Nordic Game 2026 was full of smiles, but they hid a very tough reality | Opinion

The indie convention Nordic Game returned to Malmö this week, and though the occasion naturally has a massive give attention to Scandinavian builders, there was a multinational flavour to the occasion cubicles. Germany, Ukraine, and Moldova have been among the many nations represented on the present flooring, and actually the Moldovan recreation Lootbound scooped the Individuals’s Selection Award, which is voted for by convention attendees. But my private spotlight was DDoD, a roguelike shooter from Ukrainian developer The Future Leisure Firm. I got here for the large mutant snails, but stayed for the tense, loot-based gameplay in a large industrial wasteland, which felt like a tantalising cross between Stalker and Diablo.

Nordic Game gained a neighbour this yr within the kind of Pocket Gamer Connects Summit Malmö, which cheekily befell within the Consolation Resort, straight reverse Nordic’s dwelling within the transformed slaughterhouse of Slagthuset. A quantity of guests double-dipped, sporting lanyards for each occasions, though the PGC shindig was significantly smaller. It speaks to the draw of Nordic Game, I believe, that it has attracted hangers-on. Perhaps subsequent yr Devolver will begin its personal occasion within the automobile park, simply because it did within the glory days of E3.

I did not have a likelihood to ask convention organiser Jacob Riis whether or not he was flattered by PGC’s consideration, though his feedback within the run as much as the occasion that every yr felt like a household reunion rang true. A big portion of the attendees I spoke to enthusiastically agreed with this sentiment, praising Nordic Game’s friendliness – of which I can attest. One attendee additionally ventured that the occasion had a way more constructive really feel this yr, after the doom and gloom discussions of 2025. But many of the talks I attended have been nonetheless centred on find out how to negotiate an period of troublesome transition. Everyone seems to be dealing with the identical downside – too many competing video games and never sufficient cash – and that downside is not going away.

On the enterprise capital (VC) panel on Wednesday, investor Jason Della Rocca dished out some tough-love truths that corporations in search of money may not wish to hear. “I believe a lot of builders do not actually perceive what VCs are on the lookout for, what these deal buildings appear like,” mentioned the co-founder of Execution Labs. “Once I discuss to builders, it is nonetheless an excessive amount of need-based, the place the developer is: ‘I would like cash, I’ve to pay my employees, I would like funds to do stuff’. And the reality is nobody cares that you simply want cash. I imply, they wish to be useful, but their job just isn’t that will help you since you want cash. They’re there to again alternatives.”

But the standard VC mannequin – shopping for chunks of a firm within the hope of a wholesome return when the agency is offered – is being sorely examined by the present local weather within the video games business, the place mergers and acquisitions are skinny on the bottom. “On the PC and console facet, there’s positively been a lot much less acquisitions in the previous couple of years,” mentioned Walter Paleari, an funding affiliate at Makers Fund.

“I am certain it is one of the the explanation why Griffin began a project-funding fund. And it is one thing that we take into consideration on a regular basis as properly. There’s a lot of video games which can be extraordinarily worthwhile and might do actually, rather well. On the similar time, if there aren’t any patrons for the corporate for pure fairness funding, there’s not an exit.”

Jakob Longer, an investor at Griffin Gaming Companions, was passionate about Griffin’s $100 million fund, which is especially concentrating on AA titles – a sector that has been struggling to draw funding lately as publishers give attention to smaller bets. Longer mentioned Griffin has invested in round 16 titles thus far, with the VC agency taking a income share moderately than fairness.

“We noticed a lot of unimaginable expertise on the market available on the market, and that is usually your AA titles that have been being self revealed,” mentioned Longer. “There have been some unimaginable quantities of worth to be captured inside that house.” Nevertheless, he emphasised that the Particular Alternatives Fund is an addition to Griffin’s traditional fairness funding actions, moderately than a substitute. In complete, Griffin has round $1.6 billion devoted to the video games sector, so the $100 million fund is comparatively small within the grand scheme of issues. But it is going to be attention-grabbing to see what number of different VCs observe Griffin’s transfer into venture funding if the acquisitions drought continues.

Within the panel discuss “Designing for Lifetime, Not Launch Week,” Adam Orth gave a equally blunt evaluation. “The previous mannequin does not work anymore. It is inherently damaged,” mentioned the CEO of Midwest Video games. “That comes from … a full defragmentation of each the event and the publishing house. Once you’re taking a look at the way you publish video games, there’s actually no playbook anymore.”

