This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:52 p.m. on May 20, 2026.
Krafton is reportedly reviewing whether to make an additional investment in short-form content platform corporations Spoonlabs. With the time approaching for exercising the call option under the shareholders' agreement secured at the time of the previous investment, the industry is watching the possibility that Krafton will move to expand its equity in Spoonlabs.
According to the investment banking (IB) industry on the 20th, Krafton is recently reviewing whether to make a follow-on investment in Spoonlabs. Although the specific investment size has not yet been finalized, the market is focused on whether the put right (call option) included in the existing contract will be exercised.
Krafton made a strategic investment of about 120 billion won in Spoonlabs in Sep. last year. It acquired both new and existing shares to secure roughly 35% equity. This was the largest among Krafton's non-game investments at the time.
At the end of last year, it also moved to buy additional equity. By additionally acquiring equity held by financial investors (FI) such as the Alpha Global Star Fund, it raised its stake to 42.67%. In the industry, the view emerged that Krafton is placing more weight on expanding its strategic influence over Spoonlabs than on a simple financial investment.
What especially draws market attention is the shareholders' agreement concluded at the time. When investing in Spoonlabs, Krafton secured the right to request the purchase of up to 50% of the shares held by certain shareholders. The period during which the call option can be exercised begins on Jul. 1.
In the industry, with the time to exercise the call option approaching, many see a strong possibility that internal reviews at Krafton are underway over whether to actually exercise the right. If the call option is exercised, Krafton's control over Spoonlabs could be further strengthened.
Krafton has recently been expanding its investment scope beyond game developer investments into content, media, and platforms. Notably, this year it joined an investment in the Japanese integrated advertising and content corporations ADK Group, broadening connections into animation and content intellectual property (IP).
Spoonlabs has recently been rapidly expanding from an audio platform-centered business into the short-form video content space. With the short-form drama platform "Vigloo" at the forefront, it is also accelerating its push into global markets such as Japan and the United States. It is focusing as well on AI-based content production and on expanding the creator ecosystem.
In the industry, attention is on the possibility that Krafton is devising a strategy to link its game user base with content platforms. As competition in short-form and AI content is rapidly intensifying in the global platform industry, there is analysis that Spoonlabs could play an important role in Krafton's next-generation growth strategy.
A Krafton official said, "Exercising the call option for Spoonlabs will be possible starting in Jul.," adding, "However, nothing has been decided internally yet."