Studio MDHR
Studio MDHR is an independent Canadian video game developer best known for Cuphead, a hand-drawn 1930s-style run-and-gun game. It sells games across major console and PC platforms, monetizes through DLC, merchandise, and a Netflix animated series, and is developing additional retro and hand-animated titles.
- Company typePrivate
- Founded2010
- HeadquartersOakville, Canada
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Studio MDHR does
Studio MDHR is an independent Canadian video game developer founded and co-owned by brothers Chad and Jared Moldenhauer (founded circa 2010–2013 in Ontario, legally StudioMDHR Entertainment Inc.). Operating as a distributed studio of 11–50 employees with talent worldwide, the company specializes in hand-crafted, period-authentic games built primarily around its flagship Cuphead franchise.
Its core products are built on deliberately anachronistic technical foundations: Cuphead — Don't Deal with the Devil (2017) uses hand-drawn cel animation, watercolor backgrounds, and an original big-band jazz soundtrack performed by the Inkwell Isles Philharmonic, deployed cross-platform via the Unity engine across Xbox One, PlayStation 4, Nintendo Switch, PC (Steam, GOG, Microsoft Store), and Mac. The Delicious Last Course DLC (June 2022, $7.99 USD) extended the game with new playable character Ms. Chalice and sold 1 million units within two weeks. Two new titles were announced at Summer Game Fest 2026: Mighty Cuphead Adventure, an 8-bit platformer programmed in authentic 1980s Assembly Language for the Sega Master System and playable on physical cartridges; and an untitled fully hand-animated Cuphead sequel in early development.
The company operates a hybrid B2C revenue model combining one-time game license sales (Cuphead base game and DLC across all major digital storefronts), consumer products via a partnership with iam8bit (apparel, keychains, caps), physical game editions through iam8bit and SuperDeluxeGames, and licensing/royalty income from Netflix Animation's three-season 'The Cuphead Show!' series and soundtrack rights administered by Create Music Group. The Cuphead IP is the company's primary economic engine and has achieved outsized brand recognition including Platinum and Triple Platinum sales milestones, a Super Smash Bros. Ultimate crossover, and identification as an Xbox console-defining title for the Xbox One generation.
Studio MDHR firmographics
Firmographics- Name
- Studio MDHR
- Legal name
- StudioMDHR Entertainment Inc.
- Website
- https://studiomdhr.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Studio MDHR is an independent Canadian video game developer best known for Cuphead, a hand-drawn 1930s-style run-and-gun game. It sells games across major console and PC platforms, monetizes through DLC, merchandise, and a Netflix animated series, and is developing additional retro and hand-animated titles.
- Ownership category
- akta.pro rank
Studio MDHR industry classification
Industry- Product category
- Indie Video Games
- NAICS
- Software Publishers (5132)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Indie Game Studios (MPAFAAAC)
Keywords
Where Studio MDHR is headquartered
LocationHeadquarters
- HQ city
- Oakville
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Studio MDHR business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Video Game Sales (Base Game): Cuphead (Don't Deal with the Devil) is sold as a one-time purchase across all major platforms including Xbox One, PlayStation 4, Nintendo Switch, PC (Steam, GOG, Microsoft Store), and Mac.
- DLC Expansion Sales (The Delicious Last Course): The Delicious Last Course DLC is sold as a one-time add-on priced at $7.99 USD / $9.99 CAD / €7.99 / £6.79. Requires ownership of the base Cuphead game. Achieved 1 million units sold within two weeks of launch.
- Merchandise and Consumer Products: Studio MDHR has developed a global consumer product program including merchandise sold through partner iam8bit, featuring apparel, collectibles, keychains, and physical editions. Also includes physical cartridge releases for Sega Master System.
- Licensing and Media Rights: Cuphead has spawned a global consumer product program and was adapted into a Netflix animated series 'The Cuphead Show!' available across three seasons. Studio MDHR offers press kits and licensing inquiries through their website.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | 40% off sale on select platforms |
| One time/ perpetual license | Pay-as-you-go | The Delicious Last Course DLC |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels7 records
Studio MDHR product offering
Product offeringCore offering
Studio MDHR is an independent video game developer that creates and publishes hand-crafted action games, headlined by the Cuphead franchise. Its flagship title, Cuphead: Don't Deal with the Devil (2017), is a run-and-gun action game featuring traditional 1930s-style hand-drawn cel animation, watercolor backgrounds, and original big-band jazz recordings. The studio extends this flagship via downloadable content (The Delicious Last Course, 2022) and is releasing Mighty Cuphead Adventure, a retro 8-bit platformer programmed in Assembly Language and designed for the Sega Master System.
Product overview
Studio MDHR is an independent video game developer offering a portfolio of hand-crafted games centered around the Cuphead franchise. The core product is Cuphead: Don't Deal with the Devil (2017), a run-and-gun action game featuring 1930s-style hand-drawn cel animation, watercolor backgrounds, and jazz soundtracks. This is extended through The Delicious Last Course DLC (2022), which adds new playable character Ms. Chalice and additional content. Two new titles are in development: Mighty Cuphead Adventure (a retro 8-bit platformer built with period-accurate Assembly Language for Sega Master System) and an untitled fully hand-animated Cuphead sequel. All products emphasize traditional animation techniques and authentic period aesthetics.
