Nerial, the independent development house best known for the card‑based strategy series Reigns and the later title Card Shark, has announced that it will cease operations and enter a period the founders describe as "hibernation mode." The decision was communicated via a social‑media post from the studio’s co‑founders, CEO Tamara Alliot and Creative Director François Alliot. In the statement they explained that after thirteen years of activity and eleven published games, they have agreed with their publishing partner, Devolver Digital, to bring the studio’s development work to an end. Devolver Digital acquired Nerial in 2021, integrating the team into its broader portfolio of indie‑focused publishers. However, the partnership has not been without challenges.
In 2023 the studio underwent a 40 % staff reduction, a move the founders said was intended to address performance issues with recent releases and to restructure the team for future projects. Despite the downsizing, the relationship with Devolver remained amicable, according to François Alliot, who told Kotaku that the publisher will retain the intellectual property rights to all of Nerial’s existing games. He emphasized that the two parties remain "very good friends" and that the games produced under the Devolver banner have historically aligned well with the publisher’s brand. Alliot explained that becoming an internal studio for Devolver meant that every Nerial title had to be released under the Devolver label.
"Each of our games needs to be a Devolver game," he said, noting that this arrangement worked nicely for both Reigns and Card Shark. Yet, he also highlighted the tension that can arise when creative decisions must be balanced against the publisher’s expectations. "You constantly have to think about what the other side wants, which can lead to second‑guessing and a loss of the concentrated energy that an independent studio typically enjoys," he remarked.
The Alliot duo expressed a desire to return to a more indie‑centric approach, even if that means operating on a smaller scale. Industry analyst Chris Kerr pointed out that a recent Companies House filing revealed a stark financial picture for Nerial. The studio suffered "significant trading losses" for two consecutive years, becoming increasingly reliant on financial support from Devolver. The filing showed a loss of over £800,000 in the 2025 fiscal year and a near‑£1 million deficit in 2024.
These figures underscore the economic pressure that many mid‑size indie studios face in a market dominated by blockbuster releases and rapid technological shifts. Nerial currently employs nine people, including its founders. Despite the closure, Tamara and François indicated that they intend to keep creating games, albeit after a period of rest and reflection. "We need to take a break, assess everything that has happened, and then come back with a fresh perspective," they wrote.
They also expressed confidence in the talent of their remaining team, recommending each member to prospective studios that might be fortunate enough to bring them on board. François added that while he hopes to continue collaborating with his former colleagues on a contract basis, the studio is not in a position to maintain salaried positions at this time.
He thanked the many collaborators, both within Nerial and across Devolver, noting that each project was only possible because of fleeting yet powerful combinations of skill and passion. The Alliot brothers also reflected on broader industry trends that have impacted their decision. The post‑COVID environment, coupled with a noticeable downturn in the video‑game market, has created a challenging backdrop for independent developers. Moreover, the rapid rise of artificial intelligence tools—what François described as "AI sucking out all the air from the room"—has added another layer of uncertainty.
He explained that rebuilding strong creative roots will require stepping back, reassessing goals, and adapting to the evolving landscape. In summary, Nerial’s closure marks the end of a notable chapter in indie game development. While the studio’s financial difficulties were significant, the founders remain hopeful about future endeavors, aiming to recapture the spirit of indie creation that originally defined their work.
The partnership with Devolver will continue in the form of retained IP rights, ensuring that the beloved titles from Nerial’s catalog remain accessible to players worldwide. The team’s next steps involve personal reflection, potential freelance collaborations, and the pursuit of new projects that align with their renewed indie‑focused vision.