Don'tNod Entertainment

What Don'tNod Entertainment does

Don'tNod Entertainment S.A. is an independent video game developer and publisher headquartered in Paris (founded 2008) with a second studio in Montreal (established 2020). The company develops and self-publishes narrative-driven video games across genres including narrative adventure, action-RPG, and action-puzzle. Its portfolio spans more than fifteen proprietary titles, anchored by the Life is Strange franchise — winner of a BAFTA Games Award for Best Story and over sixty industry awards by end of 2015 — alongside Vampyr, Tell Me Why, Twin Mirror, Harmony: The Fall of Reverie, Jusant, Banishers: Ghosts of New Eden, Lost Records: Bloom & Rage, and the 2026 science-fiction title Aphelion developed in collaboration with the European Space Agency.

The company's underlying capability is its proprietary narrative game development framework — branching storylines, choice-based mechanics, and emotionally driven character work — that supports both first-party IP development and third-party publishing (titles published for Studio Tolima, PortaPlay, and Tiny Bull Studios). Distribution is multi-platform direct via Steam, PlayStation Store, Xbox Store, Nintendo eShop, and Epic Games Store, supplemented by physical retail (Maximum Entertainment) and subscription platform inclusions (PlayStation Plus, Xbox Game Pass). A new development agreement with Netflix, announced in October 2025, extends the company into streaming-platform game distribution.

Don'tNod's business model combines direct-to-consumer digital sales of self-published titles (one-time license), revenue shares from third-party publishing, modest subscription-platform revenue, and periodic equity capital raises. Its H1 2025 revenue of €7 million was accompanied by a €13.1 million write-down on Lost Records: Bloom & Rage, which underperformed expectations and triggered studio reorganization and layoffs. The company is publicly listed on Euronext Paris (ticker DONTN) and counts Tencent Holdings among its largest shareholders following the ~€46 million 2023 capital raise.

Name

Don'tNod Entertainment

Legal name

DON'T NOD ENTERTAINMENT S.A.

Website

https://dont-nod.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

Don'tNod Entertainment is an independent French video game developer and publisher (Paris and Montreal) creating narrative-driven games across adventure, action-RPG, and action-puzzle genres, self-publishing owned IPs such as Life is Strange, Vampyr, Banishers, and Aphelion directly to global digital storefronts and subscription platforms.

Ownership category

akta.pro rank

Product category

Narrative Video Games

NAICS

Software Publishers (5132)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Full-Service Game Publishers (1st/2nd/3rd-Party Publishing) (MPAFABAA)

akta.pro secondary industry

Subscription, Bundling & Membership Distribution (Game Pass-like, Humble-like) (MPAFABAI)

Keywords

• Narrative video games
• Indie game development
• Action RPG games
• Game publishing services
• Choice-driven gameplay

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Game Sales (Self-Publishing): DONTNOD self-publishes its own titles directly to consumers via digital storefronts (Steam, PlayStation Store, Xbox, Epic Games Store, Nintendo Switch) and through physical retail editions distributed via partners. Revenue is generated through one-time purchase prices per game title. The company also auto-publishes (self-edits) most of its own games, retaining a larger share of revenue compared to traditional publishing deals.
2. Third-Party Game Publishing: DONTNOD acts as publisher for external developers, providing publishing expertise, distribution, and marketing. The company has published titles from Studio Tolima (Koira), PortaPlay (Gerda: A Flame in Winter), and others. Revenue is generated through publishing fees and revenue-sharing arrangements with external studios.
3. Subscription Platform Revenue: Revenue is generated when DONTNOD titles are added to subscription services such as PlayStation Plus and Xbox Game Pass. The company's latest release (Banishers: Ghosts of New Eden or Lost Records: Bloom & Rage) being added to PlayStation Plus contributed to a significant H1 revenue increase to €7 million.
4. Capital Raises and Strategic Investment: DONTNOD raises equity capital from institutional and individual investors, with major shareholder Tencent Holdings Limited participating in capital increases. In February 2023, the company raised approximately €46 million through an accelerated book-building process to fund upcoming game releases and development projects.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels7 records

Core offering

DontNod Entertainment is an independent video game developer and publisher that creates narrative-driven games across multiple genres (narrative adventure, action RPG, action-puzzle). The company self-publishes its own titles on all major platforms (PC, PlayStation, Xbox, Nintendo Switch) and operates a publishing label that brings third-party indie games (e.g., Koira, Gerda: A Flame in Winter) to market via its distribution network.

Product overview

DON'T NOD Entertainment is an independent video game developer and publisher operating two studios in Paris and Montréal. The company's product portfolio consists of original narrative-driven games spanning multiple genres including narrative adventures, action RPGs, and action-puzzle games. The core products include the Life is Strange series (Life is Strange, Life is Strange 2, The Awesome Adventures of Captain Spirit), Tell Me Why, Twin Mirror, Vampyr, Remember Me, Harmony: The Fall of Reverie, Jusant, Gerda: A Flame in Winter, Banishers: Ghosts of New Eden, Lost Records: Bloom & Rage, Koira, The Lonesome Guild, and Aphelion. The company also publishes games from external developers through partnerships. Recent titles emphasize player choice and consequence mechanics, with the latest releases including Aphelion (2026, ESA collaboration), Lost Records: Bloom & Rage (2025), and Banishers: Ghosts of New Eden (2024). Distribution is handled through multiple platforms including Steam, PlayStation, Xbox, and Nintendo Switch, with publishing partnerships including Focus Entertainment, Netflix, and Maximum Entertainment.

