Nerial, the independent game studio best known for the popular card‑based titles Reigns and Card Shark, announced that it is entering a period of "hibernation" and will cease active development. The decision was communicated through a social‑media post by the company’s founders, CEO Tamara Alliot and Creative Director François Alliot.
In their statement they reflected on a 13‑year journey that produced eleven released games, and explained that, together with their publishing partner Devolver, they have chosen to wind down the studio. Devolver Digital acquired Nerial in 2021, bringing the small but creative team under the umbrella of a larger publisher. In 2023 the studio underwent a significant downsizing, cutting roughly 40 percent of its staff. The reduction was framed as a response to challenges surrounding recent releases and an effort to reshape the team for future projects.
Despite the cuts, the relationship between Nerial and Devolver remained amicable, according to François Alliot, who told Kotaku that Devolver will retain the rights to all of Nerial’s existing games and that the two parties remain "very good friends." Alliot explained the dynamics of being an internal studio within Devolver: "When you become an internal studio, each of our games has to be a Devolver game, and Devolver has to publish all of our titles. That worked well for Reigns, it worked well for Card Shark, so there was common ground and we could have found a way forward." However, he also highlighted the tension that can arise when creative decisions must constantly be balanced against the publisher’s expectations. "Every time we have to think about what the other wants, there’s a bit of second‑guessing.
I recognize that you lose some of the concentrated energy you had as a pure indie, and I want to get back to that in some way… it might work, it might not work, but it doesn’t involve so many people." Industry analyst Chris Kerr pointed to a recent Companies House filing that revealed the studio had suffered "significant trading losses" for two consecutive years and had become financially dependent on Devolver’s support. The filing showed that Nerial lost over £800,000 in the 2025 fiscal year and nearly £1 million in 2024, figures that underscore the economic pressure the studio faced. At the time of the announcement Nerial employed nine people, including its two founders.
Both Tamara and François said they intend to keep making games, but first they need to "take a break and reflect on everything that’s happened, before coming back with a new perspective." They expressed optimism that the talented team would find new opportunities elsewhere and offered strong recommendations to any studio interested in hiring them. François also mentioned a desire to keep collaborating with the former staff on a contract basis, though he clarified that the studio currently lacks the resources to maintain them as full‑time salaried employees. "We also want to thank the many amazing people we’ve teamed up with, both inside the studio, at Devolver, and through ad‑hoc collaborations. Each of our projects was only possible through such impossible, fleeting conjunctions of talent and passion," he added.
The founders stressed the need for personal and professional recalibration. François said he needed to "step back and rethink what I want to do with my indie career," noting that the post‑COVID landscape and a broader industry slowdown have made it harder to push forward. He cited the rapid rise of AI technologies, which he described as "sucking out all the air from the room," as another factor reshaping the market and creating uncertainty for small studios.
Looking ahead, Alliot and François plan to return to their creative roots, focusing on smaller, more sustainable projects that align with their original indie ethos. They hope to rebuild on a foundation of strong creative values rather than the pressures of large‑scale publishing contracts.
While the future of Nerial as an active development house is uncertain, the founders remain committed to the craft of game making and anticipate re‑emerging when conditions are more favorable. In summary, Nerial’s closure reflects a combination of financial strain, strategic realignment with its parent publisher, and a desire to preserve the creative independence that initially defined the studio. The team’s legacy includes a portfolio of critically acclaimed titles, a reputation for innovative design, and a network of industry relationships that will likely continue to influence future projects, whether under the Nerial name or through new collaborations. The studio’s pause offers an opportunity for its members to regroup, explore new avenues, and eventually return to the gaming world with fresh ideas and renewed vigor.