GungHo Online Entertainment

GungHo Online Entertainment, Inc.
GungHo Online Entertainment, Inc.
Native name	ガンホー・オンライン・エンターテイメント株式会社
Romanized name	Ganhō Onrain Entāteinmento kabushiki gaisha
Type	Public
Traded as	TYO: 3765
Industry	Video games
Founded	July 1, 1998; 28 years ago
Headquarters	Chiyoda, Tokyo, Japan
Key people	Taizo Son (chairman); Kazuki Morishita (president & CEO)
Services	Video game Development, Publishing, Distribution, Operation
Number of employees	333 (2014)
Parent	SoftBank Group (1998–2016); SON Financial (2016–2026) ; Sony Music Entertainment Japan (22.93%) (2026–present)
Subsidiaries	Game Arts; Gravity; GungHo Mode; GungHo Online Entertainment America; GungHo Gamania; GungHo Works; mspo; SUPERTRICK GAMES
Website	www.gungho.co.jp

GungHo Online Entertainment, Inc. (Japanese: ガンホー・オンライン・エンターテイメント株式会社, Hepburn: Ganhō Onrain Entāteimento kabushiki gaisha) is a Japanese video game developer and publisher. Their most prominent game is the mobile game Puzzle & Dragons, originally published in 2012 but still a major game in 2025, and the source of the vast majority of the company's revenue in the 2010s and 2020s. They are also known for hosting the Japanese server of Ragnarok Online, developed by its listed Korean subsidiary Gravity.

History

The company was established as ONSale Co., Ltd. on July 1, 1998, as a joint venture between Softbank and onSale Inc. to engage in the online interactive auction business in the US.

In 2000, the company moved its headquarters to Chiyoda, Tokyo, Japan and changed its focus to providing auction systems, etc. using ASP.
In 2002, the company once again changed its focus, this time to Online Game Services. Primarily hosting the Japanese server of Ragnarok Online.
In 2004 the company began joint development of online games with Game Arts Co., Ltd.
In March 2005, the company was listed on the Hercules Nippon New Market.
In August 2005, the company invested in G-Mode Co., Ltd. a game manufacturer for mobile phones.
In December 2005, the MMORPG developed by GungHo, Emil Chronicle Online, was officially released.
In August 2006, it completed the contract to distribute Ragnarok Online II.
In October 2007, GungHo Works, Inc., behind the development of Ragnarok DS, was established.
In November 2007, the company acquired the video game assets of Interchannel from Index Corporation.
In April 2008, Gravity Co., Ltd. was acquired as a subsidiary.
In 2012, GungHo released the mobile Puzzle & Dragons which single-handedly made the company a huge financial success. In 2013, P&D was reportedly responsible for 91% of the company's $1.6 billion revenues for the year.
In January 2013, GungHo acquired Grasshopper Manufacture, the studio behind titles such as Killer7, the No More Heroes franchise and Lollipop Chainsaw.
On June 3, 2016, Softbank agreed to sell most of its stake in GungHo (approximately 23.47%) for about $685 million, which would end Softbank's majority ownership of the company, resulting in Gungho no longer being an associate of Softbank. The offer was accepted by Gungho and completed by June 22, thus allowing Gungho to become an independent company.
In October 2021, GungHo sold Grasshopper Manufacture to NetEase.
In February 2024, GungHo sold Acquire Corp. to Kadokawa Corporation.
In 2025, the investor fund Strategic Capital, holder of an joint 8% stake in the shares of the company, launched a shareholder bid to oust CEO Kazuki Morishita. They argued that Morishita had let the company stagnate as a "one-hit wonder" without anything else of the level of success of Puzzle & Dragons, and that Morishita was overpaid, with him earning a higher salary than Nintendo's president.
In August 2026, Gungho and Sony Music Entertainment Japan announced a capital and business alliance agreement, with it being focused in expanding the partnership of the companies for promotion and development of joint projects and with Sony Music acquiring 22.93% of the shares of Gungho and becoming the largest shareholder in the company. Despite that both companies confirmed that while Gungho stays listed as a public company, Sony Music will respect its independency, even if now it has more influence.

Games

Active online games

Ragnarok Online (December 1, 2001)
Tantra (March 10, 2004)
Emil Chronicle Online (August 1, 2005)
Hiten Online (April 19, 2007)
ROSE Online (March 26, 2009)
Lucent Heart (2009)
Blade Chronicle (2009)
Ragnarok DS (February 1, 2010)
Eternal City 2 (June 23, 2010)
Divina (September 9, 2010)
Grand Fantasia
ROSE Online
Le Ciel Bleu
Toy Wars
Fishdom: Seasons under the Sea
Puzzle & Dragons
Summons Board
Chrono Ma:Gia (2018)
Ragnarok Mobile (2019)
Ninjala (2020)