Differentiator

Problem solved

Functional benefit

Products and services

• Aphelion Science-fiction adventure game in which stranded astronaut Ariane must traverse rugged landscapes and shifting realities on frozen planet Persephone to rescue her wounded partner Thomas. Developed in collaboration with the European Space Agency, integrating realistic space-exploration methodology. Released on PC, PlayStation 5, and Xbox Series X/S.
• The Lonesome Guild Colorful top-down action RPG where a lovable cast of characters must take on a quest of impossible odds by working together. For players seeking action RPG with co-op-style narrative gameplay.
• Lost Records: Bloom & Rage Narrative adventure from the creators of Life is Strange, following four high school girls in 1995 forming a punk band whose friendship and lives are disrupted by an unexplained event, told across dual timelines (1995 and 2022). Choices matter and feature a female lead.
• Koira Hand-drawn musical adventure published by DontNod and developed by Studio Tolima, in which players save a puppy and journey together to the heart of a magical forest, discovering hidden powers while running from danger.
• Jusant Action-puzzle climbing game described as a meditative journey to the top of a tall tower. Released on Xbox Series X|S, PlayStation 5, and PC.
• Harmony: The Fall of Reverie Narrative adventure in which the player uses clairvoyance to see into the future and prevent an apocalypse threatening the balance between the mortal world and deities. Features choices that matter, multiple endings, and a story-rich experience.
• Banishers: Ghosts of New Eden Story-driven action-RPG where players hunt ghosts as Banishers Antea Duarte and Red mac Raith, with choices that have major consequences (sacrifice, banish, or elevate souls). Co-produced with Focus Entertainment.
• Gerda: A Flame in Winter Narrative RPG-lite inspired by true events, where players have five days to save their husband arrested by the Gestapo in a WWII-occupied Danish village. Published by DontNod and developed by PortaPlay.
• Twin Mirror Narrative adventure in which former investigative journalist Sam Higgs returns to his hometown to investigate his best friend's death and confront the town's troubled past. Features drama, multiple endings, and a thriller tone.
• Tell Me Why Narrative adventure featuring reunited twins Tyler and Alyson Ronan who use their supernatural bond to unravel memories of their troubled childhood in small-town Alaska. Developed with consulting from LGBTQIA+ advocacy organization GLAAD; Tyler is a transgender protagonist. Originally published by Xbox Game Studios in 2020 and made available on Xbox Game Pass at launch. Featured in a 2026 free-to-keep Steam Pride Month promotion.
• Life is Strange 2 Narrative adventure following brothers Sean and Daniel Diaz, who run away from home after a tragic incident and head to Mexico while dealing with Daniel's emerging telekinetic powers. Sequel entry in the Life is Strange franchise.
• The Awesome Adventures of Captain Spirit Free narrative adventure featuring 9-year-old Chris, who imagines himself as a superhero and embarks on extraordinary adventures through imagination and toys. Free-to-play release serving as a bridge into the Life is Strange 2 universe.
• Vampyr Action RPG set in 1918 London in which players take the role of newly-turned Vampyr Dr. Jonathan Reid, who must find a cure for his vampirism while being cursed to feed on the patients he once vowed to heal. Published by Focus Home Interactive in 2018.
• Life is Strange Original narrative adventure in which photography student Max Caulfield discovers she can rewind time while trying to save her best friend Chloe Price. The first entry in the Life is Strange franchise, published by Square Enix in 2015 and winner of over 60 awards including BAFTA Best Story (2016).
• Remember Me Action-adventure game set in Neo-Paris 2084 in which Nilin, a former memory hunter, can break into people's minds to steal or alter memories. DontNod's debut title, published by Capcom in 2013.

Quantifiable outcome

• Life is Strange won over 60 awards by end of 2015, including BAFTA Best Story (2016) and Golden Joystick Best Gaming Performance Award (2015).
• +3 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

Feature2 records

Partnerships

Ten partnerships are on record, tiered flagship, minor and core.

