In a significant achievement, Swedish game developer and publisher Starbreeze has reached a major milestone. CEO Tobias Sjögren announced that after a lengthy reconstruction, Starbreeze is finally free of debt thanks to the issuance of new shares. The press release highlights that the demand for these shares exceeded their availability, indicating strong investor interest.
In an official statement, Tobias Sjögren expressed his gratitude for the overwhelming support from existing and new shareholders during the rights issue. He emphasized that this milestone allows Starbreeze to fully execute its growth strategy, including accelerating the development of internal projects, expanding third-party publishing, and creating a stronger and more diversified company. Sjögren reaffirmed the company’s commitment to generating growth and value for both players and shareholders.
Founded in 1998, Starbreeze initially gained recognition for games like Enclave, a fantasy third-person action RPG, after merging with OE3 Games four years later. However, global success came with the release of The Chronicles of Riddick: Escape from Butcher Bay in 2004. This acclaimed first-person action stealth game, set as a prequel to the movie Pitch Black, received excellent reviews for its unique gameplay centered around escaping from a prison. Despite a less successful remake in 2009, the original game garnered significant praise.
Starbreeze also achieved success with licensed games such as The Darkness and its sequel, but faced challenges with Syndicate, a reboot of the real-time tactics series reimagined as a first-person shooter. The game struggled commercially and critically, leading to the departure of several developers who went on to create MachineGames.
However, Starbreeze made a wise move by acquiring Overkill Software and gaining the rights to Payday. The sequel, Payday 2, proved to be a lucrative success, generating substantial revenue for the company.
Unfortunately, other endeavors, like the StarVR headset and the co-op shooter Raid: World War II, faced setbacks. Nonetheless, the real downfall for Starbreeze was its focus on Overkill’s The Walking Dead. The company heavily invested in this project during the height of The Walking Dead’s popularity, but encountered numerous issues, including delays due to engine switches. The final product received mixed reviews and performed poorly in terms of sales.
Due to a lack of liquidity, Starbreeze filed for reconstruction in late 2018. The company’s offices were raided by the Swedish Economic Crime Authority, and Starbreeze was forced to sell Dhruva Interactive to Rockstar, as well as relinquish publishing rights for System Shock 3 and 10 Crowns.
Following the reconstruction, Starbreeze refocused on the Payday franchise. Payday 2 development resumed in late 2019, while the search for a publishing partner for Payday 3 was underway. In early 2021, Koch Media agreed to invest over €50 million to fully finance the development, publishing, and post-launch support of Payday 3.
During the recent Xbox Game Showcase, fans received a preview of Payday 3, along with the announcement of a September 21 release date. The game will be available on day one via Game Pass, and Starbreeze plans to upgrade it to Unreal Engine 5 after launch.
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