Inactive online games

Survival Project (June 29, 2004 - August 31, 2006)
A3 (October 15, 2004 - November 1, 2007)
Saiyuki Reload Gunlock (September 1, 2004 - January 31, 2006)
Squirrel Pot 2 (May 25, 2004 - December 28, 2007)
eXtreme Soccer (β August 11, 2006 – 2008)
Mahjong (May 31, 2007 - March 26, 2008)
Koi Koi Playing Cards (May 31, 2007 - March 26, 2008)
Poker (May 31, 2007 - March 26, 2008)
Millionaire (May 31, 2007 - March 26, 2008)
Shanghai (May 31, 2007 - March 26, 2008)
Chat (May 31, 2007 - March 26, 2008)
Ragnarok Online II (β May 28, 2007 - August 2010)
Pachinko Slot (September 6, 2007 - November 4, 2008)
Hakenden (June 4, 2008 - October 29, 2008)
Yogurting (September 1, 2005 - May, 2010)
Tetris Online (October 23, 2007 - July 5, 2011)
Shin Megami Tensei: Imagine (June 26, 2007 - May, 2016)
Grandia Online (August 26, 2009 - September 28, 2012)
TEPPEN (July 4, 2019 - March 30, 2026)

PC

Grandia II: Anniversary Edition
Let It Die
Grandia HD Collection (Grandia & Grandia II Remaster)
Lunar Remastered Collection (Lunar: Silver Star Story & Lunar: Eternal Blue Remaster)
Trails in the Sky 1st Chapter
Trails in the Sky 2nd Chapter
B.L.U.E. Nova

PlayStation 2

Nadepro!!: Kisama mo Seiyū Yattemiro!

PlayStation 5

Nintendo DS

Otometeki Koi Kakumei Love Revo!!
Nakamura Tooru Kanshuu: India Shiki Keisan Drill DS (The Method of Indian Calculation)
Aquazone DS
Ragnarok DS
Hero's Saga Laevatein Tactics
Minna de Jibun no Setsumeisho: B-Gata, A-Gata, AB-Gata, O-Gata
Ecolis: Aoi Umi to Ugoku Shima

Nintendo 3DS

Puzzle & Dragons Z + Super Mario Bros. Edition
Puzzle & Dragons X (Japan only)

Nintendo Switch

Grandia HD Collection (Grandia & Grandia II Remaster)
Puzzle & Dragons Gold
Ninjala
Volta-X
Galak-Z: Variant S
Lunar Remastered Collection (Lunar: Silver Star Story & Lunar: Eternal Blue Remaster)
Trails in the Sky 1st Chapter
Trails in the Sky 2nd Chapter

Nintendo Switch 2

Trails in the Sky 1st Chapter
Trails in the Sky 2nd Chapter
Ninjala 2: The Uncharted Planet
Chit Chat Party!

Xbox One

Grandia HD Collection (Grandia & Grandia II Remaster)
Lunar Remastered Collection (Lunar: Silver Star Story & Lunar: Eternal Blue Remaster)

Mobile

Teppen (Battle Project)
Ragnarok Online
Casino Komodo
Puzzles and Dragons
Yo-kai Watch World
Galak-Z: Variant Mobile
Disney Pixel RPG

References

↑ "Corporate Overview｜ GungHo Online Entertainment, Inc". Archived from the original on 2010-07-23. Retrieved 2009-12-12.
↑ "Presentation" (PDF). www.irwebcasting.com. Archived (PDF) from the original on 2016-03-04. Retrieved 2014-07-30.
↑ "Company History｜ GungHo Online Entertainment, Inc". Archived from the original on 2013-09-29. Retrieved 2013-09-09. Company History
↑ Thomson Financial. Thomson Financial. October 15, 2007. p. 39.
↑ "[ indie navi ] GungHo FY2013 Earnings by Platform and Market Sector". Archived from the original on 2014-04-18. Retrieved 2014-04-18.
↑ "ガンホー・オンライン・エンターテイメント株式会社". Archived from the original on 2013-02-04. Retrieved 2013-01-30.
↑ "Puzzle & Dragons studio GungHo to regain majority stake from SoftBank for $685m". MCV. 7 June 2016. Archived from the original on 8 June 2016. Retrieved 6 May 2017.
↑ "SoftBank to sell most of its stake in 'Puzzle & Dragons' maker GungHo". 6 June 2016. Archived from the original on 8 November 2020. Retrieved 6 May 2017.
↑ "Execution of Agreement to Tender in Tender Offer for Shares of an Associate - Press Releases - News - About Us - SoftBank Group". Archived from the original on 2017-09-13. Retrieved 2017-05-06.
↑ "Tender in Tender Offer for Shares of an Associate - Press Releases - News - About Us - SoftBank Group". Archived from the original on 2018-12-24. Retrieved 2017-05-06.
↑ "Results of Tender in Tender Offer for Shares of an Associate - Press Releases - News - About Us - SoftBank Group". Archived from the original on 2019-08-30. Retrieved 2017-05-06.
↑ Stanton, Rich (October 22, 2021). "Grasshopper Manufacture acquired by NetEase, promises three games over next decade". PC Gamer. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
↑ Vještica, Amber (July 25, 2025). "Activist investor of major Japanese game developer requests dismissal of CEO, calls him 'unqualified and completely unaware of his responsibilities'". Automaton. Retrieved July 28, 2025.
↑ Zotomayor, Carlos "Zoto" (2026-09-02). "Aniplex owner Sony Music Entertainment becomes largest shareholder of GungHo with 23% stake". AUTOMATON WEST. Retrieved 2026-09-02.
↑ "ローズオンライン～キャラクターの着せ替えがおもしろい、無料で遊べるオンラインゲーム～". www.roseon.jp. Archived from the original on 2011-07-26. Retrieved 2009-12-16.
↑ Ragnarok DS
↑ "トイ・ウォーズ《公式サイト》｜フィギュアで戦うシューティング". Archived from the original on 2012-05-17. Retrieved 2012-05-22.
↑ "Puzzle & Dragons". GungHo Online Entertainment, Inc. Archived from the original on 28 February 2013. Retrieved 6 February 2013.
↑ "「グランディアオンライン」正式サービス、ついに開始! | グランディアオンライン". Archived from the original on 2009-09-30. Retrieved 2009-12-14.
↑ "Company History｜ GungHo Online Entertainment, Inc". Archived from the original on 2013-09-29. Retrieved 2013-09-09.
↑ Sato. "Yo-kai Watch World For Smartphones Is The Series' Take On Pokémon GO". Siliconera. Archived from the original on 11 July 2018. Retrieved 11 July 2018.