• European Space Agency (ESA)flagshipStrategic or Co-development Partner · 8 May 2026DONTNOD partnered with the ESA to develop Aphelion, a science-fiction adventure game launched April 28, 2026. ESA scientists, engineers, and astronauts collaborated directly with DONTNOD to develop gameplay based on realistic space exploration methodology. ESA also created a fictional Hope-01 mission page on its website as part of outreach efforts. The collaboration combines cinematic narration with scientifically-grounded survival and research elements.
• Insert CoinminorChannel Partner/ Reseller/ Distributor · 12 December 2025DONTNOD partnered with Insert Coin to create a merchandise collection inspired by Lost Records: Bloom & Rage. The new collection will bring the game's world and characters into apparel and accessories, scheduled for release in 2026.
• NetflixcoreStrategic or Co-development Partner · 31 October 2025DONTNOD announced a partnership with Netflix to develop a new narrative video game based on a major IP, representing a new distribution and development channel for the company. This partnership expands DONTNOD's go-to-market beyond traditional gaming platforms into streaming entertainment.
• Netflix (Major IP Game)coreStrategic or Co-development Partner · 29 October 2025DON'T NOD announced a deal with Netflix to develop a new narrative video game based on a major IP. This follows the H1 revenue report and represents a strategic expansion into streaming platform gaming content.
• Focus EntertainmentcoreStrategic or Co-development Partner · 1 December 2022DONTNOD and Focus Entertainment have a co-production and publishing partnership spanning multiple titles. Focus Entertainment co-produced and published Banishers: Ghosts of New Eden with DONTNOD (released February 2024) and previously published Jusant (released October 2023). The partnership is described as a continued collaboration on narrative action RPG titles.
• Maximum EntertainmentcoreChannel Partner/ Reseller/ DistributorDONTNOD partnered with Maximum Entertainment for physical retail distribution of its games. Maximum Entertainment handles physical edition distribution for titles including Aphelion (PS5 physical edition) and Lost Records: Bloom & Rage (PS5 physical edition).
• Studio TolimaminorStrategic or Co-development PartnerDONTNOD announced a new co-production with Studio Tolima for the game Koira, a cozy hand-drawn musical adventure. DONTNOD publishes the game developed by the Belgian studio Studio Tolima.
• PortaPlayminorStrategic or Co-development PartnerDONTNOD entered into a publishing partnership with Danish studio PortaPlay to publish Gerda: A Flame in Winter (released September 2022 on Steam and Nintendo Switch), an intimate narrative RPG-lite inspired by true events during WWII. DONTNOD also published the bundle with 11 bit Studios' This War of Mine.
• Tiny Bull StudiosminorStrategic or Co-development PartnerDONTNOD announced a new co-production on the action-RPG segment with Tiny Bull Studios in September 2022, expanding its publishing and co-development portfolio.
• GLAADminorStrategic or Co-development PartnerTell Me Why was developed with consulting from LGBTQIA+ advocacy organization GLAAD to ensure authentic and respectful representation of a transgender protagonist (Tyler Ronan). The game was offered for free during Pride Month 2026 as part of Steam's Free-to-Keep Promotion.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Remedy Entertainment: Finnish publicly-listed developer of narrative-driven games (Control, Alan Wake, Max Payne). Most direct comparable in terms of size, single-studio (with growth) model, narrative-action emphasis, and AAA-with-indie-soul positioning.
• Quantic Dream: French narrative adventure developer (Detroit: Become Human, Heavy Rain). Closely comparable on narrative specialism, French/European heritage, branching-storyline gameplay, and publishing mix between self-published and partner-backed titles.
• Deck Nine Games: US-based developer of Life is Strange: True Colors and Life is Strange: Double Exposure. Highly comparable as a narrative-adventure specialist that took over a flagship DONTNOD franchise and operates at similar studio scale.
• Supermassive Games: UK narrative-horror developer (Until Dawn, The Dark Pictures Anthology). Comparable as a mid-sized narrative/studio with choice-and-consequence mechanics, console focus, and publishing partnerships with larger publishers.
• Larian Studios: Belgian narrative-RPG developer (Divinity, Baldur's Gate 3). Comparable as a European publicly-adjacent independent developer that pivoted from publishing to self-publishing and achieved breakout IP-led growth.

Broad incumbents

• CD Projekt Red: Polish narrative-RPG developer (The Witcher, Cyberpunk). Comparable narrative specialism, self-publishing model (GOG/CD Projekt), and European publicly-listed independent developer profile — though materially larger.
• BioWare: Canadian narrative-RPG developer (Mass Effect, Dragon Age) under EA. Comparable on narrative-RPG craft, choice-and-consequence mechanics, and Canadian (Montreal/Edmonton) studio footprint overlapping DONTNOD Montreal.
• Naughty Dog: Industry-leading narrative-action studio (The Last of Us, Uncharted). Comparable as the upper-bound narrative-game benchmark DONTNOD competes with for awards and audience attention.

Emerging players

• Night School Studio: Narrative-focused indie studio (Oxenfree, Afterparty) acquired by Netflix. Comparable as narrative-specialist acquired by a streaming platform — directly relevant context for the DONTNOD–Netflix partnership.

Others

• Focus Entertainment: French publisher and partner of DONTNOD on Banishers and Jusant. Highly relevant as both a publishing counterpart and a comparable European mid-cap independent publisher/developer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DONTNOD_Ent
• Facebookfacebook.com/DONTNOD.Entertainment
• Instagraminstagram.com/dontnod_ent
• LinkedInlinkedin.com/company/dontnod-entertainment

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

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

M&A

Investments

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

Frequently asked questions about Don'tNod Entertainment