Riot Games announced that worldwide cancels 530 jobs, which make up approximately 11% of its workforce. The company shared the news publicly in two separate posts – one for players and one for employees, with the second detailing the terms of the severance package and other details.

In addition, Riot Games also shared that is shutting down its publishing label Riot Forge, which has worked on six titles (including Bandle Tale: A League of Legends Story, due out on February 21). In a letter to players, CEO Dylan Jadeja and co-chairman Marc Merrill described Riot Forge as an experiment to see what happens when a company collaborates with its favorite indie developers. But now, according to the studio, it’s time to refocus on internal projects. The Forge will cease operations once Bandle Tale is finished.

Employees also reportedly admitted that the digital trading card game Legends of Runeterra has not been doing well financially since its release in 2020. In the hope that this title will become more profitable, it will be his development team downsized and the focus shifts to the more popular single-player game mode The Path of Champions.

Riot Games’ job cuts are the latest blow to the video game industry after a total of around 9,000 people lost their jobs in 2023 alone. Companies Embracer Group a Unity laid off roughly 900 people each, while Epic Games fired about 830 people and EA laid off more than 1,000 employees. At the same time, 2024 has only just begun, and it still seems that this is only the tip of the iceberg.