Reigns developer Nerial closes following "significant trading losses" over past two years

GamesIndustry.biz reports that Nerial, the studio behind Reigns and Card Shark, is ending development and moving into what its founders call “hibernation mode.” CEO Tamara Alliot and creative director François Alliot said the decision was made with Devolver after 13 years, 11 shipped games, and a run that increasingly depended on outside support.

The closure follows a 40% staff reduction last year, which the studio said was meant to address problems around recent releases and reshape the team for future work. François Alliot also said Devolver will keep the rights to Nerial’s existing catalogue, and that the relationship remains amicable even as the studio winds down.

A recent Companies House filing pointed to two years of significant trading losses, including more than £800,000 in 2025 and nearly £1 million in 2024. For developers, that makes this less a sudden shutdown than a case study in how publishing alignment, internal-studio expectations, and prolonged financial pressure can squeeze a small team.

The founders say they still plan to make games and eventually return to their roots, but first want time to step back and rethink the next phase of their indie careers. François Alliot also suggested the broader post-COVID market slump and AI’s growing footprint are part of the backdrop to the decision.