Less than two months after being cut off by Sega, which brought another round of layoffs at the studio, Hero developer Relic Entertainment Inc. has said it is "returning to its roots as an independent creative studio" with support from investment firm Emona Capital LLP.

The past 1 year has been rough with relics. Company of Heroes3 had a variety of reactions when it launched in 2023/2, and on the 5th of the year the studio laid off 121 employees. In 2024/3, the studio was sold by Sega, and after 1 month it was reported that 41 employees sounded like a desperate move.Relic said the cuts were made "with the aim of providing Relic with the best opportunities to survive in an increasingly volatile industry.""

Investments from Emona, an entrepreneurial investment company with a global investment obligation, at least in theory will help make that happen.

"We see great opportunities to unleash the creative potential of Relic as an independent studio; The talent, technology and track record we have built over the years is a great starting point for us in this next chapter," said Relic CEO Justin Dowdeswell. "Emona Capital is working with us on a dual strategy of partnering with IP owners and publishers to support and invest in our existing IP portfolio."Relic is a world-renowned studio and we are honored to be partnering with Justin and the team," said Dominik Dolenec, Managing Director of Emona. "We look forward to supporting Relic's journey."

Relic has been around for over 25 years, while it has delivered a number of notable games, including the company of Heroes and Warhammer 40,000: Dawn of the War series, Empire 4 So I'm glad to see the studio stay on its feet. But I just can't shake the feeling that the word "independent" is being used a bit faster and more loosely here: Relic is now a portfolio company of Emona Capital, and the studio has confirmed that Emona is the majority owner.

To me, it's not really a concept of "independence", but I don't think it's the same as being a fully owned subsidiary. Relic should be in a better position than last month and last year, but given the devastating state of the video game industry today, which is owned by a global investment company, not to mention the media, even a company "with a particular focus on games and technology," according to Emona's website, fully expresses anxiety about the studio's future. This does not mean that it will ease the burden on the economy. 

In a statement provided to Pc Gamer, a Relic representative said that while Emona is the majority owner of Relic now, "They are looking for expertise in the industry and strategy genre with us." We are excited for the opportunity to leverage our core competencies and creative talents in the way we look best."

Emona has invested in several other game studios, including current homeworld developer Blackbird Interactive, perhaps a little ironic. Hopefully that will be the case in the long run.