Over the last dozen years, the Warsaw‑based studio One More Level has built a reputation for delivering AA‑level experiences that often rival the production quality of full‑blown AAA releases. The studio first burst onto the scene with Ghostrunner, a cyber‑punk action platformer released in 2020 that earned rave reviews and sold an estimated 5.6 million copies, according to Video Game Insights. Its sequel arrived in 2023, further cementing the studio’s standing as a creator of high‑octane, technically impressive games.
Despite these successes, the broader AA market is under pressure. Investment streams have thinned just as competition has intensified, prompting many smaller publishers to gravitate toward micro‑budget projects under $1 million, while the industry giants double‑down on evergreen AAA franchises. Even blockbuster AA titles such as Clair Obscur: Expedition 33 have struggled to secure steady financing, illustrating how difficult it can be to fund a mid‑tier game in today’s climate. "We achieved massive success with Clair Obscur: Expedition 33, yet publishers still view the AA segment as risky," explains Radek Ratusznik, One More Level’s game director, in an interview with GamesIndustry.biz at Gamescom.
"We probably need a handful of Expedition 33‑style hits to change that perception. One hit isn’t enough. There are plenty of studios capable of delivering quality AA titles without blowing hundreds of millions of dollars." Ratusznik adds that modern development tools allow studios to produce higher‑quality games more quickly and at lower cost, but there are limits.
"We can accelerate certain pipelines, but you can’t realistically finish a polished game in a single year without compromising. Proper development time, testing, and polish are still essential, and I doubt publishers will allow us to cut corners that far," he says. The studio’s latest project, Valor Mortis, has been a roller‑coaster in terms of publishing support. Ghostrunner and its sequel were launched under Italy’s 505 Games, a subsidiary of Digital Bros.
However, Digital Bros announced a 30 % workforce reduction in late 2023 as part of a restructuring plan, casting doubt on future collaborations. Valor Mortis was initially picked up by Private Division, the indie‑focused label of Take‑Two Interactive. In 2024, Take‑Two’s leadership, led by Strauss Zelnick, announced a strategic shift toward AAA blockbusters, stating, "We’re in the business of making great big hits," which led to a scaling back of Private Division’s activities. Private Division’s catalogue was eventually sold, and the label resurfaced in 2025 as Fictions, now known for publishing titles such as Game Freak’s Beast of Reincarnation.
When the Private Division deal collapsed, One More Level briefly considered self‑publishing Valor Mortis. "We realized that to achieve the quality we envision, we needed a publishing partner," Ratusznik admits. Enter Lyrical Games, a publishing venture spun out of the film company Lyrical Media—the same group 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 positions itself as an oasis for mid‑tier developers seeking dedicated support. "The response we get—people saying we’re an oasis in a desert—is both flattering and a bit scary, because we can only do so much," Rochkind told GamesIndustry.biz last year. He cited Clair Obscur as the archetype of the kind of AA title the publisher wants to champion, adding, "Having a game like that in our portfolio would be a dream." The timing proved fortuitous. "Blake and Roger remembered us and understood the project intimately," Ratusznik says.
At the time of the funding search, the studio employed roughly 40‑50 staff members. Rather than resort to layoffs during the uncertain period, the team relied on savings accumulated from earlier successes. "We took a leap of faith, trusting that we’d secure financing.
Maintaining the team was crucial—building a cohesive development crew is hard, but dismantling it is far easier," Ratusznik reflects. As the October 13 launch approaches, the studio has grown to over 70 employees, though not all are assigned to Valor Mortis; some are already working on an undisclosed follow‑up title. Many AA developers supplement their core teams with external contractors for large‑scale tasks.
For instance, Sandfall Interactive, which built Clair Obscur: Expedition 33, relied heavily on outsourced talent while maintaining a core of about 30 internal staff. One More Level, however, strives to keep most production in‑house. Lead designer Łukasz Wabik notes, "We outsource QA and a few marketing assets, but the majority of art, design, and programming stays within our studio." Looking ahead, the studio plans to expand further if Valor Mortis performs well.
"Success would allow us to grow organically, but we don’t want to jump straight into AAA territory. We prefer to scale at a pace that lets us retain control over our creative direction," Ratusznik explains. Valor Mortis itself is a first‑person action RPG that blends familiar mechanics with a distinctive historical setting. Its combat draws inspiration from Dark Souls, featuring punishing boss encounters and a death‑penalty system where players lose items upon dying.
The game also incorporates plasmid‑style abilities reminiscent of BioShock, adding a layer of strategic variety. What truly sets it apart is its backdrop: the Napoleonic Wars of the early 19th century. By situating a horror‑infused, slightly fantastical narrative within this era, the developers aim to differentiate the title in a crowded market.
Ratusznik explains the search for an underused setting. "We initially toyed with a more recognizable fantasy vibe, something akin to Bloodborne, but we wanted something specific and fresh. The Napoleonic period offered a rich, recognizable historical canvas while still being relatively untapped in video games," he says.
Early narrative concepts even explored a possessed Napoleon, but the team pivoted toward a grounded horror story that emphasizes the grim realities of war rather than outright supernatural domination. "We kept some fantasy elements—mutations, horror tones—but the focus is on the human cost and terror of the conflict," Ratusznik clarifies.
The first‑person swordplay, combined with the period‑appropriate weaponry and the unique visual style of mutated soldiers, forms the core selling points of Valor Mortis. "These are our USPs.
The setting, the combat feel, and the horror atmosphere together create a fresh experience that resonates with players looking for something both familiar and novel," Ratusznik concludes. In summary, One More Level’s journey—from the highs of Ghostrunner to the funding turbulence surrounding Valor Mortis—illustrates the precarious yet resilient nature of the AA sector. With the backing of a film‑industry‑derived publisher like Lyrical Games, the studio hopes to demonstrate that mid‑tier titles can still achieve commercial success and critical acclaim, thereby encouraging publishers to place renewed faith in AA projects.