The independent game studio Nerial, known for the popular titles Reigns and Card Shark, has announced that it is entering a period of "hibernation" and will cease development operations. The decision was communicated through a joint social‑media statement from the company’s co‑founders, CEO Tamara Alliot and creative director François Alliot.
In the post they wrote, "After 13 years and 11 released games, we have decided, together with our partners at Devolver, to end development and close the studio." Devolver Digital acquired Nerial in 2021, bringing the small but creatively prolific team under the umbrella of the larger publisher. However, the partnership has not been without challenges.
In 2023 the studio underwent a 40 percent staff reduction, a move the founders described as necessary to "address issues around recent releases and to better shape the team for future projects." This downsizing signaled that the studio was already grappling with financial and operational pressures. In an interview with Kotaku, François Alliot clarified the nature of the relationship with Devolver. He explained that once a studio is bought, it becomes an internal development unit, meaning every game it creates must be released under the Devolver label. "Devolver needs to publish all Nerial games, which worked very well for Reigns and also for Card Shark," he said.
While the collaboration had produced successful releases, Alliot noted a growing sense of compromise: "Every time we have to think about what the other wants, there’s a bit of second‑guessing. I recognise this situation, where you lose a bit of the concentrated energy that you had as a pure indie. I want to get back to that in some way… it might work, might not work, but it doesn’t involve so many people." Industry observer Chris Kerr highlighted a Companies House filing that revealed the studio’s financial health had deteriorated sharply over the past two years. The report listed "significant trading losses" for both 2024 and 2025, with the company losing nearly £1 million in 2024 and more than £800,000 in 2025.
The filing also described Nerial as having become "dependent" on financial support from Devolver, underscoring the precariousness of its position. At the time of the announcement, Nerial employed nine people, including the two founders.
Both Tamara and François indicated that they intend to keep making games, but they plan to step back, reflect, and eventually return to their creative roots. "We will take a break and reflect on everything that’s happened, before coming back with a new perspective," they wrote. The founders also expressed confidence in the talent of their remaining team, stating, "The fabulous Nerial team will now seek new opportunities and we wholeheartedly recommend each and every one to any potential studios that will be lucky enough to have them." François added that, while he hopes to retain the team as contractors for future projects, the studio is not in a position to keep them on salaried contracts at present. He thanked the many collaborators who had contributed to Nerial’s games, describing those partnerships as "impossible, fleeting conjunctions of talent and passion" that made each project possible.
The broader context of the announcement reflects larger trends affecting the video‑game industry. Post‑COVID market fluctuations, a slowdown in consumer spending, and the rapid rise of AI‑driven tools have created a challenging environment for mid‑size developers. François summed up the sentiment: "It’s become a bit difficult to push forward, especially with the current context, with post‑COVID, there’s a bit of this crash in the video game industry that everyone knows.
AI sucking out all the air from the room. So we are rebuilding, trying to rebuild strong roots. And for that, I need to take a step back." In summary, Nerial’s closure marks the end of a notable indie chapter that produced innovative, choice‑driven games. While Devolver retains the publishing rights to the studio’s existing catalogue, the founders and their small team are now looking toward new horizons, hoping to rediscover the creative freedom they enjoyed before becoming part of a larger corporate structure.
The next steps for the team remain uncertain, but their expressed desire to continue creating games suggests that the spirit of Nerial may live on in future independent projects, perhaps under a different banner or as freelance collaborations.