Paladin Studios to Shut Down

Paladin Studios to Shut Down

Business

02 May 2024 19:51

After nearly two decades in operation, Dutch co-development studio Paladin Studios has announced its closure. According to the farewell letter, the decision comes as a result of insufficient project launches to sustain operations in recent months. The company was founded in 2005.Paladin Studios worked on a lot of notable titles including Cut The Rope Remastered, My Tamagotchi Forever, Amazing Katamari Damacy, and Galaga Wars. Unfortunately, the closure means that the 45 individuals currently employed at the studio will be laid off.

More:RED Canids Signs Coldzera

Paladin Studios' letter,

"Yesterday, our quest came to an end, and we have closed the studio."

"For almost 19 years, we have poured our hearts and souls into creating games that make you smile. Starting as a bootstrapped mini studio in 2005, we followed the twists and turns of the game industry and slowly but steadily found our place in it. Over these years, the studio peaked at 55 people. As of this writing we were 45 people, each and every one of them a brilliant mind and kind heart, and together they truly created magic. We also worked with incredible partners such as Nintendo, Apple Arcade, Netflix, Zeptolab, Bandai Namco, and many others. Last but not least, our games are being played by millions of people, earning prestigious awards and bringing smiles to people all over the world. This was a dream come true – in fact, for us, it was THE dream come true." "However, over the past months, we unfortunately failed to land enough work to cover our burn-rate. Yesterday we hit an inflection point for our financial security. Going further with the current outlook would have been an irresponsible decision that would have likely caused insolvency. We have therefore taken this step to ensure a proper winding down, where all employees are given proper severance and the studio remains debt-free."

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Paladin Studios to Shut Down

Business

02 May 2024 19:51

Tags: Paladin Studios

After nearly two decades in operation, Dutch co-development studio Paladin Studios has announced its closure. According to the farewell letter, the decision comes as a result of insufficient project launches to sustain operations in recent months. The company was founded in 2005.Paladin Studios worked on a lot of notable titles including Cut The Rope Remastered, My Tamagotchi Forever, Amazing Katamari Damacy, and Galaga Wars. Unfortunately, the closure means that the 45 individuals currently employed at the studio will be laid off.

More:RED Canids Signs Coldzera

Paladin Studios' letter,

"Yesterday, our quest came to an end, and we have closed the studio."

"For almost 19 years, we have poured our hearts and souls into creating games that make you smile. Starting as a bootstrapped mini studio in 2005, we followed the twists and turns of the game industry and slowly but steadily found our place in it. Over these years, the studio peaked at 55 people. As of this writing we were 45 people, each and every one of them a brilliant mind and kind heart, and together they truly created magic. We also worked with incredible partners such as Nintendo, Apple Arcade, Netflix, Zeptolab, Bandai Namco, and many others. Last but not least, our games are being played by millions of people, earning prestigious awards and bringing smiles to people all over the world. This was a dream come true – in fact, for us, it was THE dream come true." "However, over the past months, we unfortunately failed to land enough work to cover our burn-rate. Yesterday we hit an inflection point for our financial security. Going further with the current outlook would have been an irresponsible decision that would have likely caused insolvency. We have therefore taken this step to ensure a proper winding down, where all employees are given proper severance and the studio remains debt-free."

Share:

Sources:

Report mistake Submit news

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