Torn Banner Studios
Torn Banner Studios is an independent Toronto-based video game developer and publisher specializing in multiplayer action titles, primarily Chivalry 2 (medieval melee combat) and No More Room in Hell 2 (co-op zombie horror), serving individual gamers globally across PC and console platforms.
- Company typePrivate
- Founded2007
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Torn Banner Studios does
Torn Banner Studios is an independent, privately held video game developer and publisher headquartered in Toronto, Canada. Founded in 2007 as a modding collective that produced the Age of Chivalry mod for Half-Life 2 and transitioned to a commercial studio with the 2012 release of Chivalry: Medieval Warfare (the best-selling Steam game during Christmas week 2012), the studio now employs 11-50 people and operates from an 11,000 sq ft open-concept studio in the Bloorcourt neighborhood. Its core products are Chivalry 2, a first-person multiplayer medieval melee combat title that sold 1 million copies across PC, PlayStation, and Xbox within two months of its 2021 launch, and No More Room in Hell 2, an 8-player co-op action horror game with permadeath mechanics that entered Steam and Epic Early Access in October 2024 following the studio's acquisition of the original developer, Lever Games.
The studio builds on Unreal Engine and develops proprietary systems including the Combat 2.0 directional melee and stamina framework, a weight-based radial inventory system, skill-based team balancing matchmaking, cross-platform party support, and Nitrado-powered unofficial server hosting. Its products are distributed globally through Steam, Epic Games Store, PlayStation Store (including PlayStation Plus monthly games inclusion), Xbox Store, and via a Green Man Gaming distribution partnership for console releases. Revenue is generated through one-time game licenses, a recurring Campaign Pass (battle pass) system priced at 1000 in-game Crowns for the premium tier, cosmetic microtransactions, and the Crowns premium currency, with Early Access and free-weekend promotions used as acquisition levers. Key customers are individual gamers seeking skill-based multiplayer action across PC and consoles; named institutional or enterprise customers are not part of the model. The competitive positioning rests on established Chivalry brand equity, a community-driven development loop (over 8,000 post-launch bug fixes cited for NMRiH2), and active live-service content cadence across both franchises.
Torn Banner Studios firmographics
Firmographics- Name
- Torn Banner Studios
- Legal name
- Torn Banner Studios
- Website
- https://tornbanner.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Torn Banner Studios is an independent Toronto-based video game developer and publisher specializing in multiplayer action titles, primarily Chivalry 2 (medieval melee combat) and No More Room in Hell 2 (co-op zombie horror), serving individual gamers globally across PC and console platforms.
- Ownership category
- akta.pro rank
Torn Banner Studios industry classification
Industry- Product category
- Video Game Development & Publishing
- NAICS
- Amusement Arcades (71312)
- SIC
- Services-Miscellaneous Amusement & Recreation (7990)
- akta.pro primary industry
- AAA & Premium Game Studios (PC/Console) (MPAFAAAA)
- akta.pro secondary industry
- Strategy/4X/Management Game Studios (MPAFAAAK)
Keywords
Where Torn Banner Studios is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Torn Banner Studios business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Game Sales: Direct sales of full game titles through digital storefronts (Steam, Epic Games Store, PlayStation Store, Xbox Store) at standard retail pricing.
- Campaign Pass (Battle Pass): Seasonal battle pass system with free and premium tiers. Premium passes available for 1000 Crowns (in-game currency), offering cosmetics, armor sets, weapons, and customization items.
- Cosmetic Microtransactions: Additional cosmetic bundles and customization items available for direct purchase in the in-game store, including armor sets, helmets, weapons skins, and heraldry.
