Embracer Group

What Embracer Group does

Embracer Group AB is a Swedish public limited company (Nasdaq Stockholm: EMBRAC B) headquartered in Karlstad, Sweden, operating as a global holding company for video game development, publishing, and related entertainment media businesses. As of FY 2024/25 the company employed approximately 7,180 people across nearly 30 countries, a sharp reduction from a peak of 16,601 in FY 2022/23 following a major restructuring. The group operates through six operative groups — THQ Nordic (PC/console publishing), Plaion (publishing and film/TV), DECA Games (mobile and live operations), Dark Horse (comics and entertainment IP), Freemode (entertainment services and archiving), and Crystal Dynamics-Eidos (AAA development) — and owns or controls more than 400 intellectual properties including Tomb Raider, The Lord of the Rings, Metro, Kingdom Come: Deliverance, Deus Ex, Dead Island, Darksiders, Saints Row, and Thief.

The business model combines one-time game licensing across PC, console, and mobile storefronts, freemium and ad-supported mobile monetization, IP licensing for film/TV/merchandise adaptations, and professional co-development/porting services. Distribution is global through digital storefronts (Steam, PlayStation Store, Xbox Store, Nintendo eShop, mobile app stores), retail channels, and strategic publishing partnerships (notably Amazon for Tomb Raider). Underlying technology spans multiple proprietary engines and platforms including VR (Vertigo Games); the Embracer Games Archive initiative preserves over 80,000 physical games, consoles, and accessories.

Embracer is mid-restructuring: it has divested Gearbox Entertainment ($460M to Take-Two, March 2024) and Easybrain ($1.2B to Miniclip, November 2024), spun off Asmodee (Nasdaq Stockholm, February 2025) and Coffee Stain Group (Nasdaq First North Premier, December 2025), and announced the planned 2027 spin-off of Fellowship Entertainment — a separate listed entity that will house its IP-rich franchises and AAA studios. The restructuring was triggered by the June 2023 collapse of a reported $2 billion Savvy Games Group investment that had underwritten its 2021–2022 acquisition spree.

Name

Embracer Group

Legal name

Embracer Group AB

Website

https://embracer.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Embracer Group is a Swedish public holding company (Nasdaq Stockholm: EMBRAC B) operating six operative groups across PC, console, mobile, and VR game publishing, comics, and entertainment, owning 400+ IPs including Tomb Raider, The Lord of the Rings, and Metro, currently restructuring into three separately listed entities following a major divestiture program.

Ownership category

akta.pro rank

Product category

Video Games

NAICS

Software Publishers (51321)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

AAA & Premium Game Studios (PC/Console) (MPAFAAAA)

akta.pro secondary industries

Console Platform Publishing & Licensing (First-Party Platform Holder Programs) (MPAFABAD), Indie Publishing & Label Services (Funding, Marketing, Release Management) (MPAFABAF)

Keywords

• Video game publishing
• Game development
• IP licensing
• Mobile gaming
• Entertainment media

Headquarters

HQ city

Karlstad

HQ country

Sweden

HQ region

Europe

Offices13 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Game Sales (PC/Console): Revenue from publishing and selling video games across PC, PlayStation, Xbox, and Nintendo platforms through digital distribution and retail channels.
2. Mobile Games: Revenue from mobile game publishing and monetization through ad-supported and premium models via app stores.
3. IP Licensing: Licensing of owned intellectual properties (The Lord of the Rings, Tomb Raider, Metro, etc.) for games, film, TV, merchandise, and other media adaptations.
4. Publishing Services: Co-development and porting services for external partners, including Shiver Entertainment's focus on co-development and porting projects.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Embracer Group is a Swedish global holding company that develops, publishes, and distributes video games across PC, console, mobile, and VR platforms through operative groups such as THQ Nordic, Plaion, DECA Games, Dark Horse, Freemode, and Crystal Dynamics-Eidos. It owns or controls more than 400 intellectual properties including Tomb Raider, The Lord of the Rings, Kingdom Come: Deliverance, Metro, Deus Ex, Dead Island, Darksiders, and Saints Row, and licenses these IPs for film, TV, merchandise, and game adaptations.

Product overview

Embracer Group is a Swedish global holding company for creative and entrepreneurial businesses in PC, console, and mobile games, as well as related entertainment media. The company operates through six main operative groups: THQ Nordic (PC/console publishing), PLAION (film/TV/entertainment production), DECA Games (mobile/indie live operations), Dark Horse (comic publishing/merchandising), Freemode (entertainment services/archiving), and Crystal Dynamics - Eidos (AAA development). The portfolio spans over 400 owned or controlled intellectual properties including major franchises like Tomb Raider, The Lord of the Rings, Kingdom Come: Deliverance, Metro, Deus Ex, Dead Island, Darksiders, Saints Row, Thief, Hellboy, and The Umbrella Academy. The group encompasses 53 internal game development studios and engages over 6,000 employees across nearly 30 countries, with plans to spin off Fellowship Entertainment (housing IP-focused assets) as a separate publicly listed company by 2027.

