I've long said that any AAA game studio, no matter how strong, is always 2-3 flops in a row away from closure. Bioware did very well with Inquisition, but Mass Effect Andromeda and Anthem's sequential failures resulted in DA4 being their make-or-break release.
One factor was that 2024 was the first full year since 2012 that Bioware didn't have SWTOR on their books anymore - SWTOR went over to Broadsword in late 2023. For the past decade, all of the money earned by SWTOR (which is significant, the game isn't growing but it does more than earn its keep) was considered in Bioware's accounting. That sizable income helps offset the money being burned in other areas like ME:A, Anthem, ongoing DA4 efforts, and other internal projects (like the many failed KOTOR 3 pitches) to the accountants and executives. Without SWTOR to inject additional cash over the year, the Veilguard costs look a lot worse to the money people.
DA4 itself was a bit of a mess during development too. The development of the project that eventually became Veilguard was actually restarted at least twice - they were already working on preproduction for DA4 as of late 2015. The process was long and arduous, and the finished game was... mid? It wasn't underwhelming, it wasn't overwhelming, it was just... whelming. Veilguard also made the somewhat controversial choice to hang everything on sales and not go with post-launch DLC to help monetize further. This gamble really did not pay off. Veilguard missed its sales target by 50%, which was the third nail in the coffin. Each of these failures seems to follow the same pattern - significant dev time spent going in circles because the leadership can't commit to core elements of the game, resulting in something thrown together at the end in order to ship something.
As a result of these issues, the Sword of Damocles that dangles above every studio fell on Bioware. While Bioware remains as a label and the next Mass Effect game continues development, Bioware as a studio is no longer a stand-alone entity capable of building a full game from start to finish like it used to be. Bioware is likely no longer going to have as much of a cohesive identity like it used to - it will be a label more than anything else. If Mass Effect gets a green light for full production, they'll likely have to "borrow" a bunch of floating developers from EA's other studios to build it out, then disperse those borrowed devs to other EA projects once it ships and leave a small team to incubate the next "Bioware" project, at least until they can get two sequential big hits again and warrant a larger injection of funding to start growing again.
My heart really goes out to all of those who are affected by this - the Veilguard devs were really behind the 8 ball when they started and the current economic situation in video games isn't good. I hope that they're able to find something soon, hopefully at a studio that makes better high level leadership decisions.
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