- In-Game Currency (Crowns): Premium in-game currency used to purchase campaign passes, cosmetic bundles, and other digital items. Purchased with real money.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free Campaign Pass |
| Subscription | Pay-as-you-go | Premium Campaign Pass |
| One time/ perpetual license | Pay-as-you-go | Early Access Pricing - No More Room in Hell 2 |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
Torn Banner Studios product offering
Product offeringCore offering
Torn Banner Studios is an independent video game developer and publisher that creates and sells multiplayer action video games for PC, PlayStation, and Xbox. Its portfolio centers on the Chivalry franchise (Chivalry: Medieval Warfare, Chivalry: Deadliest Warrior, Chivalry 2) and No More Room in Hell 2 (acquired via Lever Games in 2024), monetized through one-time game purchases, seasonal Campaign Passes, cosmetic microtransactions, and an in-game premium currency (Crowns).
Product overview
Torn Banner Studios is an independent video game company that develops and publishes a portfolio of multiplayer action games. The core portfolio consists of Chivalry 2 (a large-scale medieval multiplayer combat game) and No More Room in Hell 2 (an 8-player co-op zombie survival horror game). Supporting the main titles are legacy products Chivalry: Medieval Warfare and Chivalry: Deadliest Warrior. An additional service offering includes Nitrado-powered Unofficial Servers for Chivalry 2, enabling community-hosted custom game servers. The company operates on a games-as-a-service model with regular content updates, Campaign Pass progression systems, and cross-platform multiplayer capabilities.
Differentiator
Problem solved
Functional benefit
Products and services
- Chivalry 2 A first-person multiplayer medieval combat game featuring large-scale Team Objective battles, Team Deathmatch, and Last Team Standing across the Agatha Knights, Mason Order, and Tenosian Empire factions. Supports cross-platform play, skill-based team balancing, Nitrado unofficial servers, and ongoing Campaign Pass progression. Released for PC, PlayStation, and Xbox.
- No More Room in Hell 2 An 8-player cooperative action horror game set in a zombie apocalypse where players take on Responder roles to complete objectives and reach extraction points while scavenging weapons and supplies. Features permadeath mechanics, character progression with skills and loadouts, multiple maps, and the Combat 2.0 melee system with weight-based radial inventory. Available on PC (Steam, Epic Games Store) with planned console release.
- Chivalry: Medieval Warfare The original first-person multiplayer melee slasher that established the Chivalry franchise, blending FPS, fighting game, and third-person action combat. Legacy title available on Steam, PlayStation, and Xbox.
- Chivalry: Deadliest Warrior A DLC expansion for Chivalry: Medieval Warfare featuring the Deadliest Warrior gameplay style with historical warriors and varied combat styles and weapons. Legacy title available on Steam.
Quantifiable outcome
- Chivalry 2 sold 1 million copies within first 2 months of launch
- +2 more outcomes
Companies that use Torn Banner Studios
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
Torn Banner Studios technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Torn Banner Studios partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core, supportive and key.
- Lever GamescoreLever Games, the original developer of No More Room in Hell 2, was acquired by Torn Banner Studios. The majority of the No More Room in Hell 2 team continues to work at the studio on the sequel, bringing their expertise in co-op horror games to Torn Banner's portfolio of action multiplayer games.
- NitradosupportiveNitrado provides server rental infrastructure enabling the Unofficial Server Support feature in Chivalry 2. Players can rent custom servers through Nitrado with various customizable parameters including votekick settings, class limits, warmup timers, match timers, player counts, horse toggle options, and admin controls.
- Green Man GamingkeyGreen Man Gaming serves as the distribution partner for bringing No More Room in Hell 2 to Xbox and PlayStation consoles. Unlike the PC Early Access model, the console version will launch with full release (no Early Access phase), with Green Man Gaming handling distribution logistics for the console platforms.
Scale indicators4 records
Recent moves7 records
Expansion highlights6 records
Torn Banner Studios competitors and assessment
Company assessmentBroad incumbents
- 4A Games: Mid-sized independent developer of the Metro series — comparable in studio scale and as an independent publisher of premium single-player/multiplayer shooters.
