The Business of Video Games Podcast

Welcome to The Business of Video Games Podcast.
A show where we shed some light on the inner workings of the games industry—the why, how, who, and what the hell?! behind business decisions, publishing calls, and the steps (and missteps) that happen behind the scenes.

Basically: the inside view on how and why things are actually done the way they are. Not just guesswork on 4Chan.

The podcast is hosted by Shams Jorjani (CEO of Arrowhead Game Studios, Chairman of the Board at Hooded Horse, and founder of the Almost Ready Games Fund) and Fernando Rizo (former Chief Sales & Business Development Officer at Raw Fury, now Partner at Kaboodle Games).

In every episode, we invite a guest from the industry to unpack an interesting decision or event, share lessons learned, or explain why all of us armchair experts got it wrong (or occasionally right).

This podcast previously ran for four years at Paradox Interactive and was available there until they decided to remove it. It might yet return someday - as a DLC in one of their games.

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21 episodes
Updated Thursday

Episodes21

Newest first

Thursday · 46 min
Episode 62 - People don't buy new games
It's Friday and we are back to to tackle two major industry deep-dives, but not before touching base on Microsoft and EA, comparing BBC quotes and teasing a Patreon-exclusive story about a spectacularly failed kosher salt business. First up, Shams and Fernando unpacks Joakim Achren’s newsletter breakdown (link here) on the "Six Reasons VCs Pulled Back from Games," examining why early-stage bets and public game studio IPOs are falling flat. Paired with insights from Thomas Bidaux’s ICO Partners newsletter, which recently tracked an all-time record number of Steam releases, they further explore why standing out is harder than ever. Next up, it's time to dissect Matthew Ball’s massive, "doorstop" state-of-the-industry deck "The State of Video Gaming in 2026" (link here). Ball’s data reveals a sobering picture: actual growth is heavily carried by Roblox and subscriptions, overall gamer numbers might be shrinking due to screen fatigue, and median players are sticking to forever-games rather than buying new titles. And of course this is just the tip of the iceberg in Ball´s presentation. Thanks for listening! Shams quoted in BBC Ico Partners Newsletter Almost Ready Games Fund That page in Ball´s deck around time spent on new games that Fernando mentioned? Page 35 (link to deck once more here)
July 24 · 1 hr 15 min
Episode 61 - Basically too many games - Jon Shafer
Shams and Fernando bring on their buddy Jon Shafer (former Lead Designer on Civ V) from Conifer Games to cut through the noise and break down the actual state of PC gaming post-Steam Next Fest! Spoiler alert: that 2010s indie golden age everyone misses? It’s dead and buried. Jon’s been obsessively tracking Steam data (while juggling his double PC setup optimized for Steam demos), and the new reality is, well to be honest, brutal. To survive today, developers either need to pump out a game in two months or bleed over it for up to 14 years - there is zero in-between. Welcome to the "go short or go long" meta. The trio also look into the wildest trends currently hijacking the platform such as the unapologetic explosions of co-op "friend slop," the massive wave of players jumping between Roblox and Steam, and why traditional buying habits are out while cult-level fandom is in. In short - the dev scene might be an absolute bloodbath right now, but for players? We might just be sitting in a brand-new golden age. Thanks for listening! The BBC article Designer Notes Podcast
July 10 · 1 hr 2 min
Episode 60 - 14 layers
It's Friday! And what do you expect? After our last conversation unexpectedly blew up and wormed its way into the gaming news cycle for a day or two (or three?), we are now back to talk about ... you guessed it! Xbox! In this episode, we dive right back into the Xbox ecosystem, looking closely at Game Pass, the massive acquisitions, the enormous amout of layoffs, and what scaling up really looks like in today's gaming landscape. We also touch on the delicate PR strategies companies use to avoid becoming the "bad guys" of the industry. Is it even possible? Plus, stick around until the end for a little palette cleanser where we chat about some highly recommended tabletop chaos, current gaming obsessions, and a surprising confession about a specific James Bond-actor... Thanks for listening and have a great weekend!
June 26 · 1 hr
Episode 59 - Basically institutionalized crunch
It's Friday and what a show we got for you today! Shams and Fernando are tearing into the harsh new realities of the games industry where Microsoft’s new leadership has brought out the big black hammer, as well as slowing down on Game Pass deals according to our latest findings. But that's just for todays starters. The main focus of this episode is the absolute juggernaut that is the Chinese gaming market. Yes, you spoke and we listened! Shams and Fernando break down how Chinese devs are taking over the premium PC and console space. Think you can just drop your game in China and print money? Good luck. We cover why bad localization will get you review-bombed to oblivion on Steam, the insane reality of the brutal 9-9-6 work culture, and why Chinese gamers couldn't care less if your game uses generative AI. Plus, we discuss why they love Helldivers 2 and go over our top picks from Steam Next Fest. And Robert Redford. Of course. Strap in and thanks for listening!
