The Polish company 11 bit studios has decided to shut down a game codenamed Project 8. They had warned about the possibility of this outcome last week when they initiated an audit of the project.
“Project 8 was supposed to be our first game specifically designed for console gamers. Its vision was bold and exciting. However, it was conceived in a very different market environment, when games with a focus on narrative and deep storylines were more popular,” stated Przemysław Marszał, Chairman of 11 bit studios.
Marszał added that the development of Project 8 faced several issues. To address these, 11 bit studios increased both the budget and production timeline multiple times, yet it was not enough. A recent audit revealed that the Project 8 team needed even more time and money to refine the title. Ultimately, the company doubted that the game would be able to recoup costs and turn a profit in the future.
The closure of Project 8 will result in writing off several dozen million zlotys in expenses. As of September 30, 2024, this amount was estimated at 48.4 million zlotys ($11.9 million), and each subsequent month it increased by at least 800-900 thousand zlotys ($197-221 thousand) spent on paying developers' salaries.
11 bit studios wants to repurpose some of the work done on Project 8 for other projects. Roughly half of the Project 8 developers will transition to other teams, while the remaining specialists will be let go. It is known that in late September, 37 people were working on Project 8.
Amid the closure of Project 8, shares of 11 bit studios have once again decreased in value. At the time of this report, they are trading at 152.4 zlotys ($37.53) per share — the lowest since January 2017.