Don’t Nod’s latest financial report reveals mixed results — disappointing sales for Lost Records: Bloom & Rage, but a new partnership with Netflix could turn things around.
The developer–publisher hybrid released its financial results for the first half of 2025, which included several key takeaways. Most notably, Lost Records: Bloom & Rage failed to meet expectations. In parallel, the French studio announced a new partnership with Netflix to create a narrative game based on a “major IP.” The underperformance of Lost Records: Bloom & Rage comes as another blow after last year’s Banishers: Ghosts of New Eden and Jusant also fell short of projections. Overall, the company’s operating revenue dropped 5% year-on-year, totaling €13.9 million.
The future, however, holds promise. The Lonesome Guild launched on October 23 for PlayStation 5, Xbox Series, and PC, offering a new opportunity for the studio. More importantly, the recently signed deal with Netflix centers on developing a new narrative title built around a major intellectual property. The project is being handled by Don’t Nod’s Montreal branch, with Netflix taking on publishing duties.
Still, questions remain. While narrative-heavy games such as Clair Obscur: Expedition 33, Split Fiction, and Dead Take show there’s still strong demand for story-driven experiences, Netflix recently shuttered Squid Game: Unleashed developer Boss Fight Entertainment. Perhaps the company is shifting away from internal development toward a publishing-focused strategy? Or is it simply becoming more cautious about its gaming ambitions?
Whatever the case, this new collaboration could prove crucial for the Paris-based studio. Don’t Nod has shown its narrative prowess before — after all, Life Is Strange remains one of the most iconic story-driven games of its era.
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