Over the last dozen years, the Warsaw‑based studio One More Level has quietly built a reputation for delivering AA‑grade experiences that often rival the polish of full‑blown AAA releases. The studio first burst onto the global stage with Ghostrunner, a sleek cyber‑punk action‑platformer that debuted in 2020. Critics praised its tight controls and striking visual design, and the game proved a commercial hit, moving an estimated 5.6 million copies worldwide according to Video Game Insights.
The success was strong enough to justify a sequel, which arrived in 2023 and continued the momentum. Despite these wins, the broader AA segment is currently under pressure. In recent years, investment streams have thinned just as the market has become more crowded. Smaller publishers tend to gravitate toward ultra‑low‑budget projects—often under $1 million—while the industry heavyweights pour resources into evergreen AAA franchises.
Even titles that have demonstrated blockbuster‑level sales, such as Clair Obscur: Expedition 33, still struggle to secure the kind of financing that would make a mid‑tier game feel safe for investors. “Clair Obscur: Expedition 33 was a huge hit, yet publishers still see AA as a risky bucket,” explains Radek Ratusznik, game director at One More Level, speaking to GamesIndustry.biz at Gamescom. “We probably need several more Expedition 33‑type successes to change that perception. One hit isn’t enough.
There are plenty of studios capable of delivering high‑quality AA games without blowing a hundred‑million‑dollar budget.” He adds that modern development tools have shortened production cycles and lowered costs, but they haven’t eliminated the need for a reasonable development window. “We can make better games faster and a bit cheaper now, but you can’t finish a polished title in a single year without compromising quality. Publishers who push for that kind of squeeze are asking for trouble.” One More Level’s latest project, Valor Mortis, has been a roller‑coaster when it comes to publishing partners.
The studio’s earlier titles were handled by Italy’s 505 Games, a subsidiary of Digital Bros. In late 2023, Digital Bros announced a 30 % staff reduction as part of a restructuring plan, casting uncertainty over future collaborations. Valor Mortis was initially picked up by Private Division, the indie‑focused label under Take‑Two Interactive. However, in 2024 Take‑Two began to pull back from the AA space, with CEO Strauss Zelnick stating the company wanted to concentrate on AAA blockbusters: “We’re in the business of making great big hits.” When Private Division’s catalogue was sold and the label re‑emerged as Fictions in 2025, One More Level faced a crossroads.
Ratusznik admits the team briefly considered self‑publishing, but quickly realized that achieving the level of polish they envisioned would be nearly impossible without external funding and distribution muscle. “If we want Valor Mortis to meet our quality standards, we need a publisher that believes in AA,” he 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. Formed in 2025 by former Private Division executives Blake Rochkind and Roger Kurtz, Lyrical Games positions itself as an oasis for mid‑tier developers in a desert of risk‑averse investors. “People keep telling us we’re an oasis, which is both flattering and a little scary,” Rochkind told GamesIndustry.biz last year. “If we can add a title like Clair Obscur to our roster, it would be a dream.” The timing proved fortuitous.
“Blake and Roger remembered us and had a clear understanding of the project,” Ratusznik notes. At the time of seeking funding for Valor Mortis, the studio employed roughly 40‑50 people. Rather than resort to layoffs when cash flow grew uncertain, the team leaned on savings accumulated from earlier successes.
“We took a leap of faith, trusting that we’d secure the necessary capital. Keeping the core team intact was crucial—building a cohesive development group is hard; tearing it down is far easier,” he explains. Today, the studio has expanded to over 70 staff members, though not all are dedicated to Valor Mortis; some are already working on an as‑yet‑unnamed follow‑up.
Many AA studios augment their internal capabilities with external contractors for large‑scale tasks. For example, Sandfall Interactive relied heavily on outside talent while creating Clair Obscur: Expedition 33.
One More Level, however, prefers to keep the majority of production in‑house. Lead designer Łukasz Wabik confirms that while external quality‑assurance partners and a small agency handle trailer creation, almost every asset—from character models to environmental textures—originates from the studio’s own artists. Looking ahead, Ratusznik says the studio will consider further hiring if Valor Mortis performs well, but they intend to stay true to their AA identity rather than sprinting toward AAA scale.
“If the game succeeds, we’ll grow organically. We don’t want to become a massive AAA operation overnight; we want to retain control over our creative process.” Valor Mortis itself is a first‑person action RPG that blends familiar mechanics with a fresh historical backdrop. Its combat draws inspiration from the punishing boss encounters of Dark Souls, while the plasmid‑style abilities echo the power‑ups of BioShock. The game’s distinguishing factor, however, is its setting: the Napoleonic Wars of the early 19th century.
Ratusznik explains that the team deliberately sought a period that had been underexplored in modern gaming. “We initially toyed with a more generic fantasy vibe, something reminiscent of Bloodborne, but we wanted a setting that felt both recognizable and distinct. The Napoleonic era offered that perfect mix of history and drama.” Early narrative concepts even flirted with supernatural twists, such as a demon‑possessed Napoleon. Over time, the writers pivoted toward a grounded horror tone, retaining a few fantastical elements without turning the story into a full‑blown dark‑fantasy saga.
“We moved from a dark‑fantasy Napoleonic world to a horror‑infused version of the era, focusing on the brutal realities of war while sprinkling in mutation‑based horror cues,” Ratusznik says. The studio also highlights its unique first‑person swordplay as a core selling point.
“Our unique selling propositions are the setting, the combat, and the atmospheric horror. Players get to experience a historically inspired period with a twist—mutations, eerie visuals, and a fresh take on first‑person melee,” he adds. This combination, he believes, will give Valor Mortis a distinct niche in a market saturated with fantasy and sci‑fi titles. In summary, One More Level’s journey—from the triumph of Ghostrunner, through funding turbulence, to the partnership with Lyrical Games—illustrates both the challenges and opportunities facing AA developers today.
Their commitment to preserving an internal team, expanding cautiously, and delivering a game that marries historic depth with modern gameplay mechanics positions Valor Mortis as a potential beacon for the AA segment. If the title resonates with players, it could serve as the proof point publishers need to place renewed confidence in mid‑tier projects, encouraging more investment in the space and perhaps ushering in a new wave of ambitious, yet financially viable, games.