World of Tanks is not shy of strange collaborations, they’ve paired up with Valkyria Chronicles, Warhammer, Swedish Heavy Metal Band Sabaton, Hot Wheels, and G.I. Joe in the past but nothing as weird as their latest team up.
06.11.2023 - 21:01 / gamedeveloper.com
Embracer Group COO Egil Strunke has departed the Swedish conglomerate to kickstart his own company.
As spotted by VGC, the departure comes during a period of significant upheaval at Embracer. The company, which owns the likes of Gearbox Software and THQ Nordic, is pushing ahead with a sweeping restructuring program that has seen it sanction a huge number of layoffs, shutter studios including Saints Row developer Volition, and toss projects on the scrapheap.
Embracer had 224 games in development at the start of the year, but in June announced it would be pivoting away from its "heavy-investment mode" by cutting jobs to become a "highly cash-flow generative business."
Strunke briefly touched on those restructuring plans when announcing his departure in a post on Linkedin, but said he believes Embracer still has a "bright future."
"My history with the group spans across two four-year stints, first 2011-14—the early foundational days with acquiring assets from Jowood and THQ and planting the seeds to what we then didn’t know would become Embracer Group," he wrote. "Then returning 2019 to a sizzling, acquisitional hotbed where new entrepreneurs and exciting studios were added quarter by quarter.
"Growing employees 14x to 16,500 and revenue 8x to circa 40 billion SEK in four years has been an amazing experience and adventure. Although the last year has been rough, in line with general market changes and industry consolidation, I am positive that Embracer will come out stronger and with a long, bright future ahead of them."
Strunke will now turn his attention to expanding his new company, Strunke Games, which he explained will allow him to "support and be involved in some of the most interesting gaming studios, companies and projects around the globe" as a consultant.
World of Tanks is not shy of strange collaborations, they’ve paired up with Valkyria Chronicles, Warhammer, Swedish Heavy Metal Band Sabaton, Hot Wheels, and G.I. Joe in the past but nothing as weird as their latest team up.
The layoffs at troubled Swedish games giant Embracer Group are apparently "a necessary thing" for the company to meet its objectives.
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Swedish mega-publisher Embracer Group has laid off more than 900 people as it looks to mitigate its massive $1.3 billion in debt. With these cuts — and more to come — Embracer expects to lower that number to below $1 million by the fiscal year’s end. The company, which is known for its rapid expansion and industry consolidation, has 15,701 employees as of late September, according to its latest financial report.
2023 has been an utterly miserable time to be working in the video game industry. Announcements of layoffs from some of the biggest names around have been dominating news sections lately. While we already knew Embracer Group was one of them, we now know the figures.
Swedish conglomerate Embracer Group laid off 900 people during the last three months after actioning a restructuring program designed to turn the company into a "highly cash flow generative business."
Embracer Group has said it has laid off 904 staff, or 5% of its workforce, since its financial struggles began following the collapse of a $2 billion deal, reportedly with Saudi government funded company Savvy Games Group.
It’s been a brutal year for the games industry with widespread layoffs having hit a number of developers and publishers over the last several months, and Embracer Group has been one of several companies that have been impacted. After failing to close a deal with Saudia Arabia’s Savvy Games Group worth $2 billion, the company started a restructuring program earlier in 2023, and that has resulted in a significant reduction in its total workforce.
To say that Payday 3 didn’t get off to the best start would be a bit of an understatement. The long-awaited co-op shooter launched in September to widespread criticism from critics and audiences alike, catching flak for everything from its progression mechanics and lack of content to connectivity issues and more. That, unsurprisingly, has seen the game performing worse than Embracer Group – parent company of publisher Deep Silver – would have expected, in spite of having managed to attract 3.1 million players in September.