Differentiator

Problem solved

Functional benefit

Brands

• Deep Silver: Game publishing label under Plaion
• Coffee Stain Publishing
• Middle-earth Enterprises
• Game Outlet Europe
• Limited Run Games
• Embracer Games Archive

Products and services

• Tomb Raider

Quantifiable outcome

• Kingdom Come: Deliverance II sold 5 million copies in first year, significantly outpacing the original game
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Amazon (Prime Gaming/Twitch)coreGTM or Marketing PartnerAmazon serves as publisher for upcoming Tomb Raider games, providing publishing infrastructure and marketing support through Prime Gaming. Amazon had also planned a Lord of the Rings MMO project with Embracer, though this was later cancelled.
• Dark Horse EntertainmentcoreStrategic or Co-development PartnerDark Horse Media was acquired by Embracer Group in 2021. Dark Horse has over 300 intellectual properties including Hellboy, Sin City, and 300, and is planning to develop games based on its IP.
• NetflixcoreStrategic or Co-development PartnerDIGIC animation studio acquired in 2021 has worked on notable projects for Netflix. Dark Horse's The Umbrella Academy was adapted by Netflix.
• Fellowship EntertainmentcoreStrategic or Co-development PartnerNew company being spun off from Embracer Group in 2027 to be listed on Nasdaq Stockholm. Will house major IPs including Tomb Raider, The Lord of the Rings, Metro, Kingdom Come Deliverance, and studios including Crystal Dynamics and Eidos-Montréal.

Scale indicators14 records

Recent moves11 records

Expansion highlights5 records

Emerging players

• Krafton: Krafton is a South Korean premium game publisher best known for PUBG/Battlegrounds and is expanding its portfolio with new AAA titles. Comparable to Embracer as a publicly listed publisher with major owned franchises and aggressive global expansion plans, though smaller in scale and IP breadth.

Direct peers

• Square Enix: Square Enix is a Japanese game publisher known for Final Fantasy, Dragon Quest, and the Tomb Raider/Deus Ex franchises it sold to Embracer in 2022. Direct historical counterparty and comparable in AAA/AA publishing model, with major IP catalog and global multi-platform publishing.
• Activision Blizzard (Microsoft Gaming): Activision Blizzard (now part of Microsoft) is one of the largest game publishers with major franchises (Call of Duty, World of Warcraft, Diablo, Overwatch). Highly comparable to Embracer in franchise-driven AAA publishing; Brian Ward (Embracer board) led Worldwide Studios at Activision, and the platforms target the same global gaming audience.
• Bandai Namco Entertainment: Bandai Namco Entertainment is a major Japanese game publisher with franchises including Tekken, Dark Souls/Elden Ring (co-developed with FromSoftware), and Pac-Man. Comparable to Embracer in multi-platform franchise publishing and cross-media IP monetization.
• CD Projekt: CD Projekt is a Polish premium game developer/publisher known for The Witcher and Cyberpunk 2077 franchises. Directly comparable to Embracer in being a European-based AAA publisher with major owned IPs and a strategy of converting games into broader media franchises.
• Electronic Arts: Electronic Arts is one of the world's largest game publishers with major franchises (EA Sports FC, Apex Legends, The Sims, Battlefield) and a portfolio of owned studios. Comparable to Embracer in scale, multi-platform publishing, and franchise-based model, with Brian Ward's board experience at EA underscoring the parallel.
• Take-Two Interactive: Take-Two Interactive is a global interactive entertainment company developing and publishing games through Rockstar, 2K, and Zynga. Highly comparable to Embracer as a multi-label PC/console publisher/developer; notably, Take-Two acquired Gearbox from Embracer for $460M in 2024, making it a direct counterparty and competitor.
• Ubisoft: Ubisoft is a major French game publisher/developer with owned franchises (Assassin's Creed, Far Cry, Tom Clancy) and global studio network. Directly comparable to Embracer in being a multi-studio, multi-franchise European publisher with similar scale and ongoing restructuring pressures.
• Capcom: Capcom is a Japanese premium game developer/publisher with major franchises (Resident Evil, Monster Hunter, Street Fighter). Comparable to Embracer as a focused, profitable AAA studio with deep owned IP and successful long-running franchise releases.

Broad incumbents

• NetEase: NetEase is one of China's largest game companies with both self-developed and published titles spanning PC, console, and mobile. Comparable to Embracer in scale and global footprint, though with a stronger mobile/Asia tilt; it represents the broader competitive landscape for AAA and live-service games.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/embracergroup
• YouTubeyoutube.com/channel/UCFq1IPfyTFFeyKOnsdI40ew/featured
• LinkedInlinkedin.com/company/embracergroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries18 records

Funding overview

Funding rounds6 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A21 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Embracer Group