Mad Head Games

What Mad Head Games does

Mad Head Games is a privately held video game development studio headquartered in Belgrade, Serbia, with additional studios in Novi Sad and Sarajevo, Bosnia and Herzegovina. Founded in 2011, the company operates as a subsidiary of Saber Interactive (independent since March 2024 following its separation from Embracer Group) and employs 51-100 staff across two countries. The studio originally built its reputation on casual Hidden Object Puzzle Adventure (HOPA) games distributed via Big Fish Games, Apple App Store, Google Play, and Steam, amassing more than 60 titles across franchises such as Rite of Passage, Nevertales, Cadenza, and Shadowplay.

Since 2021 the company has executed a strategic pivot to AAA action games for PC and consoles, built on Unreal Engine with full in-house development (no outsourcing). Current core products include the sci-fi action-adventure shooter Scars Above (published by Koch Media/Prime Matter, launched 2023), the first-person horror title Clive Barker's Hellraiser: Revival (announced 2025), the Star Wars: Knights of the Old Republic Remake (assumed from Aspyr), and an unannounced AAA title based on a major licensed IP. Earlier milestones include Pagan Online, which became the best-selling RPG on Steam in 2019 under Wargaming Alliance publishing.

The business model combines direct-to-consumer game sales (one-time perpetual licenses) on global digital storefronts with licensing/royalty arrangements through publishing partners for flagship AAA titles. Revenue mechanics are hit-driven and IP-dependent: success hinges on a small number of high-budget releases rather than recurring SaaS-style revenue, with a long-tail legacy HOPA catalog providing modest baseline cash flow. Target customers have shifted from casual HOPA players to core/action and horror gamers on PC and consoles, served via global Steam, App Store, and Google Play distribution plus publisher-led marketing for major releases.

Name

Mad Head Games

Legal name

Mad Head Games doo Novi Sad

Website

https://madheadgames.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

Mad Head Games is a Serbia-based video game developer and subsidiary of Saber Interactive, building AAA action and horror games for PC and consoles using Unreal Engine, with flagship titles including Scars Above and Clive Barker's Hellraiser: Revival serving core gamer audiences globally.

Ownership category

akta.pro rank

Product category

Video Game Development

NAICS

Doll, Toy, and Game Manufacturing (339930)

SIC

Games, Toys & Children's Vehicles (No Dolls & Bicycles) (3944)

akta.pro primary industry

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

akta.pro secondary industry

Narrative/Adventure & RPG Game Studios (MPAFAAAL)

Keywords

• Video game development
• AAA action games
• Hidden object puzzle games
• Mobile game development
• Unreal Engine games

Headquarters

HQ city

Novi Sad

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Game Sales: Direct sales of PC, Mac, iOS, and Android games through digital distribution platforms and their own website.
2. Publishing Partnerships: Publishing deals with partners like Koch Media for distribution and marketing support on major titles like Scars Above.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Mad Head Games is a Serbian video game development studio that designs, develops, and publishes video games for PC, consoles, and mobile platforms using Unreal Engine. The studio's portfolio spans action-adventure shooters, first-person horror survival, ARPGs, and Hidden Object Puzzle Adventure (HOPA) titles, with 60+ games created since its 2011 founding. It operates as a subsidiary of Saber Interactive.

Product overview

Mad Head Games is a Serbian video game developer that has evolved from casual Hidden Object Puzzle Adventure (HOPA) games to AAA action games for PC and consoles. Their current portfolio centers on two flagship action games: Clive Barker's Hellraiser: Revival (first-person horror survival) and Scars Above (sci-fi action-adventure shooter). They also developed Pagan Online (ARPG). Their legacy includes over 60 HOPA titles spanning multiple sub-brands: Nevertales (portal fantasy), Rite of Passage (mystery/supernatural), Cadenza (music-themed), Dark Realm (fantasy RPG), Maze (psychological horror), Shadowplay (shadow horror), Dawn of Hope (post-apocalyptic fantasy), Wanderlust (exploration), Fright Chasers (paranormal investigation), Beyond (sci-fi), Donna Brave (supernatural mystery), and Moonsouls (fantasy/celestial). They also developed casual mobile games including Pocket Settlers, 100 Doors: Magic Word, Monster Loops, and Tap Temple. The studio is currently developing an unannounced AAA game based on a famous IP and is involved in the Star Wars: Knights of the Old Republic remake. Mad Head Games develops using Unreal Engine and operates as a subsidiary of Saber Interactive.

