Devolver Digital, the indie game publisher known for its often quirky, offbeat titles, recently releasedits annual investor presentation. Spanning 32 slides, the report offers a comprehensive overview of the company’s 2024 results.
Perhaps the most attention-grabbing detail is a ranked breakdown of Devolver’s top-performing franchises by lifetime revenue—a rare look behind the curtain that outsiders aren’t always privy to. The publisher also shared some interesting revelations about how it plans to approach its business strategy moving forward.
Devolver’s Top-Selling Games by Lifetime Revenue
Devolver Digital has amassed a strong portfolio of standout properties, but the top spot in terms of lifetime revenue goes toCult of the Lamb—a third-party title that’s become the publisher’s most successful game to date. Trailing behind are mostly first-party franchises, includingAstroneer,Stronghold,Serious Sam, andEnter the Gungeon, in that order.
Cult of the Lamb
$90m
$80m
$50m
$45m
$40m
$35m
$30m
$20m
Gorn
It’s worth noting thatFall Guyswould almost certainly be leading this list if Devolver still held its publishing rights. However,the company sold those rightsto Epic Games following the game’s breakout.
More Key Highlights From the FY2024 Investor Presentation
Devolver Digital’s latest investor presentation sheds light on how theindie publisherplans to move forward based on recent performance data and player behavior trends.
One of the more notable insights is Devolver’s observation that players are spending more time with established series than with new ones. In response, the company is shifting its focus toward building on its existing franchises. It’ll accomplish this with paid DLC, definitive editions, and sequels—all aimed at capitalizing on the popularity and profitability of its most successful titles.
Playing It Safe Comes at a Cost
While there’s nothing inherently wrong with doubling down on proven franchises, Devolver’s strategy won’t come without consequences. To free up time and resources for sequels, definitive editions, and paid DLC, the publisher will be reducing its investment in new third-party titles.
That decision demands some concern—especially consideringCult of the Lamb, Devolver’s best-selling game of all time, is a third-party release. By prioritizing safer bets, Devolver could end up passing on the kinds of creative risks that originally defined what it was all about. There’s also the worry that future releases may feel less “complete” at launch, leaving space for monetizable follow-ups.
More troubling is the news that, despite a return to profitability and growth, Devolver is cutting the size of some smaller subsidiary teams by roughly 50%. That means talented developers are losing their jobs, even as the company reports solid performance.
Unfortunately, this is one of the harsh realities of being a publicly traded company. Devolver now answers to shareholders, and that pressure to increase profitability can sometimes come at the expense of innovation and even quality. Hopefully that’s not the case here, but these realignments signal a more cautious, corporate direction that’s worth keeping an eye on.