He described the change over to modular publishing, whereby publishers would possibly solely tackle sure elements of the method in response to the developer’s wants. (Personally, I desire the time period decide and blend publishing, though that’s principally as a result of I nonetheless pine for Woolworths‘ legendary candy part.)

Strategic Options’ Tim Campbell went one additional by emphasising that publishers may not be concerned within the course of in any respect. In his discuss “It is Not About Making Video games Anymore,” he really helpful that builders ought to assume they are self-publishing from the outset, and plan accordingly.

“It’s a must to suppose like a self-publishing developer,” he mentioned. “You could not find yourself that manner, but … traction is a prerequisite for funding. So which means you should begin desirous about product/market match virtually on the outset. It’s essential to construct that preliminary neighborhood.”

That self-reliant mindset will in flip make the developer extra engaging for funding – which they would possibly in the end determine they do not want. “If you may get a piece of software program to a mature state and you’ll construct a substantial viewers that might appeal to an investor, you begin to ask your self a query: ‘Properly, why do not I simply go the remaining of the best way, proper?'”

He additionally emphasised that even with a writer, the long run is not essentially safe. “If you are going to be within the video games enterprise … you are going to be cancelled at one level,” he mentioned, giving an instance of a consumer whose recreation was shut down out of the blue following a board-level strategic shift on the writer.

“Sadly, I see this taking place with rising frequency in my profession, and my recommendation to builders now could be you must assume even when you’re working with a writer, you’ve got received a deal, and all the things’s going nice, you could be cancelled and terminated at any second. What does that imply for you? If you do not have your stunning nook maintained, able to drop into gross sales mode at any time, you are not ready for the long run.”

Sage recommendation. But equally, I can think about that remaining on a self-publishing battle footing always is mentally draining. It appears like there isn’t any protected harbour any extra; hustling is the long run.

There was little excellent news within the “State of the Business 2026” discuss, both, the place the decision was that the common boosts we used to see from the introduction of new {hardware} are diminishing. “I believe we have reached a technical plateau,” mentioned Emmanuel Rosier, director of market intelligence at Newzoo.

“Once you take a look at video games launched 10 years in the past… it is on par with what you will have at the moment. I believe from PlayStation 4 to PlayStation 5, you had the loading time that was lowered because of the SSD expertise, but we’re not going to go 8K, 16K, 240 frames per second – you do not see actually what can be the bounce from a technical standpoint to require a new platform. And I believe the business is form of operating out of concepts to create new expertise for video video games.”

He added that trendy video games are actually competing with older titles. “Somebody beginning video video games at the moment can play Uncharted and older PlayStation video games at a cheaper worth, and the standard is as excessive as we will discover at the moment. So yeah, that is troublesome.”

“I believe the business is form of operating out of concepts to create new expertise for video video games”

Emmanuel Rosier

Rosier had extra dangerous information later in the identical discuss when it got here to elevated competitors from China. “Western publishers, they noticed China as a new market the place they may promote and make extra income, and that was step one. On the similar time, the Asian publishers, they invested in Western studios or Western publishers, and I believe they realized to make good video games, and now it virtually appears like they do not want Western publishers anymore.”

Brace your self, it will get bleaker. “I might be extra pessimistic than that,” Rosier continued. “Should you take a look at all industries, like manufacturing industries, you see what has occurred by means of the years the place all of the manufacturing has moved to Asia or to China. There may be a world the place some of the online game manufacturing may additionally transfer to those nations.”

It is all sobering stuff, and fairly the distinction to the overall bonhomie seen elsewhere within the halls of Slagthuset. Celebrations reached a peak with the Nordic Game Awards on Thursday, the place Arc Raiders took dwelling Nordic Game of the 12 months, and everybody retired to beers and enthusiastic karaoke.

However the onerous fact beneath the cheers is that the sport business is altering. It wants to vary, extra to the purpose. Instances are harder, publishers do not have the ability they as soon as did, and builders cannot essentially depend on getting the funding they need or want. In Europe, it is evolving into a leaner, extra environment friendly, extra specialised business, the place the large corporations of previous are struggling to remain afloat.

It is a essential transition. But my god, it is onerous on everybody concerned.