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Crytek Denies Bankruptcy Rumor

Eurogamer has comments from Crytek responding to recent allegations they are in serious financial trouble, denying they are flirting with bankruptcy. Here's what they say:

Regardless of what some media are reporting, mostly based on a recent article published by GameStar, the information in those reports and in the GameStar article itself are rumors which Crytek deny.

We continue to focus on the development and publishing of our upcoming titles Homefront: The Revolution, Hunt: Horrors of the Gilded Age, Arena of Fate, and Warface, as well as providing ongoing support for our CryEngine and its licensees.

We have received a lot of positive feedback during and after E3 from both gaming press and gamers, and would like to thank our loyal employees, fans and business partners for their continuous support

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23 Replies. 2 pages. Viewing page 1.
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23. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 16:12 Frags4Fun
 
Beamer wrote on Jun 24, 2014, 15:42:
Frags4Fun wrote on Jun 24, 2014, 15:21:
Beamer wrote on Jun 24, 2014, 11:14:
Frags4Fun wrote on Jun 24, 2014, 09:48:
How many times have we seen a story like this on Bluesnews? A rumor about a gaming company comes out and shortly after, the company releases a statement denying the rumors. Then, a week or two later we find out it was entirely true. I've lost count over the years.

Yeah, but they have to deny it. Do you know what happens if they admit it?
They go bankrupt.

You want to do that at the last possible moment. As soon as you admit it, everyone treats you like you've already done it. It strains your finances even further and makes something that may only be likely now be guaranteed.

I totally understand that and was actually thinking exactly what you said as I was typing my original comment. They definitely have no choice but to hide it until the last possible moment. It's quite entertaining for us though since we see the same pattern over and over.

Yup. Depressing, really.
Crytek, though, is probably one of the few that's an outright surprise. Even 38 Greenmonster Whatever was surprising due to funding but a company many felt was probably not being managed overly well.

I hope Crytek can restructure and stay afloat. I have many fond memories from their games and would really hate to see them gone. I really enjoyed Farcry 1, especially MP.
 
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22. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 15:42 Beamer
 
Frags4Fun wrote on Jun 24, 2014, 15:21:
Beamer wrote on Jun 24, 2014, 11:14:
Frags4Fun wrote on Jun 24, 2014, 09:48:
How many times have we seen a story like this on Bluesnews? A rumor about a gaming company comes out and shortly after, the company releases a statement denying the rumors. Then, a week or two later we find out it was entirely true. I've lost count over the years.

Yeah, but they have to deny it. Do you know what happens if they admit it?
They go bankrupt.

You want to do that at the last possible moment. As soon as you admit it, everyone treats you like you've already done it. It strains your finances even further and makes something that may only be likely now be guaranteed.

I totally understand that and was actually thinking exactly what you said as I was typing my original comment. They definitely have no choice but to hide it until the last possible moment. It's quite entertaining for us though since we see the same pattern over and over.

Yup. Depressing, really.
Crytek, though, is probably one of the few that's an outright surprise. Even 38 Greenmonster Whatever was surprising due to funding but a company many felt was probably not being managed overly well.
 
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21. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 15:21 Frags4Fun
 
Beamer wrote on Jun 24, 2014, 11:14:
Frags4Fun wrote on Jun 24, 2014, 09:48:
How many times have we seen a story like this on Bluesnews? A rumor about a gaming company comes out and shortly after, the company releases a statement denying the rumors. Then, a week or two later we find out it was entirely true. I've lost count over the years.

Yeah, but they have to deny it. Do you know what happens if they admit it?
They go bankrupt.

You want to do that at the last possible moment. As soon as you admit it, everyone treats you like you've already done it. It strains your finances even further and makes something that may only be likely now be guaranteed.

I totally understand that and was actually thinking exactly what you said as I was typing my original comment. They definitely have no choice but to hide it until the last possible moment. It's quite entertaining for us though since we see the same pattern over and over.
 
Avatar 57016
 
“We’ll know our disinformation program is complete when everything the American public believes is false.” William Casey, CIA Director 1981-1987
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20. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 13:19 Creston
 
Verno wrote on Jun 24, 2014, 08:53:
I'm sure they picked up Homefront for a song and a dance but I have to question if it was really worth the effort.

Well, that whole "North Korea becomes the world's dominant super power and invades the US!" storyline is ultra ultra powerful, and is definitely something that needs to be continued.

Rolleyes
 
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19. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 11:14 Beamer
 
Frags4Fun wrote on Jun 24, 2014, 09:48:
How many times have we seen a story like this on Bluesnews? A rumor about a gaming company comes out and shortly after, the company releases a statement denying the rumors. Then, a week or two later we find out it was entirely true. I've lost count over the years.

Yeah, but they have to deny it. Do you know what happens if they admit it?
They go bankrupt.

You want to do that at the last possible moment. As soon as you admit it, everyone treats you like you've already done it. It strains your finances even further and makes something that may only be likely now be guaranteed.
 
