People Can Fly
People Can Fly (WSE: PCF) is a Polish AAA game developer founded in 2002, specializing in Unreal Engine-based shooters and action games for global publishers (Microsoft, Square Enix, Take-Two, Sony, Krafton) and increasingly self-publishing through its Cooldown Games division.
- Company typePublic
- Founded2002
- HeadquartersWarsaw, Poland
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingSoftware
What People Can Fly does
People Can Fly (PCF Group Spółka Akcyjna, WSE: PCF) is a Polish video game developer founded in 2002 by Adrian Chmielarz, Michał Kosieradzki, and Andrzej Poznański, currently led by CEO Sebastian Wojciechowski following a 2015 management buyout from Epic Games. The studio specializes in AAA shooter and action games built on Unreal Engine, with a proprietary PCF Framework of extensions and an internal Vicon-based motion capture facility; its released catalog includes Painkiller (2004), Bulletstorm (2011), Gears of War: Judgment (2013), and Outriders (2021, co-developed with Square Enix). Active engagements include co-development on Gears of War: E-Day with Microsoft/The Coalition, Project Gemini with Square Enix, Project Dagger with Take-Two Interactive, Delta with Sony, and Echo plus the Xeno Point PUBG mode with Krafton.
PCF operates from a Warsaw headquarters and studios across Poland (Warsaw, Rzeszów, Katowice, Łódź), the United Kingdom (Newcastle), Ireland (Dublin), Canada (Montreal) and the United States (New York, Chicago), with a workforce of 199-253 full-time talent equivalents as of late 2025 / early 2026, down from a 400+ self-description. The company derives revenue primarily through milestone-based work-for-hire and co-development agreements with major publishers, supplemented by licensing royalties on titles such as Outriders and by a self-publishing line launched in 2025 with Lost Rift on Steam Early Access at $24.99. The April 2026 acquisition of Cooldown Games added an in-house publishing division intended to generate recurring third-party publishing revenue and lift margins on PCF-developed titles. The company has been listed on the Warsaw Stock Exchange since December 2020, with KRAFTON Inc. as a strategic shareholder since March 2023.
People Can Fly firmographics
Firmographics- Name
- People Can Fly
- Legal name
- PCF Group Spółka Akcyjna
- Website
- http://peoplecanfly.com/
- Company type
- Public
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- People Can Fly (WSE: PCF) is a Polish AAA game developer founded in 2002, specializing in Unreal Engine-based shooters and action games for global publishers (Microsoft, Square Enix, Take-Two, Sony, Krafton) and increasingly self-publishing through its Cooldown Games division.
- Ownership category
- akta.pro rank
People Can Fly industry classification
Industry- Product category
- Video Game Development
- NAICS
- Doll, Toy, and Game Manufacturing (339930)
- SIC
- Services-Miscellaneous Amusement & Recreation (7990)
- akta.pro primary industry
- Mobile & F2P Game Studios (MPAFAAAB)
- akta.pro secondary industry
- VR/AR Gaming Platforms (BPAMAKAG)
Keywords
Where People Can Fly is headquartered
LocationHeadquarters
- HQ city
- Warsaw
- HQ country
- Poland
- HQ region
- Europe
Offices8 records
Markets served
People Can Fly business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Work-for-hire game development: PCF receives milestone-based payments for game development work performed for publishers. The company earns compensation for completing development milestones, with additional royalty participation after game sales recoup publisher costs.
- Publishing royalties: After publishers recoup their development and marketing costs, People Can Fly receives a percentage of profits from game sales as royalties from titles developed under co-publishing agreements.
- Self-publishing revenue: Following a 2023 strategy update, PCF develops and self-publishes certain titles (like Lost Rift), retaining full revenue from sales.
- Third-party publishing: Through Cooldown Games acquisition, PCF generates recurring revenue through third-party publishing agreements and improves profit margins on internally developed titles.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Lost Rift Early Access price at launch |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels5 records
People Can Fly product offering
Product offeringCore offering
People Can Fly is a global video game development studio specializing in AAA action-shooter titles built on Unreal Engine. The company develops and co-develops games for major publishers such as Microsoft, Square Enix, Take-Two, Krafton, and Sony, and self-publishes proprietary IP including Lost Rift and Bulletstorm VR across PC, console, and VR digital storefronts globally.
Differentiator
Problem solved
Functional benefit
Brands
- PCF Publishing: Global publishing division handling self-publishing of PCF titles and third-party publishing agreements.
- Incuvo
- Cooldown Games
Products and services
- Outriders AAA cooperative third-person shooter with RPG loot and class-based gameplay, published in partnership with Square Enix for PC and console gamers.
- Outriders Worldslayer
Quantifiable outcome
- Outriders reached 3.5 million unique players in first month after launch
- +3 more outcomes
Companies that use People Can Fly
Customer profileNamed customers5 records
Segments2 records
Ideal customer profiles2 records
People Can Fly technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
People Can Fly partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and major.
- Cooldown GamescorePeople Can Fly acquired the Cooldown Games brand and publishing rights, establishing it as an independent publishing division within the group. The acquisition strengthens PCF's self-publishing capabilities and generates recurring revenue through third-party publishing agreements.
- KraftonmajorPCF and Krafton revealed Xeno Point, a limited-time PvE roguelite mode for PUBG: Battlegrounds. Also includes Echo project with Krafton.
