An independent survey tracked game studios acquired by large or medium-sized enterprises with a majority stake since 2000. After excluding companies primarily engaged in co-development, support, and porting services, 93 out of 283 sample companies have closed, accounting for 32.9%; another 79 were classified as "declining," accounting for 27.9%, totaling approximately 60%.
This survey was conducted by game developer and Game Studio Unlocked founder Sebastian Cardoso, with data current as of October 30, 2026. Calculated based on the survival time after acquisition, among the samples that met the corresponding observation period, 16.7% of 252 companies closed within five years; 36.7% of 139 companies closed within ten years. Among the 93 studios that have closed, at least 42 did not survive the first five years post-acquisition.
Cardoso also compared studio product sales with media reviews. Among the approximately 200 trackable studios, about 60% experienced a decline in sales, and about 37% saw a drop in ratings. He concluded that team capability may not be the primary issue; decisions made by owners regarding marketing, release timing, and platform strategy may be more critical.
The survey also revealed significant differences in outcomes depending on the acquirer. However, "success," "stability," and "decline" are personal classification metrics defined by Cardoso based on sales and reviews, and should not be considered uniform industry standards.