PlaySide Studios signs Swedish developer behind Unravel franchise for new co-op title
PlaySide Studios (ASX: PLY) has signed a global publishing agreement with Swedish developer MVRX Games for its upcoming title Dew, marking a significant expansion of the company’s third-party publishing portfolio. The PlaySide Studios Dew Publishing Deal brings on board former lead developers from Coldwood Interactive, the studio behind the multi-million selling Unravel franchise published by Electronic Arts. The title is scheduled for release on PC and Console in CY2028, with PlaySide committing a total investment in the low-to-mid single-digit millions (AUD) across milestone payments and marketing.
The agreement positions PlaySide to capture upside from experienced developers with proven commercial track record rather than backing unproven talent. By securing a team that delivered a physics-based puzzle platformer franchise with significant global sales, PlaySide reduces execution risk whilst building its publishing arm alongside its original IP and work-for-hire services.
What is video game publishing and why does it matter for investors?
Video game publishing involves funding, marketing, and distributing games developed by external studios. The publisher provides capital and commercial expertise, whilst the developer builds the actual game. This differs from PlaySide’s original IP work, where the company creates and owns games internally, or its work-for-hire services, where it develops games for clients.
Under a publishing model, PlaySide provides capital upfront through milestone-based payments. In exchange, the company receives a share of net revenue generated from game sales. This structure offers leverage: if a title succeeds commercially, the publisher participates in the upside without bearing the full cost of development that would be required for an internal project of equivalent scale.
For investors, publishing deals represent a third revenue stream that diversifies PlaySide’s business model beyond its existing approximately 60-title portfolio and AAA development services for clients including Activision Blizzard, Meta, Netflix Games, and Take Two Interactive. Successful publishing operations could support multiple simultaneous deals, creating a scalable model that generates recurring revenue from external IP whilst managing capital exposure through milestone structures.
The team behind Dew brings multi-million selling credentials
MVRX Games is based in Umeå, Sweden and comprises industry veterans formerly of Coldwood Interactive. The team was instrumental in developing the Unravel franchise, a critically acclaimed physics-based puzzle platformer series that achieved significant commercial and critical success globally under Electronic Arts’ publishing.
The Unravel franchise represents a proven commercial track record, having achieved multi-million unit sales across its releases. The team’s expertise in physics-based gameplay mechanics directly aligns with Dew’s design, which combines high-fidelity visuals with physics-based platformer elements.
Benn Skender, PlaySide Studios CEO
“Partnering with the creative minds behind Unravel is a significant milestone for PlaySide Publishing. The MVRX team has a proven track record of delivering emotionally resonant, visually breathtaking games that appeal to a wide demographic. Dew fits perfectly within our strategy of partnering with elite indie talent to bring high-quality IP to the global market.”
Developer track record represents a material risk factor in game publishing. First-time developers carry execution uncertainty, whilst teams with AAA franchise experience demonstrate capability to deliver commercial products at scale. By signing MVRX, PlaySide secures developers who have navigated the full development cycle from concept through global release under a major publisher, reducing technical and creative execution risk compared to unproven studios.
About Dew and the deal structure
Dew is a 1-2 player co-op adventure with classic 2D platformer mechanics set within a stunningly realistic micro-environment. Players control two tiny heroes, Myric and Dewey, as they work together to stop the Necromold, described as a corrupting force threatening their world. The title combines high-fidelity visuals with physics-based gameplay, targeting a broad global audience across PC and Console platforms.
Agreement terms
The commercial structure aligns developer incentives with project milestones whilst protecting PlaySide’s capital deployment:
- Development funding: PlaySide provides advances tied to specific technical and creative milestones consistent with industry benchmarks
- Publishing rights: PlaySide manages all global publishing, marketing, and distribution efforts
- Revenue model: PlaySide receives a share of net revenue from game sales
- Total investment: Low-to-mid single-digit millions (AUD) across milestone payments and pre-launch marketing
- Target release: CY2028 on PC and Console platforms
Milestone-based funding structures tie payment releases to deliverables rather than providing capital upfront in a lump sum. This approach reduces capital risk by allowing PlaySide to assess progress at defined checkpoints before committing subsequent tranches. The revenue share model means PlaySide’s return scales with commercial performance, creating alignment between publisher and developer outcomes.
The low-to-mid single-digit millions (AUD) investment range positions Dew as a measured capital commitment within PlaySide’s publishing strategy. For context, the company’s work-for-hire model typically involves fixed-fee contracts, whilst original IP requires full internal funding. Publishing occupies a middle ground: material investment with shared commercial risk and reward.
What comes next for PlaySide’s publishing arm
The Dew agreement expands PlaySide’s Publishing portfolio, which provides funding, development support, marketing, and publishing services to smaller independent studios. The CY2028 target release provides a multi-year development runway, with milestone payments staged across the production cycle.
This timeline means revenue contribution from Dew remains several years away. However, successful execution would demonstrate PlaySide’s ability to identify and nurture high-quality external IP from experienced developers. Co-op platformers with strong visual presentation have historically found commercial audiences when backed by effective marketing and distribution, which PlaySide will manage under the agreement.
The deal fits PlaySide’s stated strategy of partnering with elite indie talent to bring high-quality IP to the global market. By securing a team with proven AAA credentials early in development, PlaySide positions itself to participate in potential upside whilst the milestone structure provides gates to assess progress. The publishing model, if successfully scaled across multiple simultaneous deals, could generate recurring revenue streams that complement PlaySide’s original IP and work-for-hire operations.
With PC and Console platforms confirmed, the distribution strategy avoids mobile-specific challenges and targets platforms where physics-based co-op platformers have established commercial viability. The CY2028 window allows time for full production, quality assurance, and marketing build-up ahead of launch.
Want the Next Gaming Winner in Your Inbox?
Join 20,000+ investors receiving FREE breaking ASX news and in-depth analysis delivered within minutes of release. StockWire X provides instant alerts covering Tech, Gaming, Healthcare, Finance, and more sectors the moment market-moving announcements drop. Click the “Free Alerts” button to stay ahead on ASX opportunities.