Differentiator
Problem solved
Functional benefit
Brands
- Mighty Cuphead Adventure: A true 8-bit action platformer with arcade-quality graphics, amazing sound, and 32 dazzling colours, built for Sega Master System using assembly language technology.
- Cuphead: Don't Deal with the Devil
- The Delicious Last Course
Products and services
- Cuphead: Don't Deal with the Devil Run-and-gun action game featuring brothers Cuphead and Mugman collecting soul contracts after gambling away their souls at The Devil's casino; crafted with traditional 1930s-style hand-drawn cel animation, watercolor backgrounds, and original big-band jazz recordings. Sold as a one-time purchase across Xbox One, PlayStation 4, Nintendo Switch, PC (Steam, GOG, Microsoft Store), and Mac.
- Cuphead - The Delicious Last Course DLC expansion for Cuphead introducing a new playable character Ms. Chalice, an all-new Inkwell Isle, additional weapons, magical charms, and new bosses. Requires ownership of the base Cuphead game and sold 1 million copies within roughly two weeks of release.
- Mighty Cuphead Adventure 8-bit action platformer built from the ground up as an ode to 1980s classics, programmed in classic Assembly Language and designed with the exacting specifications of the Sega Master System home gaming console. Features arcade-quality 8-bit graphics, period-appropriate sound, and 32 colors, and is playable on physical cartridges for the Sega Master System alongside modern consoles and PC.
Quantifiable outcome
- Cuphead sold 1 million units within 2 weeks of launch (September 2017)
- +3 more outcomes
Companies that use Studio MDHR
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Studio MDHR technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Studio MDHR partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered major, core and supporting.
- iam8bitmajorStudio MDHR partnered with iam8bit to create and sell limited edition merchandise for Mighty Cuphead Adventure, including tagless 100% ringspun cotton t-shirts, premium 'Dad Hat' caps, and Pixel Art Keychain Blind Boxes. The partnership also includes physical editions of Cuphead games. The collectibles feature retro packaging designed to resemble cereal boxes from the 1980s era.
- Stop Motion Department (Toronto)coreStop Motion Department is a Toronto-based studio specializing in stop motion animation and puppet fabrication. They worked with Studio MDHR on multiple projects including the PlayStation 4 launch trailer (inspired by 1930s short The Peanut Vendor) and the June 2026 Special Bulletin announcement trailer featuring a Cuphead puppet host. Artisan Graeme Black-Robinson served as puppet fabricator, puppeteer, and voice actor for the Special Bulletin trailer.
- Microsoft XboxmajorMicrosoft/Xbox was the original launch partner and exclusive platform for Cuphead (2017). Microsoft helped Studio MDHR 'push the art further, refine the mechanics more, and deliver the Cuphead game we've always dreamed of.' The Xbox Anniversary Update added behind-the-scenes features to Cuphead for Xbox and Windows 10 players as a thank-you to the platform's community.
- Netflix AnimationmajorNetflix Animation produced and released 'The Cuphead Show!' — an animated rubber hose-style series based on the Cuphead game. All three seasons are available exclusively on Netflix, representing a major cross-media brand extension for Studio MDHR's flagship property.
- Create Music GroupsupportingStudio MDHR officially partnered with Create Music Group, a Digital Rights Management Company, to act as their agent in making copyright claims on YouTube and other third-party platforms for the Cuphead Soundtrack. Create Music Group handles claims for unauthorized soundtrack streams or content not about Cuphead that uses the soundtrack for background music.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
Studio MDHR competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Studio MDHR social profiles
Digital presenceStudio MDHR financial estimates
Financial estimateRevenue estimate
Valuation estimate
Studio MDHR leadership team
Management profileNumber of profiles
Profiles2 records
Studio MDHR funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Studio MDHR 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 Studio MDHR
What does Studio MDHR do?
Studio MDHR is an independent video game developer that creates and publishes hand-crafted action games, headlined by the Cuphead franchise. Its flagship title, Cuphead: Don't Deal with the Devil (2017), is a run-and-gun action game featuring traditional 1930s-style hand-drawn cel animation, watercolor backgrounds, and original big-band jazz recordings. The studio extends this flagship via downloadable content (The Delicious Last Course, 2022) and is releasing Mighty Cuphead Adventure, a retro 8-bit platformer programmed in Assembly Language and designed for the Sega Master System.
Is Studio MDHR a public or private company?
Studio MDHR is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Studio MDHR founded?
Studio MDHR was founded in 2010. It employs 11 to 50 people.
Where is Studio MDHR based?
Studio MDHR is headquartered in Oakville, Canada, in the North America region.
How does Studio MDHR make money?
Four revenue lines are on record. Video Game Sales (Base Game) is the primary driver. The others are DLC Expansion Sales (The Delicious Last Course), merchandise and Consumer Products and licensing and Media Rights.
Does Studio MDHR have an API?
No public API is recorded for Studio MDHR.
What industry is Studio MDHR in?
Studio MDHR's product category is Indie Video Games. Its primary akta.pro industry code is MPAFAAAC, Indie Game Studios. Its NAICS code is 5132 and its SIC code is 7372.