German-Austrian media company PLAION announced a restructuring at its Fishlabs studio in Hamburg, Germany, which is expected to impact around 50 positions. This comes as part of the group-wide restructuring program at its parent company Embracer Group.
Despite exhaustive efforts to avoid downsizing, the lack of approval and therefore financing for the studio’s unannounced project (also referred to as “Project Black”) has made this step unavoidable. The remaining team will continue to work on the existing co-development projects in partnership with other PLAION and Embracer Group studios.
“We are facing a tough moment together,” said Lars Janssen, VP of Worldwide Studios & Talent at PLAION. “Each individual at our Fishlabs studio has been more than just a team member; they’ve been a vital part of our creative journey, bringing not only their skills but also their passion and dedication to every project. We’re truly thankful for the energy and heart they’ve invested in our collective endeavors. This painful decision is a reflection of the broader challenges in the gaming industry, not the incredible talents or efforts of our team.”
In June, Embracer shared details of the restructuring program for FY 2023/24. The company will aim to increase cash conversion, improve efficiency, and reduce capex by taking operational and financial measures. Embracer aims to reach a financial net debt below SEK 10 billion ($938 million) by the end of the financial year 2023/24.