Over the last dozen years, the Warsaw‑based studio One More Level has built a reputation for delivering AA games whose polish and visual fidelity often rival those of full‑blown AAA releases. The studio first burst onto the global stage with Ghostrunner, a neon‑lit cyber‑punk action platformer released in 2020. Critics praised its tight controls, stylish aesthetics and relentless pace, and the game proved a commercial hit, moving roughly 5.6 million copies according to Video Game Insights estimates.
Its sequel arrived three years later, cementing the studio’s status as a reliable creator of high‑quality mid‑budget experiences. Despite these successes, the broader AA segment is facing a tough environment. In recent years, investment dollars have dried up just as the market has become more crowded. Many smaller publishers now shy away from projects that exceed the $1 million mark, preferring to back micro‑budget indie titles, while the biggest publishers pour resources into proven evergreen franchises.
Even blockbuster AA successes such as Clair Obscur: Expedition 33 have struggled to secure stable financing, leaving developers to navigate a precarious funding landscape. "Our hit with Clair Obscur: Expedition 33 showed there’s appetite for AA games, yet publishers still view the space as risky," explains Radek Ratusznik, One More Level’s game director, during a GamesIndustry.biz interview at Gamescom.
"We’ll probably need a handful of Expedition 33‑type titles before the perception shifts. One hit isn’t enough to rewrite the narrative. There are plenty of studios capable of delivering excellent AA products without blowing hundreds of millions of dollars." Ratusznik also highlighted the paradox of modern development tools.
"Current technology lets us produce higher‑quality games faster and, in some cases, cheaper," he said. "But you can’t realistically finish a polished title in a single year without cutting corners. A game still needs sufficient development time, thorough testing, and a proper launch window.
I’m skeptical that publishers will let us compress the schedule to the degree they sometimes demand." The studio’s latest project, Valor Mortis, has been a roller‑coaster in terms of publishing arrangements. Originally, Ghostrunner and its sequel were released through 505 Games, the Italian label owned by Digital Bros. Digital Bros announced a 30 % workforce reduction in late 2023 as part of a restructuring effort, casting doubt on the stability of its publishing arms.
For Valor Mortis, One More Level initially signed with Private Division, the indie‑focused label under Take‑Two Interactive. However, in 2024 Take‑Two began scaling back Private Division to concentrate on AAA blockbusters, with CEO Strauss Zelnick stating, "We’re in the business of making great big hits." Private Division’s catalogue was eventually sold, and the label re‑emerged as Fictions in 2025, later publishing titles such as Game Freak’s Beast of Reincarnation. When the Private Division deal fell apart, One More Level briefly contemplated self‑publishing Valor Mortis.
"We realized that to achieve the quality we envision, we still needed a publishing partner," Ratusznik admitted. Enter Lyrical Games, a newcomer that mirrors Annapurna Interactive’s model as a publishing spin‑off from a film company.
Its parent, Lyrical Media, produced the Hugh Jackman film The Death of Robin Hood. Lyrical Games was founded in 2025 by former Private Division executives Blake Rochkind and Roger Kurtz, positioning itself as a rare champion of mid‑tier projects. "When people say we’re an oasis in the desert, it’s both flattering and intimidating," Rochkind told GamesIndustry.biz last year.
"If we can add a title like Clair Obscur to our roster, it would be a dream come true." The timing proved fortuitous. "Blake and Roger remembered us and understood our vision for Valor Mortis," Ratusznik said.
At the time the studio was operating with roughly 40‑50 employees and faced a critical funding gap. Rather than resort to layoffs, 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 essential—building a cohesive development crew is hard, but dismantling it is all too easy," he reflected.
As the October 13 release approaches, the studio has expanded to over 70 staff members, though not all are assigned to Valor Mortis; some are already working on an undisclosed follow‑up project. Many AA developers augment their core teams with external contractors for larger undertakings—Sandfall Interactive, for example, employed a small internal crew for Clair Obscur but outsourced a significant portion of the work. One More Level, however, strives to keep production in‑house wherever possible. Lead designer Łukasz Wabik notes, "We handle most asset creation ourselves, only bringing in external QA and a specialized firm for trailer and marketing tool development." Looking ahead, the studio says a strong commercial performance for Valor Mortis could trigger further hiring, but they intend to grow organically rather than leap straight into AAA territory.
"If the game succeeds, we’ll scale up, but we don’t want to abandon our identity and become a large‑scale AAA studio overnight. Maintaining control over our creative process is key," Ratusznik emphasized. Valor Mortis itself is a first‑person action RPG that blends influences from several celebrated franchises. Its combat system evokes the methodical, punishing encounters of Dark Souls, while the plasmid‑style abilities recall the biotech powers of BioShock.
What truly sets the game apart is its historical backdrop: the Napoleonic Wars of the early 19th century. The developers deliberately chose a period that is less explored in contemporary gaming to differentiate themselves in an increasingly saturated market.
Ratusznik explained the research process behind the setting. "We wanted a time that hadn’t been overused. Initially we toyed with a more fantastical, Bloodborne‑like aesthetic, but eventually the Napoleonic era felt both recognizable and ripe for reinterpretation," he said. Early narrative pitches even imagined Napoleon possessed by an eldritch force, but the team pivoted toward a grounded horror tone.
"We kept some fantasy elements, but the focus is on the brutal reality of war and its psychological toll, not a demon‑possessed emperor conquering the world," he clarified. The first‑person swordplay, combined with period‑accurate weaponry and supernatural mutations, constitutes the game’s unique selling points. "Our USP is the marriage of historical authenticity with speculative horror," Ratusznik said.
"Players will recognize the Napoleonic setting, yet encounter it through a fresh lens of mutation, dread, and visceral combat. That sweet spot of familiarity and novelty is what we aim to deliver." In summary, One More Level’s journey—from the triumph of Ghostrunner to the funding turbulence surrounding Valor Mortis—illustrates both the challenges and opportunities within the AA space. By securing a partnership with a publisher that understands mid‑tier ambitions, preserving an in‑house development ethos, and daring to experiment with an unconventional historical period, the studio hopes to prove that AA titles can achieve both critical acclaim and commercial viability without the massive budgets traditionally associated with AAA productions.