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this post was submitted on 26 Dec 2023
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games
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I think part of it is the industry got itself into a mini-bubble over the promises of the Games as Services model. They thought every game could emulate Fortnite in terms of constant revenue streams from season passes, cosmetics, loot boxes, etc. So while sales were good, the failure of that fantasy to materialize for the overwhelming majority of games that tried to push that model meant projections weren’t met and thus layoffs to bridge some of that gap.
That and that there were historically low interest rates and the fact that gaming and tech in general saw a huge boost during COVID that has started to subside last year added to the obvious bubblr
Exhibit A: Embracer Group
Sucked up a ton of studios when it was almost free to do so, but now they can't afford to actually do anything with them. And since the Saudi deal fell through no one wants to invest in a sinking ship