So, what’s the take-out here? Obviously the market conditions that 38 Studios launched with in 2006 were very different to those it expired under in 2012, with investors no longer interested in pouring tens of millions of dollars into MMO development. But it’s not like 38 Studios should have been strapped for cash – as identified, they had at least US$135m put into the studio. Yes, they got a single player title out, but it fell a long way short of the initial “broad media” dreams, or even releasing the promised MMO, while burning a lot of cash. Continue reading →