Over the last dozen years, the Warsaw‑based studio One More Level has steadily built a reputation for delivering AA‑level experiences whose visual and technical polish often rivals that of full‑blown AAA blockbusters. The studio first burst onto the global stage with the 2020 cyber‑punk action platformer Ghostrunner, a title that earned glowing reviews and, according to Video Game Insights, moved roughly 5.6 million copies worldwide. Its sequel arrived three years later, confirming that the studio could sustain a high‑quality franchise. Despite those successes, the broader AA market is under pressure.
In recent years, investment streams have thinned just as competition has intensified. Smaller publishers tend to back projects with modest budgets—often under $1 million—while the industry giants pour resources into evergreen, high‑revenue franchises. Even standout AA hits such as Clair Obscur: Expedition 33 have struggled to secure the kind of financing that would make mid‑tier development a low‑risk proposition. "Our big win with Expedition 33 proved the model works, yet many publishers still view the AA space as hazardous," explains Radek Ratusznik, game director at One More Level, in an interview with GamesIndustry.biz at Gamescom.
"One success isn’t enough to change the narrative. We may need several more Expedition‑type titles before the skeptics are convinced.
There are plenty of studios capable of producing high‑quality AA games without blowing hundreds of millions on development." Ratusznik adds that modern tools have shortened production cycles and lowered costs, but they cannot replace the need for adequate development time. "We can iterate faster and more efficiently, but a game still requires a healthy schedule for polishing and testing. I’m doubtful we can compress a full production into a single year without compromising quality, even if some publishers would like us to." The journey to publish One More Level’s newest project, Valor Mortis, has been anything but smooth. The studio’s earlier titles were released through 505 Games, the Italian arm of Digital Bros, which itself announced a 30 percent workforce reduction in late 2023 as part of a restructuring plan.
For Valor Mortis, the developers initially signed with Private Division, a Take‑Two subsidiary focused on indie‑ish titles. However, in 2024 Take‑Two began to pull back from mid‑tier publishing, with CEO Strauss Zelnick stating the company would double‑down on AAA "big‑hit" games.
Private Division’s catalogue was subsequently sold, and the label resurfaced in 2025 as Fictions, now best known for Game Freak’s Beast of Reincarnation. When the Private Division deal fell apart, One More Level briefly entertained the idea of self‑publishing. "We realized that if we wanted to maintain the quality we envision for Valor Mortis, we still needed a publishing partner," Ratusznik says. Enter Lyrical Games, a publishing venture spun out of the film studio Lyrical Media—the same company 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 projects in a desert of risk‑averse investors. "When people tell us we’re an oasis, it feels both flattering and daunting," Rochkind told GamesIndustry.biz last year. "Having a title like Clair Obscur in our portfolio would be a dream because it exemplifies the kind of ambitious AA experience we want to champion." For One More Level, the timing was perfect. "Blake and Roger remembered us and understood the project’s potential," Ratusznik recounts.
"Their belief gave us a lifeline at a critical moment." At the time the studio was seeking funds for Valor Mortis, its headcount hovered around 40‑50 employees. Rather than resort to layoffs during the funding lull, the team leaned on reserves accumulated from earlier successes. "We had saved enough from previous projects to weather the storm without shrinking the team, which was a difficult but necessary leap of faith," Ratusznik explains. "A cohesive team is hard to build and easy to break, so we chose to protect it." As the October 13 launch approaches, the studio has expanded to more than 70 staff members, though not all are dedicated to Valor Mortis; some are already working on an as‑yet‑unannounced title.
Many AA developers supplement their core teams with external contractors for large‑scale work—Sandfall Interactive, for instance, relied heavily on freelancers while creating Clair Obscur: Expedition 33. One More Level, however, strives to keep production in‑house. Lead designer Łukasz Wabik notes, "We outsource QA and a few marketing assets, but the bulk of art, design, and programming stays within our studio." Looking ahead, Ratusznik says the studio will consider further hiring if Valor Mortis proves commercially successful, but they are cautious about scaling too quickly.
"If the game does well, we’ll grow organically, not overnight into a AAA‑size operation. Maintaining control over our creative process is essential." Valor Mortis itself is a first‑person action RPG that blends influences from several celebrated franchises. Its combat and punitive boss encounters echo the unforgiving design of Dark Souls, while its plasmid‑style abilities recall the biotech powers of BioShock. The game distinguishes itself by setting the action during the 19th‑century Napoleonic Wars—a period rarely explored in modern video games.
Ratusznik explains the choice: "We wanted a backdrop that hadn’t been overused. The Napoleonic era offers a rich historical canvas, yet we could inject fantastical elements without feeling forced." Early concept work even entertained a more overtly supernatural premise, with a narrative pitch featuring a demonic Napoleon.
Over time, the team shifted toward a grounded horror tone, retaining subtle fantasy touches while focusing on the grim realities of early‑19th‑century warfare. "We moved from a dark‑fantasy version of the era to a horror‑infused, historically anchored story," Ratusznik says. "The result is a game that feels both familiar and fresh, allowing players to recognize the period while experiencing a new, eerie twist." The studio also emphasizes its unique selling points: first‑person swordplay, the Napoleonic setting, and the blend of horror and fantasy.
"These are our core differentiators," Ratusznik affirms. "The feedback so far has been very positive, and we’re proud to present a period piece that feels innovative, with mutations, horror ambience, and a distinct combat feel.
It’s a sweet spot where history meets imagination, offering players something recognizable yet novel." In summary, One More Level’s journey from funding uncertainty to a partnership with a film‑industry‑derived publisher illustrates the fragile yet resilient nature of the AA sector. By preserving its internal talent, expanding cautiously, and delivering a game that merges historical depth with genre‑bending mechanics, the studio hopes to demonstrate that mid‑tier titles can still thrive—and perhaps inspire more publishers to place their confidence in the AA space.