Dead Studio's Final DLC Drops at Nacon Connect 2026

Somewhere in the middle of yesterday's Nacon Connect 2026 showcase, a trailer rolled for Greedfall: The Dying World's Black Mass DLC. It's a new quest centered on the character Péren, included free for owners of the Deluxe edition. Under normal circumstances, it would be a nice post-launch bonus for a game that came out two months ago. But Spiders, the studio that made it, shut down last week. The DLC that shadow-dropped during the showcase is the last thing the studio will ever release.

I keep turning that over in my head. A publisher's annual showcase, meant to project confidence and excitement, featured a dead studio's final piece of content as one of its highlights. Nacon didn't dwell on it during the broadcast, and maybe that was intentional. But anyone following the company's situation over the past few months couldn't watch that trailer without feeling the weight behind it.

The Insolvency Shadow

Nacon Connect 2026 was originally scheduled for March. Days after announcing the event, Nacon filed for insolvency after its majority investor, Big Ben Interactive, failed to close a refinancing deal. The showcase got pushed to May 7th. In the intervening weeks, four of Nacon's subsidiary studios filed for insolvency of their own: Cyanide, Kylotonn, Spiders, and others. Spiders didn't survive the wait.

The rest of the showcase tried to carry on as if the ground wasn't shifting underneath it. Over roughly 30 minutes, Nacon showed 12 games, including three new reveals. Hunter: The Reckoning - Deathwish, previously announced at the Xbox Partner Preview, got a deeper look at its first-person action-RPG mechanics set in New York City, developed by Teyon, the team behind RoboCop: Rogue City. Dracula: The Disciple was revealed as a new puzzle game from Cyanide, reinterpreting the Dracula myth through the eyes of an archivist searching for a cure to an incurable disease. And Werewolf: The Apocalypse - Rageborn debuted as a top-down metroidvania from Crea-ture Studios in Montreal, letting players shift between human, wolf, and werewolf forms. It's targeting 2027.

Those are solid pitches on paper. But here's what gnaws at me: Dracula: The Disciple is a Cyanide game, and Cyanide is one of the studios that filed for insolvency. Werewolf: The Apocalypse - Rageborn is being developed by Crea-ture, another Nacon subsidiary. Endurance Motorsport Series, which also got a new showcase segment, is from Kylotonn, yet another studio in insolvency proceedings. Every new announcement carried an unspoken asterisk. Will these studios still exist when these games are supposed to ship?

Nacon has publicly insisted that "this is not the end," and the showcase itself was clearly designed to reinforce that message. There were Nintendo Switch 2 announcements for Hell is Us (September 24, 2026) and Ravenswatch (Fall 2026). Tour de France 2026 has a June 4th release date. The Mound: Omen of Cthulhu from ACE Team is set for July 15th. Hunting Simulator 3 is coming this fall with a playtest on the way. Nacon even shadow-dropped a new racing wheel and announced three new Xbox-licensed controllers in the Revo range, with the Revo Max arriving at the start of the 2026 school year. Session: Skate Sim got a free Throwdown update that went live during the show.

On its own merits, that's a decent lineup for a mid-tier publisher. Ravenswatch has crossed 1.5 million players since its early access debut three years ago and is getting a free Songs of Thieves update on May 27th. Edge of Memories from Midgar Studio still doesn't have a firm release date but showed a new overview trailer. Curse of the Crimson Stag, formerly known as The Fading of Nicole Wilson, got a reveal teaser from Daedalic Entertainment. There's enough here to fill a 30-minute show.

But none of it exists in a vacuum. Nacon is one of the largest video game industry employers in France. If the publisher collapses entirely, the damage extends far beyond any single game or studio. The developers at Cyanide working on Dracula: The Disciple are presumably doing so while wondering whether their jobs survive the year. The people at Kylotonn building Endurance Motorsport Series are in the same position. And the team at Spiders? They already know the answer.

I've covered a lot of showcases where publishers put on a brave face during rough patches. This one felt different. It wasn't just a company navigating bad press or a disappointing quarter. It was a publisher whose subsidiary studios are actively closing, presenting trailers for games that may never come out, alongside the final content drop from a team that no longer exists. The Greedfall: The Dying World DLC is free for Deluxe edition owners and available now. Spiders won't be making anything else.