- Coffee Stain Studios: Swedish independent developer (Goat Simulator, Satisfactory, Deep Rock Galactic) of comparable size; Deep Rock Galactic in particular is a strong comparable in co-op multiplayer with ongoing live-ops.
Direct peers
- New World Interactive: Developer of Insurgency and Sandstorm — independently published tactical multiplayer shooters, comparable in size and live-ops approach to Torn Banner's catalogue.
- Iron Galaxy Studios: Independent studio known for multiplayer and fighting games plus porting work (Killer Instinct, Divekick). Similar indie scale with a multiplayer-action focus.
- Behaviour Interactive: Developer of Dead by Daylight, an asymmetric multiplayer horror title. Comparable as a mid-sized independent studio operating a long-running multiplayer live-service game.
- Fatshark: Developer of Warhammer: Vermintide and Warhammer 40,000: Darktide — large-scale melee co-op multiplayer games targeting a very similar gameplay niche to Chivalry 2.
- Turtle Rock Studios: Developer of Left 4 Dead and Back 4 Blood — co-op multiplayer zombie/horror games that directly overlap with the No More Room in Hell 2 audience.
- Tripwire Interactive: Independent developer/publisher of multiplayer-focused action games (Killing Floor, Rising Storm, Maneater). Closely comparable in size, business model, and emphasis on community-driven multiplayer shooters.
Others
- Modus Games: Independent game publisher working with mid-sized studios across multiplayer and action titles; relevant ecosystem peer for distribution and publishing partnerships in the indie multiplayer space.
Emerging players
- Frost Giant Studios: Independent studio building a competitive multiplayer RTS title. Comparable as a similarly sized indie studio pursuing ambitious multiplayer projects on Unreal Engine.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Torn Banner Studios social profiles
Digital presenceTorn Banner Studios financial estimates
Financial estimateRevenue estimate
Valuation estimate
Torn Banner Studios leadership team
Management profileNumber of profiles
Profiles4 records
Torn Banner Studios subsidiaries and ownership
Company hierarchySubsidiaries1 record
Torn Banner Studios funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Torn Banner Studios M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Torn Banner Studios
What does Torn Banner Studios do?
Torn Banner Studios is an independent video game developer and publisher that creates and sells multiplayer action video games for PC, PlayStation, and Xbox. Its portfolio centers on the Chivalry franchise (Chivalry: Medieval Warfare, Chivalry: Deadliest Warrior, Chivalry 2) and No More Room in Hell 2 (acquired via Lever Games in 2024), monetized through one-time game purchases, seasonal Campaign Passes, cosmetic microtransactions, and an in-game premium currency (Crowns).
Is Torn Banner Studios a public or private company?
Torn Banner Studios is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Torn Banner Studios founded?
Torn Banner Studios was founded in 2007. It employs 11 to 50 people.
Where is Torn Banner Studios based?
Torn Banner Studios is headquartered in Toronto, Canada, in the North America region.
How does Torn Banner Studios make money?
Four revenue lines are on record. Game Sales are the primary driver. The others are campaign Pass (Battle Pass), cosmetic Microtransactions and in-Game Currency (Crowns).
Who are Torn Banner Studios's main competitors?
Broad incumbents on record are 4A Games and Coffee Stain Studios. Direct peers are New World Interactive, Iron Galaxy Studios, Behaviour Interactive, Fatshark, Turtle Rock Studios and Tripwire Interactive. Modus Games is listed as an others. Frost Giant Studios is listed as an emerging player.
Does Torn Banner Studios have an API?
No public API is recorded for Torn Banner Studios.
What industry is Torn Banner Studios in?
Torn Banner Studios's product category is Video Game Development & Publishing. Its primary akta.pro industry code is MPAFAAAA, AAA & Premium Game Studios (PC/Console), with a secondary code of MPAFAAAK, Strategy/4X/Management Game Studios. Its NAICS code is 71312 and its SIC code is 7990.