What Maximum Entertainment does

Maximum Entertainment AB (publ) is a global video game publisher headquartered in Stockholm, Sweden, with regional hubs in Saint-Ouen, France, and Walnut Creek, California. The company was formed through a series of acquisitions by predecessor Zordix AB starting in 2021, including Just For Games (February 2021), Merge Games (May 2021), Maximum Games (November 2021), and game studio Mane 6 (2022), before rebranding to Maximum Entertainment in 2023. It operates a 300+ title catalog spanning sports simulations (Maximum Football, Hot Lap Racing, 40 Sports Games in 1), survival and adventure titles (Smalland: Survive the Wilds, Overthrown, Squirrel With a Gun, Until Then, Bramble: The Mountain King), horror and narrative games (Bye Sweet Carole, Morbid: The Lords of Ire), RPGs and action games (Cris Tales, Soulstice, Gordian Quest, Teslagrad 2), and licensed-IP titles (Winx Club: The Magic Is Back, Them's Fightin' Herds, Care Bears: Unlock The Magic). Technical foundations include Unreal Engine 5 for the Smalland franchise sequel, an in-house racing physics engine for Hot Lap Racing, and 10-player cooperative multiplayer architecture in Smalland.

The business operates across three primary revenue streams: direct publishing of proprietary and co-developed titles via digital storefronts (Steam, Epic Games Store, PlayStation Store, Xbox Store, Nintendo eShop) and physical retail; sub-publishing services for third-party publishers covering physical manufacturing and distribution (claimed No. 1 position in Europe and Americas across 50+ countries and thousands of independent retailers); and free-to-play monetization with Season Passes and microtransactions for titles such as Maximum Football. The company also offers full-service publishing support (funding, production, marketing, digital sales, platform relations) to indie and AA developers, with named partnerships including Rainbow (Winx Club), Little Sewing Machine (Bye Sweet Carole), Dee Dee Creations (Squirrel With a Gun), Polychroma Games (Until Then), and Blacknut Cloud Gaming (29 titles). Customer segments split between B2B game developers and third-party publishers seeking physical distribution, and B2C gaming consumers across indie-to-AA genres.

Maximum Entertainment is publicly listed on Nasdaq First North Growth Market (ticker MAXENT B) but underwent a change of control in June 2026 when Olivine Holdings, LLC completed a public cash takeover at SEK 0.30 per share, acquiring approximately 79.32% of shares. FY2025 net revenue was 79.9 MEUR, while Q1 2026 net sales of 10.7 MEUR indicate a significant sequential decline. The company is concurrently executing a restructuring term sheet with creditors and stakeholders after its Board resolved to prepare a liquidation-purpose balance sheet in January 2026 due to equity falling below half of registered share capital, alongside credit facility default notices from Olivine Holdings and ongoing arbitration against former CEO Christina Seelye and former COO Thierry Bonnefoi. Operational continuity is maintained through continued product launches (Smalland 2: Lost Realms, Winx Club: The Magic Is Back, Squirrel With a Gun on Nintendo Switch 2) and new partnerships, but the financial position remains under material stress as of mid-2026.

Name

Maximum Entertainment

Legal name

Maximum Entertainment AB (publ)

Website

https://maximument.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Maximum Entertainment is a global video game publisher with a 300+ title catalog, offering direct publishing, sub-publishing, and physical distribution services across 50+ countries to indie and AA developers, third-party publishers, and gaming consumers.

Ownership category

akta.pro rank

Product category

Video Game Publishing

NAICS

Software Publishers (513210), Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (516210), Software Publishers (51321)

SIC

Wholesale-Computers & Peripheral Equipment & Software (5045), Retail-Hobby, Toy & Game Shops (5945), Miscellaneous Publishing (2741)

akta.pro primary industry

Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console) (MPAFABAB)

akta.pro secondary industries

Cloud/Streaming Distribution Channels (Instant Play, Streaming-first Catalogs) (MPAFABAJ), PC & Console Game Distribution Platforms (BPAMAKAA)

Keywords

• Video game publishing
• Indie game distribution
• Physical game distribution
• Sub-publishing services
• Game development

