PUBG Developer Bluehole, Inc. Valued at Over $4 Billion

PlayerUnknown's Battlegrounds is not just a gaming juggernaut when it comes to concurrent players on Steam, it is reaping huge financial gains for Bluehole.


PUBG has shocked the gaming world in 2017 with its massive success. The game has surpassed Dota and CS:GO in concurrent players and has sold over 10 million copies on Steam. It doesn't come as much of a surprise that the game's developer, Bluehole, Inc., is reaping the benefits. In a recent interview with Bloomberg, it is being reported that Bluehole, Inc. is now valued at a valuation of $4.6 billion (5.2 trillion won). 

This means that founder Chang Byung-gu, who owns 20% of the company, is approaching the three comma club! The game has not come out from console yet, as it will launch on Xbox One later this year, so there is probably more upside to come for the studio. In a recent interview with Shacknews at TGS 2017, PlayerUnknown aka Brendan Greene talked to us about he is handling the game's massive success:

"Really, because I was involved in music and entertainment for years I got to see the divas. I got to see these guys that kind of got too big for their boots. I hated that and I never want to be that person myself. I think, as well, because I am a little bit older. I am forty-one now. That’s kind of tempered me. I’m quite a simple guy. I try not to let things go to my head because, as I said, I’ve seen other people do it and I don’t like that. So I think that is what keeps me somewhat with my feet on the ground."

Check out our full PUBG interview with PlayerUnknown here.

For more videos, including gameplay and interviews, visit the Shacknews and YouTube channels.


Asif Khan is the CEO and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

From The Chatty
  • reply
    September 27, 2017 9:30 PM

    Asif Khan posted a new article, PUBG Developer Bluehole, Inc. Valued at Over $4 Billion

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      September 27, 2017 9:35 PM

      One successful game should not a $4bn valuation make.

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        September 27, 2017 9:37 PM

        hype is a hell of a drug

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        September 27, 2017 9:50 PM

        What about Minecraft

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          September 28, 2017 7:04 AM

          Minecraft was already a merchandising juggernaut when they were acquired. I don't see too many parents buying PUBG costumes for their kids to wear on Halloween.

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        September 27, 2017 9:53 PM

        Depends on the game. I haven't played PUBG, but shackhype seems to indicate that they've basically invented a whole new shooter paradigm. That can mean a whole lot of addicted players, and that's valuable. Microsoft paid 2.5 billion for Minecraft, after all.

        However, it's worth much less if their concept can be copied and improved on by one of the big players (Blizzard, for example), and I haven't heard any reasons yet why this should not be so. PUBG gameplay is not dependent on any technical advancements, and does not come with some game-specific IP that adds value.

        So buyer beware, I guess?

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          September 27, 2017 9:58 PM

          They're already complaining about Fortnite adding a similar mode.

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          September 28, 2017 1:01 PM

          Agreed. The game itself is incredibly generic. Someone could come along and make a more interesting version very easily.

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        September 27, 2017 10:01 PM

        Welcome to the wonderful world of an overvalued market.

        Bubble burst in 5...4...3...

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        September 28, 2017 4:59 AM

        i agree, but there are companies valued in the billions that actively lose hundreds of millions of dollars per year. it all hinges on potential uses (or abuses) of the vast user base, as if any implementation of something that would generate more profit wouldn't simultaneously kill the product. my impression is that the high valuations are basically a bet that someone will figure out how to do it, even though we're still waiting...

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        September 28, 2017 5:25 AM

        Not even if you consider the eSports potential?

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      September 27, 2017 9:44 PM

      pfft. Classic Overvaluation. They'll be sleeping in cardboard boxes in weeks!

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      September 27, 2017 10:05 PM

      dat hat money

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      September 27, 2017 11:37 PM

      It's a FAD game that'll be gone in a year when the next fad shows up

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      September 28, 2017 1:23 AM

      That seems really high

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      September 28, 2017 1:57 AM

      I still have no clue how this game became a thing. BR has always been around in Arma and then H1Z1. It seems like something horrible for anything but solo Q. Does everyone just play solo?

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        September 28, 2017 2:05 AM

        You got that around the wrong way. Squad queues are where the fun is. Solo is a bit old snooze fest.

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          September 28, 2017 2:18 AM

          Squad queues seem awful. One friend dies and then what? You keep playing while your friend waits around for 20 min? Awesome fun.

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            September 28, 2017 2:20 AM

            you just described counter strike.

