Asmodee arm Fantasy Flight Games is discontinuing the latest iteration of its veteran dungeon crawler Descent, citing rising manufacturing costs, “global economic shifts” and the expense of developing the game’s companion app.

FFG launched Descent: Legends of the Dark five years ago as the successor to its popular 2005 release, Descent: Journeys in the Dark, and a more streamlined second edition from 2012.

All three games featured large amounts of plastic miniatures, cardboard terrain pieces and map tiles, while Legends of the Dark also leaned into an integrated companion app to help manage campaigns and individual scenarios.

A statement from FFG announcing the end of the game said, “Simply put, the game is too expensive to make. Between ever-increasing manufacturing costs, lengthy and pricey app development timelines, and global economic shifts making everything more expensive to produce, it became abundantly clear that continuing to make this game is just not feasible.

“This is far from the outcome we wanted – again, we all love this game and hoped to see it grow for years to come – but even if we were to sell every last copy, we would still ultimately be doing so at a loss.

“In a fiercely-competitive board game industry, that simply isn’t sustainable, and because of circumstances outside of FFG’s control, there are no adjustments we could make that could lower costs enough to continue printing the game.”

That competition for Descent has come in the form of huge crowdfunding successes for titles such as Gloomhaven and Frosthaven – the latter of which sealed one of the biggest Kickstarter campaigns of all time by raising almost $13m in 2020.

Other competitors in the space have included CMON’s Massive Darkness series – based on its huge-selling Zombicide system – which has raised more than $10m across a trio of crowdfunds since 2017.

Using crowdfunding for those large-scale, component-heavy games has helped publishers Cephalofair and CMON reduce the risk of developing expensive titles by being able to accurately gauge demand, as well as receiving financial backing for the projects up front.

Even with that data, however, both publishers have run into problems amid the heavy global economic uncertainty over the last couple of years – especially around volatile US tariff policy aimed at countries such as China, where the vast majority of board games are manufactured.

CMON is currently battling enormous losses from the past two years, while Cephalofair has had to navigate significant delivery delays alongside the frequently shifting import taxes situation, which last year saw US tariffs on China whipsaw as high as 145% before being reduced to a still significant 30%.

Asmodee has almost entirely avoided crowdfunding for its own games to date, with its only launched campaign believed to be Lookout Games’ Kickstarter for the Grand Austria Hotel: Let’s Waltz! Expansion & Deluxe Upgrade, which raised about €383,000 during the coronavirus pandemic in 2020.

Its only other prior exposure to crowdfunding is thought to be via the company Exploding Kittens, in which it made a strategic investment short of a buyout in 2021. That business has since raised more than $977,000 in a Kickstarter campaign for Hand to Hand Wombat the following year.

But the board game giant is currently preparing to dip its toes into crowdfunding proper through a Gamefound campaign for Zombicide: Dead Men Tales, having picked up the IP from financially-troubled CMON last summer.

The campaign follows Asmodee bringing in David Preti, the former COO of CMON, in May last year to head up a newly-launched crowdfunding and miniatures operation.

Both Zombicide and fellow CMON acquisition Cthulhu: Death May Die – a series which has raised almost $10m via crowdfunding – are now part of Fantasy Flight alongside Descent, although Asmodee is yet to reveal if the future of the latter title revolves around crowdfunding campaigns.

Its statement about the end of Descent: Legends of the Dark said, “While we don’t have anything to share at this time, there is always a possibility that we will revisit Descent in the future.

“It would take a different form and would not be Legends of the Dark, but this game universe is near and dear to FFG’s heart.

“The future is always uncertain, and even though we have to close the book on Descent today, we hope that, someday, we’ll be able to dream big with it again.”

FFG’s other major titles currently include collectible card game Star Wars Unlimited, ‘living card games’ Marvel Champions and Arkham Horror: The Card Game, heavyweight space opera board game Twilight Imperium and veteran bluffing and negotiation game Cosmic Encounter.

The company said that although Act III of Descent: Legends of the Dark is no longer in development, the company would continue to support the game’s companion app for the first two acts of the game, albeit without any new content being added.

In February Artefacts Studio unveiled Terrinoth: Heroes of Descent, a video game set in the Descent universe which FFG said “captures the classic dungeon-crawl feeling of the Descent board games in a whole new medium”.

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Financially-troubled board game publisher CMON says it plans to relaunch its halted crowdfunding operations later this year, after seeing its annual losses soar to almost $20m in 2025.

CMON pulled the plug on crowdfunding launches and new game development 12 months ago, citing the economic uncertainty created by US tariff hikes – which at the time had reached 145% for China, where the vast majority of hobby board games are manufactured.

But a month later it emerged that CMON’s financial problems had been growing long before the tariffs, with the company announcing it had slumped to a loss of more than $3m in 2024 due to falling sales for its crowdfunding campaigns.

That loss was almost double CMON’s total profits from the prior three years – but the figure is dwarfed by the $19.9m annual loss the company just announced in its 2025 financial results.

