games are among the best in Korea," Krafton CEO Kim Chang-han said. "Earlier this year, we announced plans to expand our AI business beyond gaming, and developing our own models is part of that effort." * Q. * Q. * Q.

Overpowered Media Group, LLC
Nov 10th, 2026
Krafton notes increased yearly revenue on the strength of PUBG in its third quarter fiscal report.

Krafton notes increased yearly revenue on the strength of PUBG in its third quarter fiscal report. November 10, 2026 9:30 AM The third quarter financial reports continue to roll in from its neck of the gaming woods this week, as Krafton's Q3 2026 fiscal presentation is next in line to grant shareholders their headpats and give the rest of Massivelyop armchair games industry watchers a peek into how things are going for the people holding the purse strings of games. While Krafton does point out that revenue quarter-on-quarter is down by 24% for this year's Q3, revenues are still going up when looking at the year-on-year picture, as Q3 revenue rose by 11% to 971.4B KRW (about $725M). Much of these earnings are coming from the mobile games sector with 3% growth YoY and 12% QoQ. The majority of Krafton's financial tailwinds are coming from the PUBG franchise, as the game collabs with other IPs such as Naruto, World of Wonder, and Ferrari, alongside UGC platforms like August's PUBG: Playgrounds release. Krafton additionally notes continued collabs such as those with K-pop groups, the promise of an upcoming major content drop to mark the battle royale title's 10th anniversary in 2027, and the testing of console shooter DED.NET last month.

GamesIndustry.biz
Nov 10th, 2026
Krafton Q3 revenue rises 11.6% despite decreases in PC and console segments.

Krafton Q3 revenue rises 11.6% despite decreases in PC and console segments. Firm reports 35.5% drop in operating profit for the period, attributed to "participation in Gamescom and other activities" Published on Nov 10, 2026, 6:27 AM PST Krafton has reported a 35.5% drop in operating profit to ₩225 billion ($168.1 million) for its third quarter, which it attributed to costs "associated with participation in Gamescom and other activities. Revenue rose 11.6% year-on-year to ₩971.4 billion ($725.9 million), despite declines in its PC and console segments. PC revenue dropped 32.5% to ₩238.9 billion ($178 million), and console revenue fell 15.9% to ₩8.6 billion ($6.4 million). Mobile revenue grew 3.2% to ₩504.3 billion ($375.6 million). For the first nine months of its fiscal year, Krafton reported revenue up 51% YoY to ₩3.6 trillion ($2.6 billion) and operating profit up 14% to ₩1.1 trillion ($819.4 million). The firm stated that both figures "marked all-time highs for both metrics for this period." PUBG IP revenue "continued to achieve solid growth", up 11% YoY. PUBG: Battlegrounds "maintained double-digit growth in monthly active users (MAU) on PC and console." Krafton highlighted ongoing gameplay expansion through user-generated content and IP collaborations, following the introduction of UGC on PC in December 2025. "These initiatives give players more ways to engage with the franchise and more reasons to return." Regarding Subnautica, Krafton stated it would continue to focus on preparations for its full launch. The game entered Early Access in May 2026 and sold over five million copies in its first 22 days. Krafton also shared additional details as an "AI-first company." In 2025, it announced it would be "prioritising AI as a central and primary means of problem solving" and "fostering change in individuals and organisations, increasing company-wide productivity, and accelerating mid- to long-term corporate value growth." Last month, Krafton previewed its in-house large language model (LLM), Raon-1. The company stated it would "use its in-house model, trained to understand the language and mechanics of games, to strengthen its game AI capabilities, including PUBG Ally." Krafton "plans to expand its lineup with larger-scale Raon-1 and a full-duplex speech model, extending the AI expertise accumulated in gaming to the development of specialised models for future business areas."

ANI
Nov 10th, 2026
Krafton announces third quarter 2026 results.