June 12 · 1 hr 3 min
Episode 58 - A reflective optimist - Tim Bender
While Fernando is off enjoying Italy, Shams is flying solo and holding down the fort for today's episode. Today, our dear friend Tim Bender returns to talk about the incredible early access launch of Olden Era, which has by the time of today already sold over a million copies in just its first month! The big topic, though, is Hooded Horse's leveled-up partnership with Griffin Gaming Partners. Tim breaks down a massive new $100 million project financing fund built specifically for indie developers. The best part? They’re ditching those brutal 100% recoup deals in favor of flat revenue splits. It’s a total game-changer for studios looking for a fairer, more sustainable way to get funded without giving up their equity. But before we jump into that, Shams kicks things off with a quick rundown of his recent trip to China , touching on how their gaming market is shifting fast towards PC and premium titles , and how local developers are really stepping up to the global stage. Thanks for listening and be sure to learn more about the Special Opportunities Fund here!
May 28 · 1 hr 7 min
Episode 57 - We need to drop out of college now - Johan Pilestedt Pt. 2
Did you ever wonder what happens when a bunch of cocky college students decide they're going to take over the games industry? Spoiler alert: it involves immediate debt, panic attacks, and practically begging a publisher for survival. Yes. We are back with our second part together with Johan Pilestedt. In this episode, Johan walks us through the absolute gauntlet (we honestly couldn't find a more fitting description) of Arrowhead’s first six months as a full-time game developer. Sure, after taking home the top prize at the Swedish Game Awards and puffing on premature victory cigars, reality eventually hits the team when a massive bank loan with personal liability seemed to be the only way out. But first a little bit of touchdown on the current state of the live service landscape from our dear hosts. For more on Johan and Arrowhead Game Studios - please visit their website here!
May 14 · 47 min
Episode 56 - From the ass end of nowhere - Johan Pilestedt Pt. 1
It's finally time for the first round of our exclusive deep-dive series with Arrowhead Game Studios CCO & Founder Johan Pilestedt! In this kickoff episode, we take a closer look at Johan's roots in Gällivare, a remote Swedish mining town where Johan at one point practiced as a miner minor (or was it a minor miner..?). Having his mind blown by 3D dinosaur magazines and watching Aliens (at age eight!), we explore Johan's following early obsession with Zelda and his adventure into the PC modding scene. The defining moment? Arriving at university to study game development (and beer!) and then grabbing the most important prize at the 2008 Swedish Game Awards, which led Johan and his friends to finally make the decision that would change their lives forever. Watch Arrowhead win at the Swedish Game Awards 2008 here Follow Johan and Arrowhead Game Studios here.
May 1 · 59 min
Episode 55 - Recoup is self-destructive - Tim Bender Pt. 2
We are back with the second part of our conversation together with our good friend Tim Bender as the we dive deeper into the weeds of some of the most surprising moves in the industry lately. Why not start with the backstory of the Ubisoft partnership on Heroes of Might and Magic: Olden Era for example? Far from a simple hand-off, Tim explains how a long-term dialogue led to a specialist publisher stepping in to steward a legendary IP, and why a massive corporate player sought out a niche team to help find the right "indie" formula for a classic series. And that’s not all. Following some recent “LinkedIn shenanigans”, Tim doubles down on his advice that most indie developers are actually better off self-publishing than signing with a publisher that fails to add true value. Expect a candid look at the power dynamics between creators and financiers, concluding with an exploration of why remaining private, and avoiding “public company logic”, is the only way to keep Hooded Horse’s 100-year mission on track. Thanks again for joining us Tim! Find out more about Tim and Hooded Horse here.
April 16 · 51 min
Episode 54 - 100 plus years - Tim Bender Pt. 1
In the first part of our two-parter, Shams sits down with Tim Bender from Hooded Horse to pull back the curtain on one of the currently most talked-about trajectories in modern indie game publishing. From the logistical realities of scaling a team to the philosophical "final form" of a sustainable games business, Tim breaks down the internal logic of the Hooded Horse portfolio at the same time as he explains "why a survival horror cult classic might actually have more in common with a hardcore strategy title than a genre label suggests". Yes, you read that right the first time. As the conversation dives deeper into the financials of the industry, Tim outlines his provocative stance on "recoupment" and why he believes the traditional safety nets used by publishers might actually be a "disease" that strangles developer creativity and cash flow. And then of course, comes the question, will Hooded Horse continue on this successful path 100 years from now..? Listen and find out for yourself! Follow Tim Bender and Hooded Horse here.
April 2 · 43 min
Episode 53 - "Blizzard of Oz" - Trent Kusters Pt. 2
