"We probably need several more Expedition 33s to finally change minds" – the creator of Valor Mortis explains why publishers should trust AA titles

Over the last dozen years, the Warsaw‑based studio One More Level has built a reputation for delivering AA‑level experiences that often rival AAA productions in visual fidelity and design ambition. Their breakout 2020 cyber‑punk platformer Ghostrunner earned glowing reviews and strong sales—Video Game Insights estimates it moved roughly 5.6 million copies worldwide—and a sequel followed in 2023, cementing the studio’s standing in the mid‑tier market.

Despite those successes, the broader AA segment is under pressure. In recent years investment capital has thinned just as the number of competing titles has swelled.

Smaller publishers now tend to back projects with budgets under $1 million, while the biggest firms double‑down on evergreen AAA franchises. Even high‑profile AA hits such as Clair Obscur: Expedition 33 have struggled to secure stable financing, illustrating how difficult it can be to fund a mid‑range game.

"We achieved a massive hit with Clair Obscur: Expedition 33, yet many publishers still view the AA space as risky," explains One More Level’s game director Radek Ratusznik in an interview with GamesIndustry.biz at Gamescom. "We probably need a handful of Expedition 33‑style successes to convince them otherwise. One win isn’t enough. There are plenty of studios capable of delivering top‑quality AA titles without blowing hundreds of millions of dollars." Ratusznik adds that modern development tools allow teams to produce higher‑quality games more efficiently, but the process still demands time.

"We can iterate faster and maybe keep costs down, but you can’t realistically finish a polished game in a single year without compromising. Publishers who push for that kind of compression risk releasing an unfinished product." The studio’s latest project, Valor Mortis, has been a roller‑coaster in terms of publishing support. Ghostrunner and its sequel were released through Italy’s 505 Games, a Digital Bros subsidiary that announced a 30 % staff reduction in late 2023 as part of a restructuring effort.

For Valor Mortis the studio initially signed with Take‑Two’s indie label Private Division, but in 2024 Take‑Two began scaling back the label to focus on AAA blockbusters. CEO Strauss Zelnick summed up the shift: "We’re in the business of making great big hits." Private Division’s catalogue was eventually sold, and the label resurfaced in 2025 as Fictions, now backing titles such as Game Freak’s Beast of Reincarnation. When the Private Division deal collapsed, One More Level briefly explored self‑publishing, but Ratusznik quickly realized that achieving the quality they envisioned required external funding and distribution muscle.

Enter Lyrical Games, a publishing venture spun out of the film company Lyrical Media—the same outfit behind the Hugh Jackman feature The Death of Robin Hood. Formed in 2025 by former Private Division executives Blake Rochkind and Roger Kurtz, Lyrical Games positions itself as an oasis for mid‑tier developers. "People call us an oasis in the desert, which is both flattering and a bit scary," Rochkind told GamesIndustry.biz last year.

"If we could add a title like Clair Obscur to our roster, it would be a dream." Ratusznik notes that timing was crucial: "Blake and Roger remembered us and knew our project inside out. Their belief gave us a lifeline at a moment when we were running low on options." When the studio began seeking funds for Valor Mortis, it employed roughly 40‑50 staff members.

Rather than resort to layoffs during the uncertain period, the team leaned on savings accumulated from earlier successes. "We took a leap of faith, trusting that financing would eventually arrive.

Keeping the team intact was vital—building a cohesive development group is hard, but tearing it apart is far easier," Ratusznik says. Today the studio has grown to over 70 employees, though not all are dedicated to Valor Mortis; a portion is already working on an as‑yet‑unannounced follow‑up. Many AA studios augment their core teams with external contractors for larger projects—Sandfall Interactive, for instance, relied heavily on outsourced talent while developing Clair Obscur: Expedition 33. One More Level, however, prefers to keep most production in‑house.

Lead designer Łukasz Wabik explains, "We outsource QA and a few marketing assets, but the majority of art, design, and programming stays internal." Looking ahead, Ratusznik says the studio would gladly expand if Valor Mortis proves commercially successful, but they are cautious about scaling too quickly. "If the game does well, we’ll grow organically rather than trying to become a full‑blown AAA studio overnight. Maintaining control over our creative process is essential." Valor Mortis is a first‑person action RPG that blends influences from several celebrated franchises.

Its combat and punishing boss encounters echo the design philosophy of Dark Souls, while the plasmid‑style abilities recall the power‑up system of BioShock. The game’s distinctive hook lies in its setting: the Napoleonic Wars of the early 19th century. Ratusznik explains that the team deliberately sought a backdrop that hadn’t been overused in recent titles. "We initially toyed with a more fantastical, Bloodborne‑style world, but eventually settled on the Napoleonic era because it offered a fresh historical canvas with built‑in drama." Early narrative concepts were even more outlandish.

"One early pitch featured Napoleon possessed by an ancient evil," Ratusznik recalls. "We pivoted toward a grounded story that still allows for supernatural elements. The final vision is a horror‑infused war narrative—dark, gritty, and rooted in the realities of conflict, with occasional fantastical touches." First‑person swordplay is another unique selling point. "Our USP is the combination of a historically resonant setting, horror atmosphere, and visceral melee combat," Ratusznik says.

"Players get to experience a familiar period of history through a twisted, mutated lens, which feels both recognizable and novel." In summary, One More Level’s journey from funding woes to a new publishing partnership illustrates the precarious yet resilient nature of the AA market. By securing a publisher that understands the value of mid‑tier projects, preserving an in‑house talent pool, and delivering a game that mixes familiar mechanics with an original historical horror setting, the studio hopes to prove that AA titles can still capture both critical acclaim and commercial viability. If Valor Mortis succeeds, it could serve as the next Expedition 33 that finally convinces skeptical publishers to place their trust—and money—back into the middle of the market.