Headquarters

HQ city

Walnut Creek

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

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

Revenue model

1. Game Sales (Digital): Revenue from digital game sales across PC (Steam, Epic Games Store), PlayStation 5, Xbox Series X/S, and Nintendo Switch platforms through first-party storefronts
2. Game Sales (Physical/Retail): Revenue from physical game distribution through retail stores globally, leveraging manufacturing facilities and strong retailer relationships
3. Sub-publishing Services: Maximum Entertainment sub-publishes third-party games, handling physical distribution from manufacturing to retail. They are described as the No. 1 sub-publisher in Europe and Americas with coverage across thousands of independent stores
4. Free-to-Play / In-Game Purchases: Free-to-play titles like Maximum Football generate revenue through in-game purchases, Season Passes, and microtransactions
5. Publishing Services: Comprehensive publishing services including funding, production, marketing, digital sales management, and platform partnerships for indie to AA developers

Pricing tiers

Go-to-market motion1 record

Distribution channels9 records

Marketing channels6 records

Core offering

Maximum Entertainment is a global video game publisher and distributor that develops, publishes, and distributes a catalog of more than 300 game titles across PC, PlayStation, Xbox, Nintendo Switch, and Nintendo Switch 2 platforms. The company also provides end-to-end publishing services to indie-to-AA developers, including development funding, production, marketing, platform submissions, and physical and digital distribution across more than 50 countries.

Product overview

Maximum Entertainment is a global video game publishing company with a diverse catalog of over 300 titles spanning multiple genres and platforms. The company's core offering centers on publishing and distributing video games developed both internally and through partnerships with third-party studios. Key products include Maximum Football (free-to-play football simulation), Smalland: Survive the Wilds (open-world survival crafting with 10-player co-op), Overthrown (chaotic city builder), Squirrel With a Gun (sandbox shooter), Bye Sweet Carole (narrative horror), Until Then (cinematic adventure), and Winx Club: The Magic is Back (action-adventure). The portfolio includes sports games (40 Sports Games in 1, Hot Lap Racing, Maximum Football), adventure titles (Leo the Firefighter Cat, Bramble: The Mountain King), RPGs (Gordian Quest, Afterimage, Cris Tales), fighting games (Them's Fightin' Herds, Soulstice, Diesel Legacy), and platformers (Teslagrad series). The company also offers publishing services including funding, production, marketing, and global distribution, and operates a playtester community program. Games are available across PC (Steam, Epic Games Store), PlayStation 4/5, Xbox Series X|S, Nintendo Switch, and Nintendo Switch 2.

Differentiator

Problem solved

Functional benefit

Brands

• Just For Games: Video game publishing and distribution brand (now Maximum Entertainment France SAS)
• Merge Games
• Maximum Games

Products and services

• Maximum Football A free-to-play football simulation game with realistic, physics-based gameplay, extensive customization options, multiplayer modes, ranked online competition, and franchise management.
• Bye Sweet Carole A narrative-horror game inspired by classic animation movies in which players follow the last known whereabouts of Carole Simmons to uncover the dark truth behind the Bunny Hall orphanage.
• Overthrown A chaotic city builder for 1-6 players in which players wield a soul-stealing crown to build and manage a kingdom, defend citizens from bandits and mutants, farm land, and gather resources.
• Squirrel With a Gun A sandbox shooter in which players cause chaos as a squirrel with a gun, foraging nuts, stealing cake, and proving they are a rodent not to be trifled with.
• Smalland: Survive the Wilds An open-world survival crafting game set on a tiny scale in which players craft objects, tame creatures, and explore above and underground worlds, featuring multiplayer co-op up to 10 players.
• Smalland 2: Lost Realms Sequel to the Smalland survival series featuring enhanced visuals powered by Unreal Engine 5, a new crafting system, water traversal, climbing mechanics, expanded creature taming, and 10-player cooperative gameplay.
• Winx Club: The Magic is Back An action-adventure game featuring the Winx fairies, combining magical combat, puzzle-solving, and cooperative gameplay across memorable locations from the Winx universe.
• Until Then A cinematic adventure game featuring an intriguing story inspired by real-world locations in the Philippines, exploring everyday environments through a narrative-driven experience.
• Hot Lap Racing A simcade racing game powered by an in-house racing physics engine featuring 50+ cars, 15+ licensed and custom tracks with 70+ layouts, and 30 real racing champions.
• 40 Sports Games in 1 The largest sports collection featuring 40 different sports including football, bowling, volleyball, golf, horse racing, and more, with unlockable costumes and six new sports compared to the previous edition.
• Publishing Services Comprehensive publishing services including funding, game evaluation, production, development, marketing, digital sales, physical sales, global distribution, and platform partnerships. Maximum Entertainment is the No. 1 sub-publisher of games in Europe and the Americas.