Sorry for being late! After a not so welcomed water leakage at our producers studios, we are back with the second part of our conversation with Trent Kusters, the visionary co-founder of League of Geeks! Shams rides this one solo since Fernando is on a trip across the pond and it's time to get into the "messy middle" of building a studio that lasts over a decade in an industry that sometimes feels like it's trying to shake you off. Trent opens up about the early days of Australian Kickstarter hurdles and the pivots required to keep a premium title sustainable when everyone else was chasing free-to-play trends. We also get a rare, candid look at the internal culture of League of Geeks, where Trent shares some reflections on the loss of co-founder Adam Duncan and how that reshaped his view on honoring talent and charting a company's future. Thanks to Trent for joining us! Please follow Trent and League of Geeks here.
March 15 · 1 hr 1 min
Episode 52 - Just get published - Trent Kusters Pt. 1
Imagine what happens when a new episode of The Business of Video Games Podcast all of a sudden release on a Monday! Almost as mindwrecking as if one accidentally started a career in game development, right? Well, say no more dear listener! In this episode, Shams sits down with Trent Kusters, co-founder of League of Geeks (Armello), who did just that. In this first part of our two part interview with Trent, he unpacks the unlikely chain of events that led him into the industry. From bluffing(!) his way into covering the Halo 3 midnight launch as a journalist (...student?) to shipping 10 games in three years at Australia’s Torus Games, Trent shares how daring decisions, a good portion of curiosity and a bit of naivety shaped his early career. We dive into what it was like learning game development in a fast-moving “factory” studio, why constraints can make some designers better, and how those early lessons later affected Trent’s approach to building studios and most of all - games. BUT NOT before Shams and Fernando have talked about Steams 2025 Year Summary Blog Post. For more from Trent Kusters, please follow him on LinkedIn here and Twitter here.
February 26 · 1 hr 11 min
Episode 51 - Vibes based publisher - Sam de Boeck and Daniel Lyozov
Time for a one off with the great folks at Oro Interactive who currently is on a real victory lap with 300k units sold of Roadside Research within two weeks(!) and 400k units sold for Super Battle Golf within it's first week! Absolutely bonkers. But not as bonkers as Shams who is once again away on a mission celebrating Swedish games at the Swedish Game Awards 2026, while Fernando sits down with our guests Sam and Daniel to chat about what it’s actually like running a tiny (but fast!) publishing label. They dive into how it all started, how they decide what feels right, and also, why Oro don’t really care for big pitch decks or drawn-out processes. Specifically, we look deeper into the topic of moving quickly when something clicks, spotting that one small detail that makes a game stand out, and most importantly - why staying small might be the whole point. Please follow Sam and Daniel at Oro Interactive here!
February 12 · 42 min
Episode 50 - Keeping a business alive - Agostino Simonetta Pt. 2
50 episodes! Imagine that! We are back again with our dear friend Agostino Simonetta in the second part of our two part interview. This time with Fernando taking the lead for a deeper one-on-one since Shams had to go and spread some democracy across the galaxy (as he should). Fernando and Ago is immediately getting in to familiar territory with conference season, industry rituals, and the strange push and pull of showing up (or not). From there, it drifts into bigger questions about the usual suspects as growth and consolidation, but more importantly - what really happened during the acquisition rush of the past few years? Expect perspective shaped by experience, a few (unexpected?) analogies, and the kind of side paths that make us rethink how stable the industry really is. Oh yeah, also expect banter. Of course. Follow Agostino on LinkedIn here as well as GSC Game World here
January 29 · 46 min
Episode 49 - Ask for forgiveness, not permission - Agostino Simonetta Pt. 1
Friends! It's 2026 and we're back! In this first part of a two-episode conversation, Shams and Fernando sit down with none other than industry veteran Agostino Simonetta. They talk through a career in games that was shaped less by master plans and more by circumstance, timing, and a fair number of hard calls. From early production work to platform-side roles at PlayStation and Xbox, to what it actually feels like to try to push new ideas inside very large organizations. Along the way, they touch on the Italian game development scene, the realities of platform strategy, and why innovation inside big companies often comes with friction, compromises, and missed chances. Follow Agostino and CSC Game World here Support our Patreon here
Dec 22, 2025 · 1 hr 5 min
Episode 48 - Shams and Fernandos Holiday Wrap Up 2025
It's Fri... Monday! In this end-of-year episode, Shams and Fernando look back on 2025. From personal wins to the industry-wide turbulence that affects everyone. They both reflect on a surprisingly strong year for their work while acknowledging how tough it’s been for many studios, with layoffs, consolidation and cautious decision-making shaping the landscape. Topics iniclude the major deals almost known more for what they signal about power and money, than for the games themselves, as well as the ongoing conversation around the tension between creative risk and AAA budgets. How does franchises who get stuck trying to “stay fresh” without alienating fans, and why could “franchise fatigue” actually be more of a quality problem? And what would a wrap up in 2025 be without the AI conversation, the VR conversation, the new hardware (Switch 2) conversation and of course some hot 2026 industry predictions..? ;) Til next time, Happy Holidays!
