
Mercury Steam
An independent game development studio.
Date | Investors | Amount | Round |
---|---|---|---|
- | investor | €0.0 | round |
N/A | Late VC | ||
Total Funding | 000k |
EUR | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|
Revenues | 0000 | 0000 | 0000 | 0000 |
% growth | - | (4 %) | 40 % | 65 % |
EBITDA | 0000 | 0000 | 0000 | 0000 |
% EBITDA margin | 37 % | 70 % | - | - |
Profit | 0000 | 0000 | 0000 | 0000 |
% profit margin | 36 % | 50 % | 40 % | 43 % |
EV | 0000 | 0000 | 0000 | 0000 |
EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x |
EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x |
R&D budget | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
Based in Madrid, Spain, MercurySteam Entertainment is a video game developer established in May 2002 by Enric Álvarez and José Ignacio Navas, who emerged from the former studio Rebel Act. The founders' journey began with level design for titles like Duke Nukem 3D and Quake, which eventually led to professional roles at Rebel Act Studios before they embarked on creating MercurySteam. Álvarez has since served as the company's CEO and Games Director, shaping its strategic direction.
The studio operates primarily on a work-for-hire basis, collaborating with major publishers to develop titles for PC and console platforms. A significant milestone was their partnership with Konami, which, with the pivotal backing of Hideo Kojima, resulted in the commercially successful reboot of the *Castlevania* series, starting with *Castlevania: Lords of Shadow*. This success solidified the studio's reputation and led to an expanded trilogy. Subsequent collaborations with Nintendo produced the critically acclaimed *Metroid: Samus Returns* and *Metroid Dread*, titles that were entrusted to the studio after they impressed producer Yoshio Sakamoto with a pitch for a *Metroid Fusion* remake. In December 2020, Danish media company Nordisk Games acquired a 40% stake in the studio, signaling a new phase of growth and financial consolidation.
While most of its revenue comes from development contracts with publishers like Konami and Nintendo, MercurySteam has also ventured into self-publishing. Their title *Spacelords*, initially launched as *Raiders of the Broken Planet* with a premium episodic model, was a key learning experience. The initial business model did not achieve the desired market traction, prompting the studio to pivot. In 2018, the game was relaunched as *Spacelords*, a completely free-to-play title, in a move to broaden its audience and build a long-term player community. This transition involved a significant overhaul of the game's progression systems and content accessibility to better align with the free-to-play market.
Keywords: MercurySteam, Enric Álvarez, video game developer, Madrid, Castlevania: Lords of Shadow, Metroid Dread, Metroid: Samus Returns, Spacelords, Rebel Act Studios, Nordisk Games, Konami, Nintendo, work-for-hire, game development, console games, PC games, third-person action, Metroidvania, free-to-play, Raiders of the Broken Planet, Clive Barker's Jericho, American McGee Presents: Scrapland