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              September 28, 2017 2:24 AM

              Counter strike rounds are only 5-10 min right? And often enough you don't wait that long. Also you respawn and buy your loadout if you have the cash. Completely different.

              Waiting 20 minutes and then dying in the first 2 minutes of a drop vs waiting 5 minutes and getting right back into the action seem completely different.

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                September 28, 2017 2:24 AM

                Also in CS you are invested to see the outcome of the round as it means your team gets more money to play with.

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            September 28, 2017 2:27 AM

            you need a friend who goes looking for kills not just camping around

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            September 28, 2017 2:31 AM

            The first person to die:
            - Skips between views and coordinates the team.
            - Goes for a piss.
            - Makes a drink.

            The second person to die:
            - Tells everyone the awesome thing they had on their body.
            - Talks shit with the first person to die so loudly that the next person to die can't hear their killer approaching.

            The third person to die:
            - Tells the alive person that they are "so fucked right now" and that they put 10 bullets into that guy even though everyone knows they are lying.

            The last person to die:
            - Apologises to the group for dying, even though they were the one holding the team together.

            It ain't that hard to make small talk for a couple of minutes while watching an electronic version of orienteering.

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              September 28, 2017 3:07 AM

              You still aren't selling me on this genre. Sounds dumb if you end up being the first guy, even twice in a row.

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                September 28, 2017 4:16 AM

                The concept sounds terrible in writing so I'm not going to convince you, but I was in the same camp as you to begin with (it looked to much like DayZ which had burned me good).

                All I can say is that after trying it (with a bunch of fun-loving Shackers), I was hooked.

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                September 28, 2017 4:58 AM

                If one of your squad dies early then it excuses everyone to go berserk if you want. Lots of times when that happened my squad would basically just make it their goal to kill the enemy Squad that took our dude out and we just leave the game or die in the process. or we have a big pan fight and then leave

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            September 28, 2017 4:50 AM

            The game alt-tabs beautifully so I just go Shack or watch YouTube.

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            September 28, 2017 4:57 AM

            There's two things that make this not so bad, or even a positive:

            - They still get to spectate and make fun of all your fuckups (or try to help you I guess but what's the fun in that)
            - It gives real weight to engagements as if you fuck up you could wind up spectating for a bit... or if you don't get to your friends and prioritize getting them up when they're down they have to sit out and you lose 1/4 of your firepower.

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        September 28, 2017 4:54 AM

        I vastly prefer solo but duo and squad is hugely popular. The zeitgeist says they are much more popular but no idea on actual numbers. All the big streamers almost exclusively do Duos or squads.

        squads in this game are quite different than similar modes in other games like say Battlefield or Counterstrike. There is a sort of natural flow that is very non video gamey. It's hard to explain but it's completely different than other shooters, I have never played them but I imagine it's similar to the Arma games or something but less Gung ho real army men stress.

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      September 28, 2017 2:04 AM

      Shows you what the right time and the right marketing strategy can do.

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        September 28, 2017 6:01 AM

        marketing strategy Twitch

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      September 28, 2017 2:22 AM

      How much free advertising vs. Paid advertising with twitch streaming influenced the popularity of this game? I first heard about this game through twitch, and I wonder how influential streaming is now to games in general.

      That being said, there are a bunch of games that don't stream well but are still fun to play - are they left out in the cold?

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        September 28, 2017 4:56 AM

        Streaming was key I think.

        Even though the mods existed they weren’t well known. The games tension lends it to interesting crescendos that work well on streams. It kind of came out of nowhere for most people, and because it had such different gameplay and streaming was fun to watch it caught on like wildfire and was fresh and exciting.

        I imagine more games will be designed for “streamability”

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      September 28, 2017 4:30 AM

      bubble as fuck

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      September 28, 2017 4:50 AM

      I'd sell shit so fast. lol

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      September 28, 2017 5:03 AM

      What is bluehole when I went to their site they had a bunch of weird games. So did they just back PU or did they actually make the game?

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      September 28, 2017 5:03 AM

      No game company would ever be over valued right?
      Zynga's Reported $7-$10 Billion Valuation Surpasses That Of EA

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      September 28, 2017 5:11 AM

      My gif is in the article lol, I guess "content creator, shacknews,Inc." Is gong in the resume!

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      September 28, 2017 5:16 AM

      Lol, Tech company valuations are a joke.

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      September 28, 2017 5:33 AM

      one arma mod worth more than the UFC

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      September 28, 2017 6:13 AM

      4 Billion ... yeah right.

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      September 28, 2017 6:24 AM


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      September 28, 2017 7:01 AM