Dec 12, 2025 · 57 min
Episode 47 - Let them Cook - Adam Boyes Part 2
It's Friday! In the second half of their conversation with Adam Boyes, Shams and Fernando go far beyond career anecdotes and dig into what truly drives fulfillment in the games industry. Adam reflects on the pivotal moment he chose happiness and creative energy over traditional career momentum - an insight that later shaped Iron Galaxy’s unusually transparent, collaborative leadership structure. The discussion also widens into a sharp look at how co-development evolved from a misunderstood niche into a central force in modern game production, and how Iron Galaxy found itself years ahead of that curve. From there, the trio explores deeper industry currents: where new capital is coming from, how money from inside and outside gaming reshapes studios, and whether AAA development is drifting toward a Hollywood-like system of compact creative cores supported by waves of specialist partners. Adam’s perspective blends optimism with realism, emphasizing stamina, courage, and the willingness to keep taking risks even when big bets fail. But the episode never loses its warmth or humor - culminating in Adam revisiting the now-iconic photo of him wearing a VR headset next to a charging Tesla(!), a snapshot of tech culture at its most unselfconscious. It’s an episode that mixes heart, industry insight, and genuine silliness in equal measure. Find Vivrato here VR in the parking lot
Nov 28, 2025 · 1 hr 2 min
Episode 46 - The man from the memes - Adam Boyes Part 1
Do we got another great conversation for you here friends? Yes we do! In this episode, Shams and Fernando sit down with industry veteran Adam Boyes to explore his remarkable journey through the industry over the last decades. Adam shares stories from his early years, continuing to look at his time at Midway and Capcom, and his transition into business development and executive leadership. The conversation leads over to Adams experience with navigating Japanese corporate culture, digital distribution with titles like Bionic Commando Rearmed and an unexpected stint consulting for major non-gaming IPs like Kraft Foods(!). But what is a conversation with Adam Boyes without diving into his years at PlayStation during the PS4 generation, including the backstory behind one of the most iconic industry memes: the legendary “How to Share a Game on PlayStation” video.. But before we jump into the interview, Shams and Fernando also sheds some light on Sweden’s outsized footprint in the global games industry, from its unusually strong export numbers to the cultural and economic aspects that have helped Swedish studios punch far above their weight for decades (and continue to do so). The "How to share your game on PlayStation"-meme VR in the parking lot Vivrato.com
Nov 14, 2025 · 1 hr 3 min
Episode 45 - The Emotional Battle - Chris Bourassa and Tyler Sigman Pt. 2
It's time to continue our conversation with Chris and Tyler som Red Hook Studios! In this second half of our interview with Red Hook Studios founders Chris and Tyler, we focus on what happened after Darkest Dungeon 1. Wrapping up Kickstarter commitments, the surprising intensity of Early Access, and how the game’s success never really gave the team a chance to slow down. Among other things, we also touch on their DLC approach, some of the business decisions behind Darkest Dungeon 2 and why they ultimately accepted an Epic Games Store deal that fully funded the sequel despite community pushback. Beyond the interview, Shams and Fernando also get into the state of industry events like GDC, plus what they’ve been playing and thinking about lately - because even in a packed episode, there’s always room for a little extra. Find Red Hook Studios on Steam here
Oct 31, 2025 · 1 hr 5 min
Episode 44 - Releasing Darkest Dungeon - Chris Bourassa and Tyler Sigman Pt. 1
We are back! And what a time to be alive when we start of Season 4 with two real bangers. Chris Bourassa and Tyler Sigman are the creative minds behind Darkest Dungeon and co-founders of Red Hook Studios. Chris - who still believes he’s not really an artist, despite shaping one of the most iconic visual styles in gaming - joins forces with Tyler, the design wizard and production mastermind. In this episode (the first of two), we dive into their backstory, unpack their Kickstarter ride, and explore how they turned stress, madness, and misery into one of the most unforgettable indie darlings out there. Find Red Hook Studios on Steam
Jul 16, 2025 · 55 min
Episode 43 - Games industry myths - Season 3 finale
In our final episode of the season, Shams and Fernando drop the guest format to tackle a few persistent myths and misconceptions that have been quietly annoying us all year. We dig into things like: How a game can be a bestseller and still be considered a disappointment What minority investments really mean — and what they don’t No shouting, no hot takes (okay, maybe one), just two people who’ve seen a few things, trying to make sense of a business that often doesn't. Thanks for listening this season — see you soon. support us on patreon: https://www.patreon.com/BusinessOfVideoGames