Krafton announces third quarter 2026 results. ANI | Updated: Nov 10, 2026 16:36 IST HT SyndicationBengaluru (Karnataka) [India], November 10: KRAFTON, Inc. today announced its third quarter earnings for 2026. Based on consolidated financial statements prepared in accordance with Korean International Financial Reporting Standards (K-IFRS), KRAFTON reported third-quarter revenue of KRW 971.4 billion and operating profit of KRW 225 billion. Cumulative revenue reached KRW 3.633 trillion and operating profit totaled KRW 1.1975 trillion in the first three quarters of 2026, up 51% and 14%year-over-year, respectively, marking all-time highs for both metrics for this period. Cumulative operating profit alone reached 114% of KRAFTON's full-year operating profit for 2025. Key Performance Highlights for Q3 2026The Q3 revenue breakdown was as follows: - KRW 238.9 billion from PC (-32.5% YoY) - KRW 504.3 billion from mobile (+3.2% YoY) - KRW 8.6 billion from console (-15.9%), and - KRW 219.6 billion from others (+1,117.8%)The PUBG IP Franchise continued to achieve solid growth, with cumulative revenue through Q3 up 11% year-over-year. PUBG: BATTLEGROUNDS maintained double-digit growth in monthly active users (MAU) on PC and console. In September, the game expanded its range of IP collaborations with the anime IP JUJUTSU KAISEN, drawing a positive response from players. On mobile, revenue grew 3% year-over-year and 12% quarter-over-quarter, driven by global IP collaborations with Naruto and Ferrari during the peak summer holiday season. Other revenue included KRW 198.4 billion in advertising and content revenue from ADK Group. Third-quarter operating profit was KRW 225.0 billion, reflecting costs associated with participation in gamescom and other activities. PUBG IP Franchise: Expanding Gameplay Through UGC and IP Collaborations The PUBG IP Franchise is expanding into a platform offering diverse gameplay experiences, with the goal of becoming a global cultural icon that resonates across regions and generations. Following the introduction of user-generated content (UGC) on PC in December 2025, KRAFTON launched PUBG: Playgrounds this August, allowing players to discover and play a wide range ofcommunity-created content. On mobile, KRAFTON expanded content featuring global IPs in World of Wonder (WOW) and introduced UGC monetization to further expand the ecosystem. These initiatives give players more ways to engage with the franchise and more reasons to return. In the fourth quarter, KRAFTON will broaden its player base by diversifying gameplay experiences, expanding its mobile presence in emerging markets and strengthening PUBG branding. Since November, the company has been running a collaboration with K-pop group IVE spanning in-game and real-world experiences. BGMI Air, a lightweight version for emerging markets, has surpassed 14 million pre-registrations ahead of its December 10 launch. KRAFTON is also preparing its largest-ever content update for PUBG's 10th anniversary in 2027. New Franchise IP: Subnautica Growth and Market Validation for PUBG: DED.NET Subnautica 2 has surpassed 5 million cumulative units sold worldwide and maintains a 91%positive review rating on Steam. The game is also on 4.45 million wishlists, indicating continued interest from prospective players. KRAFTON will focus on preparations for full launch, with a major Early Access 2.0 update at the end of the year to further improve product quality, while exploring opportunities to expand the IP both within and beyond games. PUBG: DED.NET, a new title based on the PUBG IP unveiled at gamescom in August, targets console shooter players in Western markets. The game combines the gunplay of PUBG: BATTLEGROUNDS with roguelite progression to offer a differentiated gameplay experience. A closed beta test (CBT) held in October confirmed the game's potential. KRAFTON will continue to refine the gameplay based on participant feedback as it prepares for a 2027 release. AI: Strengthening In-House Development Capabilities with Raon-1 mini Preview KRAFTON unveiled its in-house large language model (LLM), Raon-1 mini Preview, on October 21, demonstrating top-tier performance among Korean models in its class across Korean-language capabilities, response speed and inference efficiency. KRAFTON will use its in-house model, trained to understand the language and mechanics of games, to strengthen its game AI capabilities, including PUBG Ally. The company plans to expand its lineup with the larger-scale Raon-1 and a full-duplex speech model, extending the AI expertise accumulated in gaming to the development of specialized models for future business areas. Shareholder Returns In line with the shareholder return policy announced in February, KRAFTON acquired\ approximately KRW 400 billion in treasury shares and paid a KRW 99.6 billion capital-reduction dividend through the third quarter. Combining shares newly acquired this year with KRW 117.7 billion in previously held treasury shares, the company canceled a total of KRW 517.6 billion in treasury shares, equivalent to 4.4% of total shares issued. Based on its assessment that the current share price does not fully reflect the company's value, KRAFTON's Board of Directors decided on November 3 to acquire an additional KRW 300 billion in treasury shares and cancel them in full. Including this additional program, total shareholder returns for 2026 will reach KRW 917.2 billion, the highest annual amount since KRAFTON began itsshareholder return program in 2023. KRAFTON will continue its efforts to enhance shareholder value, taking into account business performance, market conditions and financial capacity. About KRAFTON, Inc.Headquartered in Korea, KRAFTON, Inc. is dedicated to discovering and publishing captivating games that offer fun and unique experiences. Established in 2007, KRAFTON is built on a global network of 19 creative studios that include PUBG STUDIOS, Striking Distance Studios, Unknown Worlds, Neon Giant, KRAFTON Montréal Studio, Bluehole Studio, RisingWings, 5minlab, Dreamotion, ReLU Games, Flyway Games, Tango Gameworks, inZOI Studio, JOFSOFT, Eleventh Hour Games, OmniCraft Labs, Olivetree Games, Loonshot Games, and 9B STUDIO. Each independent studio strives to continuously take on new challenges and leverage innovative technologies. Their goal is to win over more fans by broadening KRAFTON's platforms and services.KRAFTON is responsible for premier game IPs, including PUBG: BATTLEGROUNDS, PUBG MOBILE, inZOI, Subnautica, MIMESIS, Hi-Fi Rush, Dinkum, TERA, My Little Puppy, and more. With a passionate and driven team across the globe, KRAFTON is a tech-forward company with world-class development capabilities, continuously exploring new possibilities that enhance the gameplay experience - including AI and other emerging technologies. For more information, visit www.krafton.comAbout KRAFTON IndiaIn India, KRAFTON is responsible for premier mobile games, including BATTLEGROUNDS MOBILE INDIA (BGMI), which has surpassed 200 million downloads, Bullet Echo India, Road To Valor: Empires, and CookieRun India, among others. Committed to enhancing the start-up ecosystem in India, KRAFTON has invested over $200 million in several Indian startups across interactive entertainment, gaming, Esports, and technology, since 2021. KRAFTON actively supports India's game development ecosystem through its KRAFTON India Gaming Incubator (KIGI) while strengthening the Esports ecosystem with flagship events like the BATTLEGROUNDS MOBILE INDIA SERIES (BGIS) and BATTLEGROUNDS MOBILE INDIA PRO SERIES (BMPS). For more information, visit https://krafton.in/(ADVERTORIAL DISCLAIMER: The above press release has been provided by HT Syndication. ANI will not be responsible in any way for the content of the same.)