Quantifiable outcome

• No. 1 sub-publisher in Europe and Americas
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Dotemu and Auroch DigitalminorStrategic or Co-development Partner · 15 January 2026Maximum Entertainment partnered with Dotemu and Auroch Digital to bring the physical edition of Starship Troopers: Ultimate Bug War to retail on PlayStation 5 and Nintendo Switch 2. Maximum Entertainment handles physical distribution as part of this partnership.
• Rainbow (Studio led by Iginio Straffi)coreStrategic or Co-development Partner · 11 December 2025Maximum Entertainment partnered with Rainbow to publish Winx Club: The Magic Is Back. Rainbow, led by Winx Club creator Iginio Straffi, is developing the game in coincidence with the brand-new animated series. Maximum Entertainment handles publishing including physical distribution in EMEA, North America, Australia, and New Zealand.
• Dee Dee CreationscoreStrategic or Co-development Partner · 16 October 2025Maximum Entertainment partnered with developer Dee Dee Creations to publish Squirrel with a Gun, a hit sandbox shooter. The game launched on Switch 2 in November 2025 following success on other platforms.
• Little Sewing MachinecoreStrategic or Co-development Partner · 9 October 2025Maximum Entertainment partnered with Italian studio Little Sewing Machine to publish Bye Sweet Carole, a horror puzzle platformer inspired by the golden era of animation. The game launched worldwide in October 2025.
• Polychroma GamesminorStrategic or Co-development Partner · 26 June 2025Maximum Entertainment partnered with Polychroma Games to bring Until Then, an acclaimed cinematic visual novel, to Nintendo Switch. The game originally launched on PC and PlayStation.
• Blacknut Cloud GamingcoreChannel Partner/ Reseller/ Distributor · 24 April 2025Maximum Entertainment partnered with Blacknut Cloud Gaming to offer 29 of its games on the Blacknut platform. Blacknut's cloud gaming service allows access to over 500 games across multiple countries, streaming on various devices without downloads. This partnership expands Maximum Entertainment's reach into cloud gaming distribution.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Regional players

• Marvelous Inc. Japanese publisher with anime-licensed and family-friendly IP. Comparable catalog approach though primarily serving the Japanese market and Asia.

Direct peers

• 505 Games: Mid-sized multi-platform publisher with a comparable indie-to-AA portfolio across PC and consoles. Both companies pursue global publishing deals with third-party studios and manage boxed and digital distribution.
• Plaion (formerly Koch Media): Owned by Embracer Group, Plaion combines strong physical distribution across EMEA with publishing across genres—an overlapping model that competes directly with Maximum's sub-publishing franchise.
• THQ Nordic: Embracer Group publisher focused on acquiring and reactivating mid-tier IP. Both companies pursue a buy-and-republish model across multiple platforms and genres.
• Modus Games: US-based indie publisher with a catalog spanning ports and original titles. Comparable scale and genre mix, particularly in family and action-adventure titles.
• Microids: French publisher with a heritage comparable to Maximum's Just For Games subsidiary. Both publish licensed family and adventure IP alongside third-party indie titles across Europe.
• Focus Entertainment (PulluP Entertainment): French publisher of AA and indie titles including Stronghold, A Plague Tale, and Atomic Heart. Comparable mid-cap profile and pan-European retail strategy.
• Nacon (BigBen Interactive): French-headquartered publisher with a similar diversified catalog and strong European retail distribution footprint. Both operate as multi-genre publishers leveraging owned European distribution.
• Team17: UK-listed indie publisher with a similar portfolio breadth and third-party studio partnership model. Both publish across PC and console with comparable headcount.

Broad incumbents

• Embracer Group: Holding company for multiple publishers including Plaion and THQ Nordic. Provides umbrella competitive context as the dominant consolidator in mid-tier publishing.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MaximumEntmt
• Facebookfacebook.com/MaxEntmt
• LinkedInlinkedin.com/company/maximument

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries8 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 Maximum Entertainment