Tequila Works Studio Filed for Insolvency. „Prolonged Market Conditions Left No Other Option”
Tequila Works (Rime, Song of Nunu: A League of Legends Story) is another studio affected by the crisis in the game industry.
The developers of Rime have joined the already long list of game development studios that didn't manage to survive the industry crisis. As reported by GamesIndustry.biz, the Tequila Works team has filed for bankruptcy following a long struggle for survival as a 15-year-old developer, as well as layoffs and the cancellation of an unannounced project in October (via GameRant).
Founded in 2009, the Madrid studio is famous mainly for the aforementioned Rime, but its portfolio also includes one of the "stories" from the world of League of Legends and Gylt, released last year on Steam and consoles (originally an exclusive for Google Stadia from 2019). All titles were warmly received, but they certainly weren't big-small hits, for example, on Steam.
Térence Mosca, the new CEO of Tequila Works (the previous board and founders of the studio have resigned), stated that he was proud of the team's achievements, but that the "prolonged market conditions" for video games meant that the company had no choice but to file for insolvency. For now, the studio is making efforts to "support and guide its teams during these difficult times."
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