Gravity made the following announcement today regarding their recent deal with Shanda Interactive to bring Ragnarok Online into China:
|Seoul, South Korea - July 11, 2005 - GRAVITY Co., Ltd. (Nasdaq: GRVY) and Shanda Interactive Entertainment Limited (Nasdaq: SNDA) today announced that they have entered into a licensing agreement. Under this agreement, Gravity has granted Shanda exclusive licensing rights to operate and service 'Ragnarok Online' in China. Ragnarok Online is a massively multiplayer online role playing game (MMORPG) and is Gravity's principal title. |
Ragnarok Online is a popular global MMORPG, which has been commercialized in 20 markets. Shanda replaces Softworld, whose two-year contract with Gravity expires this August.
David Woong-Jin Yoon, CEO of Gravity, announced, "We are excited to partner with Shanda. Through our partnership with Shanda, a leading interactive entertainment media company in China, we believe we can strengthen our presence in China, which is believed to be one of the fastest growing online game markets."
Tianqiao Chen, CEO of Shanda commented, "Ragnarok Online is a popular cartoon franchise in mainland China with a large, active audience base that is in-line with Shanda's core user demographic. This agreement will allow us to combine Ragnarok Online's compelling storyline and dynamic graphics with Shanda's leading distribution network and operating platform. We will be well positioned to offer richer game experience to the online game community in China."