- Microsoft/The CoalitioncorePeople Can Fly joined The Coalition as co-development partners on Gears of War: E-Day, working alongside The Coalition on the next mainline game in the Gears of War series.
- PUBG StudiosmajorCollaboration on Xeno Point limited-time PvE roguelite mode for PUBG: Battlegrounds.
- SonycorePCF is developing Delta with Sony as part of their portfolio of projects.
- Square EnixcoreLong-standing partnership for Outriders development and publishing. Square Enix serves as publisher for Outriders and its Worldslayer expansion. Also working on Project Gemini.
- Take-Two InteractivecorePCF signed development agreement with Take-Two for Project Dagger, an action AAA game.
- Gearbox PublishingmajorGearbox Publishing published Bulletstorm: Full Clip Edition and previously handled Bulletstorm Duke of Switch Edition.
- Incuvo S.A.majorPCF acquired controlling stake in Incuvo S.A., a VR game development studio in Katowice. Incuvo adapts PCF IPs for VR platforms and develops Green Hell VR and Bulletstorm VR.
- Epic GamesmajorHistorical partnership where Epic acquired majority stake in 2007 and full ownership in 2012, then sold back to management in 2015. PCF continues to use Unreal Engine and has contributed to Fortnite and Unreal Tournament development.
- Unreal EnginecorePCF is one of the leading Unreal Engine studios in the industry, developing proprietary PCF Framework extensions for the engine.
Scale indicators15 records
Recent moves13 records
Expansion highlights6 records
People Can Fly competitors and assessment
Company assessmentDirect peers
- CD Projekt Red: Polish AAA game developer (Cyberpunk 2077, The Witcher series) operating from Warsaw. Closest geographic and scale peer to PCF among publicly listed European studios, with comparable WSE-listing dynamics and global publisher partnerships.
- Techland: Polish AAA game developer (Dying Light, Dead Island, Call of Juarez) headquartered in Wrocław. Directly comparable as a Polish AAA action/shooter studio with global publishing relationships and similar headcount scale.
- Crytek: German AAA shooter developer (Crysis series, Hunt: Showdown). Comparable as a European studio specializing in premium FPS/action titles with co-development and self-publishing activity.
- 4A Games: Ukrainian AAA shooter developer (Metro series) now operating across multiple European studios. Comparable as a multi-region, shooter-specialist co-development studio with publisher-funded titles.
- Saber Interactive: US-headquartered game developer and co-development specialist (World War Z, SnowRunner, many AAA ports). Closest functional analogue to PCF's work-for-hire/co-development business model.
- 11 Bit Studios: Polish game developer (Frostpunk, This War of Mine, The Alters) listed on the WSE. Comparable as a Polish publicly listed studio with both self-published and partner-funded titles.
- Sumo Digital: UK-based co-development specialist acquired by Tencent. Directly comparable as a co-development-heavy studio servicing major publishers, with a similar headcount profile to PCF.
- Bloober Team: Polish game developer (The Medium, Silent Hill 2 Remake, Cronos: The New Dawn) listed on the WSE. Comparable as a Polish publicly listed studio with major publisher partnerships and global release slate.
- Avalanche Studios Group: Swedish AAA open-world/action developer (Just Cause, Mad Max, theHunter) with multiple studios. Comparable as a European multi-studio developer servicing major publishers with action-oriented IPs.
Broad incumbents
- Playground Games: UK AAA developer (Forza Horizon series) owned by Xbox Game Studios. Comparable as a AAA co-development partner for Microsoft titles; also a competitor for PCF's Gears of War: E-Day adjacent talent pool.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
People Can Fly social profiles
Digital presencePeople Can Fly financial estimates
Financial estimateRevenue estimate
Valuation estimate
People Can Fly leadership team
Management profileNumber of profiles
Profiles7 records
People Can Fly subsidiaries and ownership
Company hierarchySubsidiaries5 records
People Can Fly funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
People Can Fly M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about People Can Fly
What does People Can Fly do?
People Can Fly is a global video game development studio specializing in AAA action-shooter titles built on Unreal Engine. The company develops and co-develops games for major publishers such as Microsoft, Square Enix, Take-Two, Krafton, and Sony, and self-publishes proprietary IP including Lost Rift and Bulletstorm VR across PC, console, and VR digital storefronts globally.
Is People Can Fly a public or private company?
People Can Fly is a public company. It is classified as public and is currently operating.
When was People Can Fly founded?
People Can Fly was founded in 2002. It employs 501 to 1,000 people.
Where is People Can Fly based?
People Can Fly is headquartered in Warsaw, Poland, in the Europe region.
How does People Can Fly make money?
Four revenue lines are on record. Work-for-hire game development is the primary driver. The others are publishing royalties, self-publishing revenue and third-party publishing.
Who are People Can Fly's main competitors?
Direct peers on record are CD Projekt Red, Techland, Crytek, 4A Games, Saber Interactive, 11 Bit Studios, Sumo Digital, Bloober Team and Avalanche Studios Group. Playground Games is listed as a broad incumbent.
Does People Can Fly have an API?
No public API is recorded for People Can Fly.
What industry is People Can Fly in?
People Can Fly's product category is Video Game Development. Its primary akta.pro industry code is MPAFAAAB, Mobile & F2P Game Studios, with a secondary code of BPAMAKAG, VR/AR Gaming Platforms. Its NAICS code is 339930 and its SIC code is 7990.