Is KRAFTON shedding its “PUBG-only” label? New titles drive record results

KRAFTON, which has faced criticism that the PUBG intellectual property accounts for too large a share of its overall performance, is accelerating its shift to a multi-IP structure, led by the success of its new title Subnautica 2. While PUBG continues to provide stable earnings, the company is also investing steadily in new businesses, including artificial intelligence, as it works to diversify revenue streams.
According to the game industry on the 30th, KRAFTON said the previous day that it posted 1.2902 trillion won in sales and 410.9 billion won in operating profit for the second quarter of this year. That marked increases of 73.3% and 38.3%, respectively, from a year earlier, and both figures were the highest ever for a second quarter. Strong performance from its core revenue driver, PUBG, along with the success of Subnautica 2, which was released in early access in May, drove the results.
Subnautica 2, developed by Unknown Worlds Entertainment under KRAFTON, reached cumulative sales of 5 million copies just 22 days after its early access launch. By carrying forward the original game's ocean survival and exploration identity while adding co-op play and a new alien ecosystem, it drew strong interest from global users.
Sales from the Subnautica IP, including the original Subnautica and Subnautica: Below Zero, reached 232.5 billion won in the first half. KRAFTON said Subnautica 2 accounted for about 200 billion won of that total. However, turning early access sales into long-term success remains the next challenge.
Subnautica 2 has drawn attention because it suggests KRAFTON may be able to ease its long-standing dependence on a single IP. The company has delivered industry-leading results based on PUBG for PC, console and mobile, but the fact that so much of its performance has come from one franchise has remained a concern over the long term.
Last year, the life simulation game inZOI also emerged as a new growth driver. Since its early access release, the title has sold more than 1 million copies and got off to a strong start. Still, analysts say it will take time to sustain the explosive response seen at launch, given the nature of the simulation genre, where users create and enjoy content over long periods.
Earlier this year, KRAFTON announced plans to activate a pipeline of 26 new titles and release 12 of them within two years in order to discover follow-up IP.
At gamescom 2026, which will be held next month in Cologne, Germany, the company will showcase five new titles, including an unannounced PUBG IP-based project currently in development at PUBG Studios, as well as NO LAW, Project Zeta, Age Twister and Tare: Unbound. With Subnautica 2 proving its commercial appeal, KRAFTON's multi-IP strategy is expected to gain further momentum if the titles unveiled at gamescom also find success in the market.
Beyond games, KRAFTON is also expanding into advertising, content and physical AI as it seeks new engines for medium- to long-term growth. Last year, it acquired Japan-based advertising and content company ADK Group, and it has been increasing investment in physical AI. In February, KRAFTON established a robotics research subsidiary in the United States called Ludo Robotics.
[email protected] Juwon Kwon Reporter