Differentiator

Problem solved

Functional benefit

Products and services

• Clive Barker's Hellraiser: Revival First-person action horror survival game based on Clive Barker's iconic Hellraiser franchise. Features Pinhead and the Cenobites in a revamped horror experience for PC and consoles.
• Scars Above Challenging sci-fi third-person action-adventure shooter combining rewarding difficulty with a compelling story set in a mysterious alien world. Published by Koch Media.
• Pagan Online ARPG originally named Kingewitch. Won Best Desktop Game at Moscow's Dev GAMM in 2017. Became best-selling RPG on Steam in 2019 after Early Access release. Published by Wargaming Alliance.
• Adam Wolfe Indie HOPA series featuring Adam Wolfe, a detective of the paranormal. Set in San Francisco with supernatural phenomenon intertwined with the criminal underworld. First HOPA series released on Steam.
• Rite of Passage Series HOPA series featuring mystery and supernatural themes. Includes titles like The Perfect Show, Hide and Seek, Child of the Forest, Heart of the Storm, and others. The first HOPA collaboration with Big Fish Games began in 2012.
• Nevertales Series HOPA series including titles like Hidden Doorway, Smoke and Mirrors, Beauty Within, Legends, Shattered Image, Creator's Spark, Faryon, and Hearthbridge Cabinet. Features portal/taleworld fantasy themes.
• Cadenza Series HOPA series with music-themed narratives including Havana Nights, Music Betrayal and Death, Kiss of Death, Fame Theft and Murder, and Eternal Dance.
• Dark Realm Series HOPA series featuring Queen Valera including Princess of Ice, Lord of the Winds, and Queen of Flames. Fantasy RPG-themed hidden object adventures.
• Shadowplay Series HOPA series including Harrowstead Mystery, Forsaken Island, Darkness Incarnate, and Whispers of the Past. Features shadow/horror themes.
• Maze Series HOPA horror series including Subject 360, The Broken Tower, Nightmare Realm, and Stolen Minds. Features psychological horror themes.
• Dawn of Hope Series HOPA series including Skyline Adventure, Daughter of Thunder, and Frozen Soul. Features fantasy post-apocalyptic themes.
• Wanderlust Series HOPA series including Bermuda Secret, City of Mists, Shadow Monolith, and What Lies Beneath. Features exploration and mystery themes.
• Fright Chasers Series HOPA series following paranormal investigators including Dark Exposure, Soul Reaper, and Director's Cut. Features supernatural horror themes.
• Beyond Series HOPA sci-fi series including Light Advent and Star Descendant. Features space exploration and alien themes.
• Donna Brave Series HOPA series featuring supernatural investigator Donna Brave including Strangler of Paris and Deathly Tree. Features paranormal mystery themes.
• Moonsouls Series HOPA series including Lost Sanctum and Echoes of the Past. Features fantasy and celestial themes.
• Pocket Settlers Mobile city-building/settlement game available on iOS and Android platforms.
• 100 Doors: Magic Word Mobile puzzle game available on iOS and Android platforms.
• Monster Loops Mobile color-matching puzzle game featuring monster characters. Available on iOS.
• Rocking Pilot Arcade bullet hell shooter game. Features retro-style gameplay with modern graphics.
• ACHIEVE - Discover New Earth Mobile game available on iOS platform.
• Tap Temple Mobile monster clicker game available on iOS and Android.

Quantifiable outcome

• Best Selling RPG on Steam in 2019 (Pagan Online)

Named customers4 records

Segments2 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

Four partnerships are on record, tiered core and minor.

• Koch MediacoreChannel Partner/ Reseller/ DistributorPublisher for Scars Above, Mad Head Games' sci-fi action-adventure shooter. Koch Media handled publishing duties for the 2023 release.
• Wargaming AllianceminorChannel Partner/ Reseller/ DistributorSigned publishing deal with Wargaming Alliance for Pagan Online, the ARPG title. Deal signed in 2018 for future release.
• Big Fish GamescoreChannel Partner/ Reseller/ DistributorLong-standing collaboration partner for HOPA (Hidden Object Puzzle Adventure) game distribution since 2012. First HOPA title Rite of Passage: The Perfect Show reached an audience of a million.
• Serbian Gaming Association (SGA)minorStrategic or Co-development PartnerCo-founded the Serbian Gaming Association in 2018, working with other eminent studios from Serbia to develop the regional gaming scene.

Scale indicators3 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Saber Interactive: Parent company and co-developer of AAA action/shooter titles (World War Z, Warhammer 40,000: Space Marine 2). Directly comparable in engine choice (Unreal/Saber Engine), genre focus, and Eastern European cost base, and serves as the most relevant strategic and operational peer for Mad Head.
• Warhorse Studios: Czech AAA studio behind Kingdom Come: Deliverance, a narrative-driven action RPG built on a comparable Eastern European cost base with similar team scale (~150–250). Highly comparable business model, regional dynamics, and AAA ambitions.
• Flying Wild Hog: Polish developer of Shadow Warrior 3 and Trek to Yomi. Comparable Eastern European AAA action/shooter studio of similar size, using Unreal Engine and operating with publisher backing (Devolver/Devolver Digital, 505 Games).
• Deck13: Frankfurt-based developer of The Surge and The Surge 2 — Unreal Engine action RPGs of comparable scope and team size, distributed via major publishers (Focus Home/Koch Media/Prime Matter). Closely comparable in genre and engine.
• Coffee Stain Studios: Swedish studio behind Satisfactory, Deep Rock Galactic, and Goat Simulator. Comparable in Unreal Engine usage, multi-genre catalog, publisher-backed AAA-adjacent projects, and small-team-to-AAA scaling trajectory.
• Bloober Team: Polish horror developer (Layers of Fear, Observer, The Medium, Silent Hill 2 Remake). Closely comparable on Unreal Engine, licensed horror IP (Hellraiser parallels Silent Hill 2), and Eastern European AAA ambition.

Broad incumbents

• 4A Games: Ukrainian developer of the Metro series, owned by Embracer Group. Comparable in Unreal Engine, AAA action/shooter focus, and Eastern European origin, but operates at a larger scale and is now part of the same former corporate parent ecosystem (Saber Interactive).
• Techland: Polish AAA developer of Dying Light and Call of Juarez. Comparable Unreal Engine action-shooter pedigree and CEE base, but materially larger headcount and broader commercial footprint.
• Larian Studios: Belgian developer of Baldur's Gate 3 and Divinity. Comparable in European origin, RPG genre overlap with Pagan Online, and AAA publisher-distributed model, though materially larger after the BG3 success.

Emerging players

• Frogwares: Ukrainian developer of the Sherlock Holmes series and The Sinking City. Comparable Eastern European cost base, mid-size studio, Unreal Engine action-adventure work, and self-publishing plus licensed-IP model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/madheadgames
• Facebookfacebook.com/madheadgames
• LinkedInlinkedin.com/company/2568197
• Instagraminstagram.com/madheadgames

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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 Mad Head Games