It's kinda scary how well propaganda works on even the most rational people
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FireWalk founders started to make moves into forming the studio in 2016 and they were able to get a start up and be formed in 2018 under ProbablyMonsters.
The game was pitched in 2018 to ProbablyMonsters who then raised 200 million to be split between Concord and 2 other games... Sony came onboard in 2018 as well with the pitch and the partnership was announced in 2021...more than likely when the game probably left Alpha stages.
It's not easy to start a new studio, hire up all key roles, fine tune engine and everything. The Order 1886 took 5 years and that game launched with far far far less content.
It's a small studio of just 150 devs, would be weird to think they are sitting on a ton of assets just ready to fire off whenever lol.
We saw the same happen with ArrowHead as well. A game that took 8 years