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Music for the discerning:
http://www.deathwishinc.com
http://www.hydrahead.com
http://www.painkillerrecords.com
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18. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 09:48 Frags4Fun
 
How many times have we seen a story like this on Bluesnews? A rumor about a gaming company comes out and shortly after, the company releases a statement denying the rumors. Then, a week or two later we find out it was entirely true. I've lost count over the years.  
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“We’ll know our disinformation program is complete when everything the American public believes is false.” William Casey, CIA Director 1981-1987
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17. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 08:53 Verno
 
I have to question going after a troubled franchise like Homefront while also pursuing new IP. I love new IP but you can bankrupt yourself doing it if you don't have some proven winners in the stables. I'm sure they picked up Homefront for a song and a dance but I have to question if it was really worth the effort.  
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16. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 05:11 Kajetan
 
walrus1 wrote on Jun 24, 2014, 02:25:
Hmmm.... nowhere in their statement do they say they're doing well financially. Instead they only deny the rumors that they're bankrupt.
And no rumor said, that they are

Every rumor only reported financial troubles, missing paychecks and struggling projects. But soon they will be bancrupt, if there is no miracle around.
 
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15. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 02:52 harlock
 
when has a company ever admitted it was in serious financial trouble?  
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14. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 02:25 walrus1
 
Hmmm.... nowhere in their statement do they say they're doing well financially. Instead they only deny the rumors that they're bankrupt.  
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13. Re: Crytek Denies Bankruptcy Rumor Jun 24, 2014, 00:02 Jackplug
 
What you get for making shit games.  
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12. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 22:42 NewMaxx
 
Beamer wrote on Jun 23, 2014, 20:55:
I think the big difference is that, for the most part, those regional subsidiaries were less studios and more regionalization and support.

Localization, yes.

Crytek has several development branches: Frankfurt (original), Budapest, Kiev, Black Sea, UK, and USA. These branches are geographically chosen to be the most useful in anticipation of cooperation - while Germany is their place of origin, they are pushing into Eastern Europe (where F2P is king and there are many cheap hiring opportunities) and also into the UK and USA (where PC sales are otherwise largest). They would have stiff competition in the Western European (France et al.) and Canadian locations, where, for ex., Ubisoft is king; noting that they sold the Far Cry IP to Ubisoft. This is a company trying to build bridges and be elite within their respective markets.
 
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11. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 22:09 Flatline
 
Beamer wrote on Jun 23, 2014, 20:55:
jdreyer wrote on Jun 23, 2014, 20:43:
I never realized Crytek had 800 people. That seems like an awful lot for a company with their limited output.

They've been that big for a while. They had studios everywhere. Every-frickin'-where.

Epic did, too. Epic. Epic China, which itself owned the Fat Princess studio. People Can Fly. Chair. Epic Japan. Epic Korea.
I think the big difference is that, for the most part, those regional subsidiaries were less studios and more regionalization and support. They didn't have huge staffs and weren't expected to do dev work.

It also helped that like 75% of the last generation of FPS and 3rd person shooter games used the unreal engine. That kind of base you can afford to sprawl.
 
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10. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 20:55 Beamer
 
jdreyer wrote on Jun 23, 2014, 20:43:
I never realized Crytek had 800 people. That seems like an awful lot for a company with their limited output.

They've been that big for a while. They had studios everywhere. Every-frickin'-where.

Epic did, too. Epic. Epic China, which itself owned the Fat Princess studio. People Can Fly. Chair. Epic Japan. Epic Korea.
I think the big difference is that, for the most part, those regional subsidiaries were less studios and more regionalization and support. They didn't have huge staffs and weren't expected to do dev work.
 
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9. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 20:43 jdreyer
 
I never realized Crytek had 800 people. That seems like an awful lot for a company with their limited output.  
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8. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 20:28 jdreyer
 
nin wrote on Jun 23, 2014, 18:29:
"Regardless of what some media are reporting, our latest game has not been stolen!"

And is Homefront the kiss of death for a studio, or what?


I never played the first one (reviews were kind of savage), but I like what they're doing with the second one: kind of asymmetrical warfare.
 
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7. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 20:06 Quboid
 
Who's going to build their game with an engine which may lose its support? Even if this is false, these rumours are bad news for them.  
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6. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 19:22 NewMaxx
 
I played Warface recently and thoroughly and while it's a fine game, getting on par with Ghosts Online, the general feeling is a small community and the need of way, way too much money to get anywhere substantial as a player (GRO, or now Phantoms I guess, has the same issue). This creates a system where those who invest money to get there are so far and above new players that it's just ridiculous, since the playerbase is so small you end up playing against far superior players much of the time. Of course, at least Warface has acceptable co-op.

Honestly I was most impressed with their Gface system that ran in a browser, very nice technology and very socially oriented. This ties in to what I posted on the most recent Crytek thread about the direction they are headed (which is a good thing). Yeah, it can be a bit obtuse when you work with it, but it shows they are willing to adapt to the marketplace.
 
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5. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 18:56 Cutter
 
Yeah, if I was workin' for Crytek I'd be polishing up my resume and sending it out right about now.
 
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4. Re: Crytek Denies Bankruptcy Rumor Jun 23, 2014, 18:40 Beamer
 
Creston wrote on Jun 23, 2014, 18:26:
Homefront: The Revolution, Hunt: Horrors of the Gilded Age, Arena of Fate, and Warface

Fuck me that's a sorry list of games... Hunt MIGHT be cool, but the rest, ugh.

Warface was ok when I played it for 30 seconds 30 years ago but it's too crowded a space to care much (then again, it was also created for the Chinese market, so we're an afterthought), and I'll pay attention to Homefront because it's coming from the guys that made Timesplitters, and before that GoldenEye and Perfect Dark... assuming anyone from those teams is still around.

They seriously need better titles. Less semicolons. Less generic.
 
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