Over the last dozen years, the Warsaw‑based studio One More Level has built a reputation for delivering AA‑level experiences whose visual fidelity and production polish often rival those of big‑budget AAA titles. Their breakout hit, the 2020 cyber‑punk action platformer Ghostrunner, earned rave reviews and strong sales – Video Game Insights estimates around 5.6 million copies sold – and it spawned a sequel in 2023.
Despite these successes, the broader AA market is under pressure. In recent years, investment streams have thinned just as competition has intensified. Smaller publishers tend to gravitate toward ultra‑low‑budget projects under $1 million, while the major players pour resources into evergreen AAA franchises. Even high‑selling AA titles such as Clair Obscur: Expedition 33 struggle to secure financing for mid‑tier games.
"We achieved a massive hit with Clair Obscur: Expedition 33, yet publishers still view the AA space as risky," explains Radek Ratusznik, game director at One More Level, speaking to GamesIndustry.biz at Gamescom. "One success isn’t enough to change perception – we probably need several more Expedition‑33‑type games to prove the model works. There are plenty of studios capable of delivering high‑quality AA titles without blowing hundreds of millions of dollars." Ratusznik adds that modern tools allow developers to create better games faster and at lower cost, but there are limits. "We can accelerate production, but you can’t compress a full‑scale release into a single year without sacrificing quality.
Proper testing and polish still demand time, and I doubt publishers would accept a rushed product." One More Level’s journey to find a publisher for its upcoming title Valor Mortis, slated for release on 13 October, has been anything but smooth. Ghostrunner and its sequel were originally published by Italy’s 505 Games, a Digital Bros subsidiary that announced a 30 % staff reduction in late 2023 as part of a restructuring plan. For Valor Mortis the studio initially signed with Private Division, the indie‑focused label under Take‑Two Interactive. However, in 2024 Take‑Two began scaling back Private Division, with CEO Strauss Zelnick stating the company wanted to double‑down on AAA blockbusters: "We’re in the business of making great big hits." (Private Division’s catalog was later sold, and the label resurfaced as Fictions in 2025.
Fictions now publishes titles such as Game Freak’s recent Beast of Reincarnation.) When the Private Division deal fell apart, Ratusznik considered self‑publishing Valor Mortis. "We realized that if we want to maintain the quality we envision, we need a publishing partner," he says. Enter Lyrical Games, a publishing venture spun out of the film company Lyrical Media – the same outfit behind the Hugh Jackman film The Death of Robin Hood.
Founded in 2025 by former Private Division executives Blake Rochkind and Roger Kurtz, Lyrical Games is one of the few publishers dedicated to mid‑tier projects. "People tell us we’re an oasis in a desert, which is both flattering and daunting," Rochkind told GamesIndustry.biz last year. He cited Clair Obscur as the archetype of the kind of game Lyrical Games wants to champion.
"Having a title like that in our roster would be a dream." The timing proved perfect for One More Level. "Blake and Roger remembered us and understood our vision," Ratusznik notes. "Their familiarity with the project made the partnership seamless." At the time One More Level was seeking financing for Valor Mortis, the studio employed roughly 40‑50 staff members. Rather than resort to layoffs during the uncertain period, the team leaned on reserves saved from earlier successes.
"Our savings allowed us to weather the storm without cutting heads, which was incredibly difficult but essential," Ratusznik explains. "We took a leap of faith that funding would eventually materialize, because a cohesive team is far more valuable than a fragmented one." As the October launch approaches, the studio has grown to over 70 employees, though not all are assigned to Valor Mortis; some are already working on a confidential follow‑up project. Many AA developers supplement internal talent with external contractors for larger undertakings.
For instance, Sandfall Interactive’s core team on Clair Obscur: Expedition 33 numbered about 30, but they relied heavily on outside contributors. One More Level, however, strives to keep most production in‑house. Lead designer Łukasz Wabik explains, "We outsource QA and a small studio handles trailer and marketing tech, but the majority of assets are created by our own artists and programmers." Looking ahead, the studio is prepared to expand further if Valor Mortis performs well. "Success would justify scaling up, but we don’t want to jump straight into AAA territory.
We prefer controlled growth, maintaining the culture that made our games special," Ratusznik says. Valor Mortis is a first‑person action RPG that blends influences from several celebrated titles. Its combat and boss encounters evoke the unforgiving difficulty of Dark Souls, while its plasmid‑style abilities recall the biotech powers of BioShock. The game’s most distinctive feature, however, is its setting: the Napoleonic Wars of the early 19th century.
By anchoring the experience in a historical period rarely explored in modern gaming, the team aims to stand out in a crowded market. Ratusznik recounts the search for a fresh backdrop.
"We initially toyed with something more recognisable, akin to Bloodborne’s gothic fantasy, but we wanted a setting that felt both specific and underused. The Napoleonic era offered that blend of familiarity and novelty." Early narrative concepts were even more outlandish. "Our first pitch imagined Napoleon possessed by a dark entity," Ratusznik recalls. "We eventually shifted toward a grounded story that still incorporates subtle fantasy elements.
It’s less about a demon‑riding emperor and more about the brutal realities and horror of war, with a few supernatural twists." First‑person swordplay, another unique selling point, reinforces the game’s identity. "Our USPs are the setting, the combat feel, and the horror‑tinged atmosphere," Ratusznik says.
"Players will recognize the historical period, yet experience it through a fresh lens of mutations and dread, creating a sweet spot between familiarity and innovation." In summary, One More Level’s perseverance through funding setbacks, strategic partnership with a film‑industry‑derived publisher, and commitment to in‑house development illustrate the challenges and opportunities facing AA studios today. Valor Mortis represents both a test of their creative vision and a potential catalyst for broader industry confidence in mid‑tier projects.