Ubisoft and Embracer Group, Europe's last large-scale AAA publishers, both reported grim financial results amid years of restructuring. However, the European games industry below that tier is thriving through smaller, founder-led, genre-focused publishers like Paradox Interactive, Larian, CD Projekt, Techland, and Devolver Digital. These companies succeed by maintaining sensible scale, creative curation, and long-term thinking over quarterly growth. Eastern Europe is also emerging as a significant force. The argument is that Europe's publishing future lies in diversity and focused studios rather than trying to replicate the scale-at-all-costs AAA model.
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