Gravity mobile game revenues increase

South Korean gaming firm Gravity has announced its financial results for the first quarter of this year, including an 80.6 per cent increase in mobile games revenue year-on-year.

The company generated just over 1.4 billion Korean Won of mobile games revenues during the quarter about $1.36 million up from 787 million Korean Won in the first quarter of 2007.

The company is best known for its PC-based MMORPG Ragnarok Online.

However, Gravity has also released a series of spin-off mobile games eight 2D Ragnarok titles and two 3D games, according to its website.

Mobile is still a relatively small percentage of its overall business though, generating 11.4 per cent of Gravity's revenues compared to royalty and licensing fees (55%) and subscriptions (22.8%), with the remainder being made up of character merchandising, animation and other revenues.

However, mobile's importance is increasing it accounted for 7.5 per cent of the company's business this time last year showing the increasing trend for online gaming firms to see mobile as a new revenue stream.