Embracer Group remains one of the examples of the crisis affecting the video game industry, as poor managerial and investment decisions have led to a wave of layoffs, cancellations, and studio closures. Recently, the European "giant" made headlines again by revealing a staggering number of project cancellations.
Embracer Group cancels 29 unannounced video games
According to a VGC report, Embracer Group officially announced the cancellation of 29 unannounced video games during the period from July to December 2023, which coincides with the peak of its financial crisis and the start of its restructuring plan. We are talking about dozens of video games that will never see the light of day and didn't even have the opportunity to be showcased to the public.
According to the data provided by Embracer, as of June 2023, there were 153 unannounced games in development. After the cuts, cancellations, and closures, the European company now has 124 projects still in progress, but this was only until December 2023. The situation hasn't improved, so the number could drop again this year.
Embracer will continue with cancellations, layoffs, and closures in 2024
Recent reports revealed that Embracer canceled an installment of Deus Ex, a cult franchise that always generates anticipation for its upcoming releases but is currently shrouded in silence. Regarding this, one of the voice actors for that project lamented the cancellation, describing the situation at Embracer and in the industry as a "disaster zone.".
Layoffs will continue at Embracer Group, at least in the first quarter of this year, confirmed Lars Wingefors, the company's CEO, as part of their restructuring program aiming for financial stability to continue operating.
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