Over the last dozen years, the Warsaw‑based studio One More Level has carved out a distinct place in the mid‑tier (AA) segment of the video‑game industry. Their projects consistently showcase production values that often rival those of full‑blown AAA releases. The studio’s breakout hit came in 2020 with Ghostrunner, a cyber‑punk, fast‑paced action platformer that earned glowing reviews and impressive sales—Video Game Insights estimates put its worldwide shipments at roughly 5.6 million copies. The success was strong enough to justify a sequel, which arrived in 2023 and continued to cement the studio’s reputation for high‑quality, stylish experiences.
Despite these achievements, 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 low‑budget projects—often under $1 million—while the heavyweight firms pour resources into evergreen, blockbuster‑type titles. Even with the massive commercial performance of games like Clair Obscur: Expedition 33, securing financing for a mid‑range project remains a daunting challenge.
"Our triumph with Clair Obscur: Expedition 33 was huge, yet publishers still view the AA space as risky," explains Radek Ratusznik, game director at One More Level, in an interview with GamesIndustry.biz at Gamescom. "We probably need a few more Expedition 33‑style successes to change that perception.
One hit isn’t enough; the industry needs to see a pattern of solid returns before they feel comfortable investing. There are plenty of studios capable of delivering excellent AA games without blowing hundreds of millions of dollars." Ratusznik adds that modern development tools have shortened production cycles and trimmed costs, but they are not a magic bullet. "With today’s technology we can produce higher‑quality games a bit faster and a bit cheaper, but you still can’t rush a title into release in a year without compromising quality. Proper development time, thorough testing, and polish are essential, and I doubt publishers will allow us to cut corners to the extreme they sometimes desire." The studio’s newest project, Valor Mortis, illustrates the roller‑coaster journey many AA developers endure when hunting for a publishing partner.
Originally, Ghostrunner and its sequel were released through Italy’s 505 Games, a subsidiary of Digital Bros. Digital Bros announced a 30 percent workforce reduction in late 2023 as part of a restructuring plan, signaling a tightening of resources.
For Valor Mortis, One More Level first inked a deal with Private Division, the indie‑focused label under Take‑Two Interactive. However, in early 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 resurfaced as Fictions in 2025, later publishing titles such as Game Freak’s Beast of Reincarnation. When the Private Division agreement collapsed, One More Level briefly contemplated self‑publishing Valor Mortis. "We realized that if we wanted to maintain the quality level we envisioned, we needed a partner with publishing muscle," Ratusznik 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 positions itself as a rare oasis for mid‑tier projects.
"The reaction we get—people calling us an oasis in a desert—is both flattering and a little intimidating," Rochkind told GamesIndustry.biz last year. He cited Clair Obscur as the archetype of the kind of title Lyrical Games wants to champion.
"If we could have a game like that in our portfolio, it would be a dream." Timing proved fortuitous. "Blake and Roger remembered us and were already familiar with the project," Ratusznik notes. The studio, which had hovered around 40‑50 employees while seeking funding for Valor Mortis, resisted the temptation to downsize despite the uncertainty. "We had some savings from earlier successes, which allowed us to weather the storm without laying off staff.
It was a leap of faith, but we believed in our team. Building a cohesive development crew is hard; tearing it apart is all too easy." As the October 13 launch date approaches, the studio has expanded to over 70 staff members, though not all are dedicated to Valor Mortis—some are already working on an undisclosed follow‑up title. Many AA developers supplement their core teams with external contractors; for instance, Sandfall Interactive relied heavily on outside talent while creating Clair Obscur: Expedition 33.
One More Level, however, strives to keep the majority of work in‑house. Lead designer Łukasz Wabik explains, "We outsource QA and a few marketing‑related assets, but almost every art, animation, and programming piece is produced internally." Looking ahead, the studio is prepared to scale further if Valor Mortis performs well. "Success would allow us to grow organically, but we don’t want to jump straight into AAA mode.
We prefer a measured expansion that lets us retain control over our creative direction," Ratusznik says. Valor Mortis itself is a first‑person action RPG that blends familiar mechanics with fresh thematic choices. Its combat and unforgiving boss encounters echo the design philosophy of Dark Souls, while its plasmid‑style abilities recall the power‑up systems of BioShock.
The most distinctive element is its historical setting: the Napoleonic Wars of the early 19th century. The developers deliberately chose an era that is rarely explored in modern games, aiming to differentiate the title in a crowded marketplace. Ratusznik recounts the brainstorming process: "We initially toyed with a more recognizable fantasy vibe, something akin to Bloodborne, but we wanted a setting that felt specific and underused. The Napoleonic period offered that blend of recognizability and novelty." Early narrative concepts even flirted with supernatural twists—one pitch imagined Napoleon himself possessed by a dark force.
Over time the team shifted toward a grounded, horror‑infused interpretation of the era. "We kept some fantastical elements, but we moved away from a demon‑Napoleon scenario. Instead, we focus on the grim reality of war, the horror of battle, and subtle mutations that add a sci‑fi flavor without overwhelming the historical core," he explains.
First‑person swordplay, another unique selling point, reinforces the game’s identity. "Our USP is the combination of a historically rich backdrop, horror undertones, and visceral melee combat.
Players get to experience a familiar period through a fresh, mutated lens, which feels both recognizable and innovative," Ratusznik says. The studio hopes this blend will resonate with gamers seeking depth, atmosphere, and challenging gameplay—all hallmarks of the AA niche they champion. In summary, One More Level’s journey—from Ghostrunner’s breakout success, through a funding crisis, to the rescue offered by a film‑company‑derived publisher—illustrates the precarious yet resilient nature of the mid‑tier gaming sector. Their upcoming title, Valor Mortis, embodies the studio’s commitment to high‑quality, original experiences while navigating the financial realities of a market that still questions the viability of AA projects.
If the game meets its ambitions, it could serve as the next proof point that publishers need: another Expedition 33‑style triumph that convinces the industry that AA games are not just viable, but essential to a diverse gaming ecosystem.