Embracer Completes Restructuring; 4500 Devs Laid Off & 80 Games Cancelled

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44 Internal/External Studios Were Also Closed!

Story Highlights
  • Embracer Group wrapped up its restructuring program on March 31, 2024.
  • The program led to thousands of layoffs, studio closures, and many project cancellations.
  • The publisher still intends to launch about 70 games by next year.

Embracer Group hasn’t been doing well in the last few years. They’ve had problems with game releases, studio closures, and more. Amidst all the chaos, they announced plans to go through some major restructuring, which seems to be finalized now. 

Why it matters: Although the gaming giant’s acquisitions were promising initially, they couldn’t stand the test of time. The company couldn’t sustain the business model with increased budgets and inflation. 

Embracer Group
Embracer Group Owns IPs Like Tomb Raider, Deus Ex, and More

In the last 12 months, they have made tons of changes, which include layoffs, cancellation of multiple projects, and closure of many studios. They even announced their plans to move away from acquisitions.

To be precise, the workforce has been reduced by 4,532 people since last year. Embracer Group has also closed or divested over 40 internal and external studios and reduced the total projects under consideration by 80.

Of the studios sold, the biggest names are undoubtedly Gearbox and Saber Interactive. The studios were behind Borderlands and World War Z, respectively, so the sale of these studios, in addition to the layoffs of employees, put a huge dent in the business. 

Restructuring Led To Various Changes For The Publisher

Considering how brutal the changes proved to be for all the developers, Embracer Group will likely be glad it is finally over.

Interestingly, the studio still has major ambitions. According to its latest financials, it plans to release as many as 70 games by next year. Among these, it states three are very important projects, likely related to IPs on par with Tomb Raider. Hopefully, this is the end of this publisher’s historical layoff spree.

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