Hitman developer IO Interactive shuttering Istanbul studio
007 First Light and Hitman developer IO Interactive (IOI) is closing its Istanbul studio.
The news is a direct result of Xbox choosing to pull financing for Project Fantasy, an online RPG announced back in 2023.
Although the Danish studio has regained full ownership of the project, it said it must now “find a new balance” as it charts a path forward.
IOI had already confirmed it would be laying off an undisclosed number of workers in order to find stable footing, but has now explained it will also be shuttering its studio in Istanbul.
“Following the end of our external finance partnership on Project Fantasy, IOI has regained full ownership of the project and our IP. We will continue to develop and fund it independently amongst our other projects. With this context, we had to find a new balance for the long-term future of the studio, focused on the success of our main internal core titles instead of external projects and potential mobile game derivatives,” said the studio in a post on X.
“This has meant making changes as well as proposed changes across our studios: the closure of our Istanbul studio and starting a process to part ways with colleagues who have been a meaningful part of what makes IOI what it is.”
IOI Istanbul was formed in 2023 to establish a hub for triple-A development in Turkey. IOI said the studio would play a “significant role” in the development of 007 First Light, Hitman, and Project Fantasy. It’s unclear how many employees worked at the location.
The closure was described as “necessary” by IOI. The company said it remains committed to bringing Project Fantasy to market.
“These are hard, but necessary decisions, in order to retain the long-term future of IO Interactive as one of the very few fully independent AAA developer and publisher, as well as to give Project Fantasy the best possible foundation to succeed under our own passion and direction,” it added. “Project Fantasy is a game, a world, and an IP that we are wholly committed to, and we cannot wait to share the love with you.”
Game Developer has reached out to IOI for comment.
