The independent game studio Nerial, best known for creating the popular card‑based strategy titles Reigns and Card Shark, has announced that it will cease operations and enter what it describes as a "hibernation mode." In a brief statement posted to its social media channels, the company's co‑founders—CEO Tamara Alliot and Creative Director François Alliot—explained that after thirteen years in the business and eleven released games, they have mutually agreed with their publishing partner, Devolver Digital, to bring development at Nerial to an end. Devolver Digital acquired Nerial in 2021, hoping to add the studio’s distinctive design sensibility to its growing portfolio. However, the partnership has faced challenges.
In 2023, Nerial underwent a substantial downsizing, cutting its workforce by roughly 40 percent. The reduction was presented as a measure to address performance concerns surrounding recent releases and to reshape the team for forthcoming projects.
Despite these efforts, the financial picture continued to deteriorate. According to an interview with Kotaku, François Alliot clarified that Devolver will retain ownership of Nerial’s existing catalogue.
He emphasized that the relationship remains amicable, describing Devolver as "very good friends" of the studio. Alliot explained the dynamics of being an internal studio under Devolver: every game produced by Nerial must be released as a Devolver title, and Devolver is responsible for publishing those games. He cited successful collaborations on both Reigns and Card Shark as evidence of a "common ground" that could have sustained the partnership under different circumstances.
Nevertheless, Alliot highlighted the friction that arose from having to constantly align Nerial’s creative decisions with Devolver’s commercial expectations. He noted that the need to "second‑guess" each other’s priorities eroded the focused energy that the team once enjoyed as a pure indie outfit.
The founders expressed a desire to return to that more autonomous mode of operation, even if it means working with a smaller, more flexible team. Games journalist Chris Kerr reported on a recent Companies House filing that revealed the studio suffered two consecutive years of "significant trading losses" and had become financially dependent on Devolver’s support.
The documents show that Nerial recorded a loss of over £800,000 in the fiscal year 2025 and nearly £1 million in 2024, underscoring the severity of its economic strain. At the time of the announcement, Nerial employed nine people, including its two founders.
Both Tamara and François indicated that they intend to continue creating games, but they first need a period of rest and reflection. They described this hiatus as an opportunity to "return to our roots" and to reassess their creative direction before re‑entering the industry with a fresh perspective.
Alliot added that the remaining team members will be seeking new opportunities elsewhere. He offered a strong endorsement, stating that any studio fortunate enough to hire them would be gaining a highly talented group. François also mentioned the possibility of retaining some of the staff as contractors for future projects, though he acknowledged that the studio currently lacks the resources to keep them on full‑time salaries. The founders took a moment to thank the broader community of collaborators who had supported Nerial over the years.
They highlighted the importance of the "impossible, fleeting conjunctions of talent and passion" that made each of their games possible, whether those partnerships were internal, with Devolver, or formed on an ad‑hoc basis. Reflecting on his personal journey, François Alliot said he needed to step back and reconsider what he wants from his indie career. He cited the challenging post‑COVID environment and a broader industry slowdown, describing the current climate as a "crash" that has been amplified by the rapid rise of AI technologies, which he feels are "sucking out all the air from the room." In his view, rebuilding strong foundations will require taking a deliberate pause, re‑evaluating priorities, and ultimately emerging with a more resilient approach to game development. In summary, Nerial’s closure marks the end of a notable chapter in independent game development.
While the studio’s financial difficulties and the complexities of operating under a larger publisher contributed to its decision, the founders remain hopeful about future creative endeavors. Their plan to regroup, reflect, and potentially return to indie roots suggests that the spirit of innovation that defined Reigns and Card Shark may yet find new expression in upcoming projects, albeit under a different structure and perhaps with a leaner, more autonomous team.