Embracer Group quietly cancelled 29 unannounced games and shut 7 studios within six months last year

Embracer Group cancelled 29 unannounced games between July and December last year.

As noted by VGC, Embracer Group reflected on its past fiscal quarter earlier today, February 15. The company had 153 games in development as of June 2023, but this number fell to 124 unannounced games by December, which means Embracer Group cancelled 29 of its unannounced projects over six months.

There's also other comparisons to be drawn between the same period. Embracer Group had 139 internal game development studios as of June 2023, but this number decreased down to 132 in December 2023, meaning seven Embracer-owned studios have closed their doors. 

Among these seven are Saints Row developer Volition, and Time Splitters developer Free Radical, closures which have been announced over the last few months. The group has also seemingly cancelled partnerships with external game development studios, cutting the number from 59 in June 2023 to 50 in December 2023.

"As part of the restructuring program, Embracer still has a few larger structured divestment processes ongoing that could strengthen our balance sheet and further reduce capex," Embracer Group CEO Lars Wingefors said earlier today. "Processes are in mature stages. It’s important to add that certain companies might initiate restructuring before any divestment is announced," he continued. 

This is all part of the massive restructuring project Embracer Group has undertaken over the past months, which has seen over 1,300 people lose their jobs around the world. Tomb Raider studio Crystal Dynamics has also seen cuts to its staff, and it was reported that Embracer had cancelled an unannounced Deus Ex game at Eidos Montreal, as well as laying off a number of developers at the studio.

Look over our new games 2024 guide for a look at all the games set to release over the next year and beyond.