The independent game studio Nerial, known for creating the popular card‑based titles Reigns and Card Shark, has announced that it will cease operations and enter what it calls a "hibernation mode." The news was shared via a social‑media post from the company’s founders, CEO Tamara Alliot and Creative Director François Alliot. In the statement they explained that after thirteen years in the industry and the release of eleven games, they have mutually agreed with their publishing partner Devolver to wind down development and close the studio. Devolver Digital acquired Nerial in 2021, bringing the small UK‑based team under its publishing umbrella. However, the partnership has not been without challenges.
In 2023 the studio underwent a significant downsizing, cutting roughly 40 % of its staff in an effort to address performance issues with recent releases and to reposition the team for upcoming projects. The reduction was framed as a necessary step to stabilize the business and to align resources with the evolving market.
François Alliot later spoke with Kotaku about the arrangement with Devolver. He clarified that the publisher now owns the rights to all of Nerial’s existing games, and emphasized that the relationship remains amicable.
"When Devolver bought us, we essentially became an internal studio, which means every title we produce has to be a Devolver title," he explained. "Devolver also handles the publishing side for all of our games – that worked well for Reigns and for Card Shark, for example. There was a shared vision, and we could have found a sustainable path forward." Despite the apparent alignment, Alliot noted that the partnership introduced a constant need to balance each other's expectations.
"Every decision had to consider what the other side wanted, which led to a lot of second‑guessing," he said. "You lose the focused energy you have as a pure indie studio, and I wanted to recapture that feeling, even if it means operating on a smaller scale." Industry commentator Chris Kerr highlighted a recent Companies House filing that revealed the studio had suffered two consecutive years of "significant trading losses" and had become increasingly reliant on financial support from Devolver. The report showed that Nerial posted a loss of over £800,000 in the fiscal year 2025 and nearly £1 million in 2024, figures that underscore the financial pressure the studio faced.
At the time of the announcement, Nerial employed nine people, including its two founders. Both Tamara and François expressed a desire to keep creating games, but they stressed the need for a pause to reflect on recent events and to regain a fresh perspective.
"We plan to step back, regroup, and eventually return to our roots," they wrote. "The talented Nerial team will now explore new opportunities, and we wholeheartedly recommend each member to any studio fortunate enough to bring them on board." Alliot also hinted at a possible future collaboration with the former staff on a contract basis, though he admitted that the studio could no longer sustain salaried positions for everyone.
"I hope we can continue working with them as contractors, but the current financial reality doesn’t allow us to keep a full payroll," he said. The founders took the opportunity to thank the broader community that supported their work—colleagues within Nerial, partners at Devolver, and various ad‑hoc collaborators who contributed to their projects. "Every game we released was the result of fleeting yet powerful collaborations, driven by talent and passion," François added.
Reflecting on his personal journey, François said he needed to step away from day‑to‑day management to rethink his indie career. He cited several industry‑wide challenges that have made it harder for small studios to thrive. The post‑COVID landscape, a noticeable slowdown in the video‑game market, and the rapid rise of AI technologies that are reshaping development pipelines all contributed to a sense of uncertainty. "The industry is undergoing a crash that everyone is aware of, and AI is sucking the air out of the room.
We are trying to rebuild strong roots, and for that I need to take a step back," he concluded. In summary, Nerial’s closure reflects a broader trend of indie studios grappling with financial volatility, publisher dependencies, and rapid technological change. While the studio’s catalogue will remain under Devolver’s control, the founders hope the hiatus will allow them to return to game making with renewed focus and perhaps a more sustainable model. The announcement serves as both a farewell to a beloved developer and a reminder of the precarious balance independent creators must maintain in today’s competitive gaming ecosystem.