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In 2023, Embracer Group abandoned more than 42 projects

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The Embracer Group conglomerate, which previously stood out in the industry with its strong acquisitions, was hit by a strong wave of layoffs. In addition to the layoffs, throughout 2023, 42 projects by the company and its studios were abandoned.

The person who brought these numbers was the journalist Stephen Totilo, formerly of Axios, on Twitter. Between March and December 2023, the number of cancellations reported is 42, and according to VGC, between July and December of the same year, of this amount, 29 were games that had not yet been announced.

And speaking of the number of internal studios in the company, the information becomes even more frightening for the industry. From 139 internal developers, there are now 132 left. As for external production partners, the count went from 59 to 50 in the period.

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Source: Embracer Group

More layoffs could happen at Embracer Group

Totilo highlighted that Embracer Group will undergo further cuts, with “some structured divestment processes underway”. The company faces challenges in reaching its target of reducing debt by 8 billion SEK (about US$757 million) by April, and it is “unlikely” that it will achieve this goal.

Changing the tape to the number of developer layoffs, the journalist pointed out that more than 1,383 employees were fired from the company between March and December 2023. What a phase for Embracer Group, huh?

Speaking of Embracer, have you seen the new photo of the Tomb Raider project? Check it out by clicking here!

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