External links

[1] "Corporate Overview｜ GungHo Online Entertainment, Inc". Archived from the original on 2010-07-23. Retrieved 2009-12-12.

[2] "Presentation" (PDF). www.irwebcasting.com. Archived (PDF) from the original on 2016-03-04. Retrieved 2014-07-30.

[3] "Company History｜ GungHo Online Entertainment, Inc". Archived from the original on 2013-09-29. Retrieved 2013-09-09. Company History

[4] Thomson Financial. Thomson Financial. October 15, 2007. p. 39.

[5] "[ indie navi ] GungHo FY2013 Earnings by Platform and Market Sector". Archived from the original on 2014-04-18. Retrieved 2014-04-18.

[6] "ガンホー・オンライン・エンターテイメント株式会社". Archived from the original on 2013-02-04. Retrieved 2013-01-30.

[7] "Puzzle & Dragons studio GungHo to regain majority stake from SoftBank for $685m". MCV. 7 June 2016. Archived from the original on 8 June 2016. Retrieved 6 May 2017.

[8] "SoftBank to sell most of its stake in 'Puzzle & Dragons' maker GungHo". 6 June 2016. Archived from the original on 8 November 2020. Retrieved 6 May 2017.

[9] "Execution of Agreement to Tender in Tender Offer for Shares of an Associate - Press Releases - News - About Us - SoftBank Group". Archived from the original on 2017-09-13. Retrieved 2017-05-06.

[10] "Tender in Tender Offer for Shares of an Associate - Press Releases - News - About Us - SoftBank Group". Archived from the original on 2018-12-24. Retrieved 2017-05-06.

[11] "Results of Tender in Tender Offer for Shares of an Associate - Press Releases - News - About Us - SoftBank Group". Archived from the original on 2019-08-30. Retrieved 2017-05-06.

[12] Stanton, Rich (October 22, 2021). "Grasshopper Manufacture acquired by NetEase, promises three games over next decade". PC Gamer. Archived from the original on October 22, 2021. Retrieved October 22, 2021.

[13] Vještica, Amber (July 25, 2025). "Activist investor of major Japanese game developer requests dismissal of CEO, calls him 'unqualified and completely unaware of his responsibilities'". Automaton. Retrieved July 28, 2025.

[14] Zotomayor, Carlos "Zoto" (2026-09-02). "Aniplex owner Sony Music Entertainment becomes largest shareholder of GungHo with 23% stake". AUTOMATON WEST. Retrieved 2026-09-02.

[15] "ローズオンライン～キャラクターの着せ替えがおもしろい、無料で遊べるオンラインゲーム～". www.roseon.jp. Archived from the original on 2011-07-26. Retrieved 2009-12-16.

[16] Ragnarok DS

[17] "トイ・ウォーズ《公式サイト》｜フィギュアで戦うシューティング". Archived from the original on 2012-05-17. Retrieved 2012-05-22.

[18] "Puzzle & Dragons". GungHo Online Entertainment, Inc. Archived from the original on 28 February 2013. Retrieved 6 February 2013.

[19] "「グランディアオンライン」正式サービス、ついに開始! | グランディアオンライン". Archived from the original on 2009-09-30. Retrieved 2009-12-14.

[20] "Company History｜ GungHo Online Entertainment, Inc". Archived from the original on 2013-09-29. Retrieved 2013-09-09.

[21] Sato. "Yo-kai Watch World For Smartphones Is The Series' Take On Pokémon GO". Siliconera. Archived from the original on 11 July 2018. Retrieved 11 July 2018.