Business News This Week
Nov 5th, 2026
KRAFTON India confirms December 10 launch for BGMI Air after 14 million pre-registrations.

KRAFTON India confirms December 10 launch for BGMI Air after 14 million pre-registrations. Bengaluru, November 5th, 2026: KRAFTON India today announced that its upcoming mobile gaming experience, BGMI Air, will officially launch in India on December 10, 2026. The date comes less than three weeks after the game, the lighter version of BATTLEGROUNDS MOBILE INDIA, crossed 14 million pre-registrations on Google Play - before a launch date had been announced. Before launch, players will get a first chance to play. Closed Beta Testing runs from November 20 to 24, 2026, across Mumbai, Delhi and Kolkata, and the feedback gathered will go into refining the game ahead of December 10. Getting in is a contest of conviction. Players who want to be among the first to play BGMI Air can post a video making their case - why should you be the first one to play?, tagging the official handle - and submit a form linked in the bio of BGMI Air & BGMI's official Instagram page, @battlegroundsmobilein_official. Selected players will join the Closed Beta. With an initial download of around 1GB, BGMI Air is built for players whose devices or storage kept the full BGMI experience out of reach, while retaining the core gameplay players know. It runs as a separate app, but existing BGMI players can play it without transferring their accounts. Further updates, including pre-launch details and rewards, will be shared through BGMI Air's official social media handles in the lead-up to launch. About KRAFTON, Inc. Headquartered in Korea, KRAFTON, Inc. is a global game developer and publisher dedicated to pioneering unforgettable worlds for players everywhere. Founded in 2007, KRAFTON brings together a diverse portfolio of studios including PUBG STUDIOS, Striking Distance Studios, Unknown Worlds, Neon Giant, KRAFTON Montréal Studio, Bluehole Studio, RisingWings, 5minlab, Dreamotion, ReLU Games, Flyway Games, Tango Gameworks, inZOI Studio, JOFSOFT, Eleventh Hour Games, OmniCraft Labs, Olivetree Games, Loonshot Games, and 9B STUDIO. Each is united by a commitment to bold imagination and breakthrough game-making. KRAFTON's franchises and titles include PUBG: BATTLEGROUNDS, PUBG MOBILE, PUBG: BLINDSPOT, inZOI, Subnautica, MIMESIS, Hi-Fi Rush, Dinkum, TERA, My Little Puppy, and more. Guided by its vision to pioneer the path to players' dreams, KRAFTON is focused on building franchises that last and delivering experiences that resonate with players around the world. For more information, visit www.KRAFTON.com. About KRAFTON India KRAFTON India is responsible for delivering premier mobile gaming experiences in the country, led by its flagship title BATTLEGROUNDS MOBILE INDIA (BGMI), which has surpassed 260 million downloads. Its diverse portfolio also includes titles such as Road To Valor: Empires, CookieRun India, and Real Cricket, catering to a wide spectrum of Indian gamers. KRAFTON India has also played a pivotal role in shaping the country's esports landscape through marquee tournaments such as BGIS and BMPS, setting new benchmarks for development of grassroots talent, competitiveness, and fan engagement, while helping establish esports as a mainstream sporting and entertainment category in India. Beyond publishing games, KRAFTON India is committed to strengthening the digital entertainment ecosystem. Since 2021, the company has invested over $250 million in Indian startups across interactive entertainment, gaming, esports, and technology. Additionally, KRAFTON has also launched the ₹6,000 crore KRAFTON India Unicorn Growth Fund with Naver and Mirae Asset to support high-potential startups. The company also actively supports game development talent through the KRAFTON India Gaming Incubator (KIGI), currently in its fourth cohort, enabling emerging developers with funding, mentorship, and strategic guidance. Recently, KRAFTON launched the KIGI Academy, a new industry-academia initiative designed to build India's game development talent ecosystem, in association with IIT Madras.

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