Over the last dozen years, the Warsaw‑based studio One More Level has steadily built a reputation for delivering AA‑grade experiences whose production polish often rivals that of full‑blown AAA blockbusters. The studio first burst onto the global stage with Ghostrunner, a sleek cyber‑punk action platformer released in 2020 that earned rave reviews and impressive sales figures – Video Game Insights estimates put its worldwide shipments at roughly 5.6 million copies. The success was strong enough to warrant a sequel, which arrived in 2023 and continued to cement the studio’s reputation for high‑octane, technically sophisticated gameplay.
Despite these achievements, the broader AA market is currently under pressure. In recent years, investment capital has dried up just as the competitive landscape has become more crowded. Smaller publishers are increasingly shying away from mid‑range budgets, preferring to fund projects that stay under the $1 million mark, while the industry giants double down on evergreen, high‑budget AAA franchises.
Even with headline‑grabbing sales numbers from titles such as Clair Obscur: Expedition 33, securing financing for a game that sits between indie and AAA remains a daunting task. "Our hit with Clair Obscur: Expedition 33 proved the concept works, yet many publishers still view the AA segment as a risky bet," explains Radek Ratusznik, game director at One More Level, in an interview with GamesIndustry.biz at Gamescom. "We probably need a handful of Expedition 33‑style successes before the perception shifts. One triumph isn’t enough; the industry needs to see a pattern of solid returns from mid‑tier projects that don’t require hundreds of millions of dollars." Ratusznik adds that modern development tools have shortened production cycles and trimmed costs, but they cannot eliminate the need for a reasonable development timeline.
"The technology we have today lets us craft higher‑quality experiences faster and, to some extent, cheaper. However, you still can’t rush a game into release in a single year without sacrificing polish. Proper testing and iteration are essential, and I doubt publishers will accept a product that’s been overly compressed." One More Level’s latest venture, Valor Mortis, has been a roller‑coaster ride in terms of publishing arrangements.
The studio’s earlier titles, Ghostrunner and its sequel, were released under the banner of 505 Games, an Italian label owned by Digital Bros. Digital Bros announced a 30 percent workforce reduction in late 2023 as part of a restructuring effort, casting a shadow over its future publishing capacity.
When One More Level initially partnered with Private Division for Valor Mortis, the relationship seemed promising. However, Take‑Two Interactive, Private Division’s parent company, began scaling back its mid‑tier publishing ambitions in 2024, with CEO Strauss Zelnick stating the group would concentrate on AAA blockbusters: "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 best known for handling Game Freak’s recent Beast of Reincarnation. After the Private Division deal fell apart, Ratusznik admitted the studio briefly entertained the idea of self‑publishing Valor Mortis. "We realized that to maintain the quality level we envisioned, we needed a publishing partner with the resources to support us," he said.
Enter Lyrical Games, a publishing venture spun out of the film company Lyrical Media – the same studio behind the Hugh Jackman feature The Death of Robin Hood. Founded in 2025 by former Private Division executives Blake Rochkind and Roger Kurtz, Lyrical Games positions itself as an oasis for mid‑tier developers seeking a supportive publisher. "When people tell us we’re an oasis in a desert, it’s both flattering and intimidating," Rochkind told GamesIndustry.biz last year. "We want titles like Clair Obscur in our roster; that would be a dream come true." The timing proved fortuitous.
"Blake and Roger remembered us and understood the project from the start," Ratusznik recalled. At the time One More Level employed roughly 40‑50 staff members while hunting for funding.
Rather than resort to layoffs during the uncertain period, the studio leaned on its own financial reserves to keep the team intact. "It was a leap of faith – we trusted that we’d secure the necessary capital. Maintaining the core team was crucial because building a cohesive development group is hard, but dismantling it is far easier," he explained. As the October 13 launch of Valor Mortis approaches, the studio has expanded to over 70 employees, though not all are dedicated solely to the upcoming title; a portion is already assigned to an undisclosed, future project.
Many AA studios supplement their internal talent with external contractors for large‑scale endeavors. For instance, Sandfall Interactive relied heavily on outside collaborators while developing Clair Obscur: Expedition 33, even though its core team numbered only about 30. One More Level, however, strives to keep the majority of work in‑house. Lead designer Łukasz Wabik notes, "We outsource QA and a few marketing assets, but most of the art, animation, and programming are produced by our own staff." Looking ahead, Ratusznik says the studio will consider further hiring if Valor Mortis proves successful, but he cautions against a rapid shift toward AAA‑style scaling.
"If the game performs well, we’ll grow organically. We don’t want to become a massive AAA operation overnight; we prefer to retain control over our creative direction and production pipeline." Valor Mortis itself is a first‑person action RPG that blends influences from several celebrated franchises.
Its challenging boss encounters and the mechanic of dropping items upon death echo the design philosophy of Dark Souls, while the plasmid‑style abilities draw inspiration from BioShock’s power‑up system. The game distinguishes itself through its historical setting: the Napoleonic Wars of the early 19th century.
Ratusznik explains that the team deliberately sought a backdrop that had been underexplored in recent titles. "We initially toyed with a more generic fantasy vibe akin to Bloodborne, but we wanted something specific and recognizable. The Napoleonic era offered a rich, gritty canvas that few games have tackled." During early concept work, the narrative team pitched a more overtly supernatural premise – a demon‑possessed Napoleon leading an otherworldly conquest. Over time, the story shifted toward a grounded, horror‑inflected portrayal of the era’s brutal realities, retaining only subtle fantastical elements.
"We moved from a dark‑fantasy Napoleonic saga to a horror‑driven war narrative with occasional mutations and uncanny phenomena. The focus is now on the human cost of conflict rather than an over‑the‑top demonic antagonist," Ratusznik clarified. The studio also highlights its unique selling points: first‑person sword combat set against a historically inspired horror backdrop. "Our USPs are the immersive combat and the distinctive setting.
Players get to experience a familiar period of history, but with a fresh twist – mutated soldiers, eerie atmospheres, and a blend of realism and speculative horror. The response so far has been overwhelmingly positive, and we’re excited to see how the community receives it upon release," he concluded. In summary, One More Level’s journey illustrates both the challenges and opportunities present in the AA market.
By leveraging internal talent, securing a like‑minded publisher in Lyrical Games, and delivering a game that marries historical authenticity with imaginative design, the studio hopes to demonstrate that mid‑tier projects can achieve both critical acclaim and commercial viability, ultimately encouraging publishers to place greater confidence in the AA segment.