CMON’s $23m losses across 2024 and 2025 are now almost 5.5-times larger than its profits from the preceding nine years combined – and have led an independent auditor hired by the company to question whether it has the resources to stay in business for the foreseeable future.

An extract of a report from auditor Zhonghui Anda shared by CMON, which is set to appear in the company’s 2025 annual report next month, considered the publisher’s $19.9m annual loss, its net liabilities of more than $3.5m and contract liabilities of over $7.5m, saying, “These conditions indicate a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern.”

CMON’s directors have a different view, however, saying in the 2025 financial report that the company “should be able to continue as a going concern” thanks to a trio of factors.

They include financial support from some of the directors “sufficient to finance CMON’s working capital requirements”, the roughly $2.4m proceeds from selling its Singapore office that it received in January, and the roughly $1.25m gross proceeds from a successful share sale last month.

CMON’s hefty liabilities are largely due to its eight undelivered crowdfunding campaigns, which are not recognised as revenue on the company’s books until they are fulfilled to backers.

They include DC Super Heroes United, which raised more than $4.4m, and DCeased, which brought in over $2.5m. Both campaigns were initially due to be delivered last year, but are now expected to be delivered in Q4 of 2026, according to CMON’s latest estimates.

CMON also has five undelivered pre-order campaigns on its books, including Dune Desert War and the Assassin’s Creed Role Playing Game.

The company said that delivering crowdfunding projects in 2024 contributed about $20m in revenue – a figure which had sunk to just $200,000 last year according to its latest financial report.

CMON said the 2025 losses were driven by a “significant decline in revenue”, which fell more than 73% to $9.9m last year, compared to the $37.3m total from 2024.

It also cited impairment losses on property, plant and equipment, right of-use assets and intangible assets, and a loss it made disposing intellectual properties and related assets as part of its “strategic portfolio restructuring”.

Those IP sales included parting with its most famous and profitable title Zombicide – which has raised more than $40m on Kickstarter since its 2012 launch – to Asmodee, as well as Blood Rage, Rising Sun and Ankh to Tycoon Games.

It followed those by selling the IP for former Mythic Games titles Anastyr and Hel: The Last Saga to Don’t Panic Games in September, and parting with the lucrative Cthulhu: Death May Die IP to Asmodee a month later – the latter a series which has raised almost $10m from backers to date.

CMON said all those sales combined amounted to about $5.1m, but added that it actually made an overall $2.4m loss on disposal of intellectual properties and related assets across 2025.

It also made a $5.7m loss due to undertaking an impairment assessment on some of its property, plant and equipment, right-of-use assets and intangible assets “with finite useful lives”.

CMON said in the financial report, “These actions, while negatively impacting short-term results, were undertaken to strengthen the Group’s operational focus and reduce future cost burden.”

The company’s remaining significant IP includes the Massive Darkness series, with the most recent installment, Massive Darkness: Dungeons of Shadowreach, completing a $2.85m crowdfund on Gamefound early last year – a figure which rose to more than $3.7m including late pledges.

That campaign was CMON’s last before it scrapped its future crowdfunding plans two months later. The company has pivoted in the interim to releasing several small-box games direct to retail, including Collect!, Peanuts Talent Show, Fairy Perfume, Rocket Punch and Yokai Carnival.

Discussing its current strategy in the report, the company said, “In light of the continued uncertainty in the global market, particularly the instability arising from US import tariffs on certain products since the first half of 2025, the Group has taken decisive steps to restructure its operations and strengthen its financial position.

“Our current strategy is to:

• 1) reduce exposure to large-scale crowd-funding launches in the near term, focusing on fulfilment of games already committed to backers, with plans to resume crowdfunding activities in the second half of 2026 with new titles from current game lines;
  
• 2) grow distribution in Asia as a primary strategic market;
  
• 3) maintain a streamlined operational structure with reduced headcount and a smaller office footprint in line with the Group’s current scale of operations; and
  
• 4) maintain a debt-free position following the full repayment of bank borrowings, significantly reducing the Group’s financial liabilities and improving its financial resilience.

“We remain committed to becoming a quality developer and publisher of tabletop games and believe the strategic refocus toward Asia and selective game development will position the Group more sustainably for the future.”

CMON said it had reduced its revenue exposure to the US to about 21.4% of its total across 2025, compared to around 42% for the previous year, through what it described as a “deliberate strategic pivot toward Asia”.

The report showed CMON’s combined North and South America revenue fell more than 86% last year to about $2.1m, from around $15.7m in 2024.

European revenue also fell more than 81% year-on-year, from about $12.7m to around $2.4m. Asia revenue fell too, but much less sharply, down about 33% in 2025 from $8m to around $5.3m.

CMON said in the report, “Notwithstanding this reduced exposure, tariff-related uncertainties may continue to affect future export sales, revenue and gross margin performance in the US market.

“The Group intends to maintain its current reduced focus on the US market until the trade environment stabilises and market conditions improve.”

CMON also revealed the scale of its staffing cuts in the latest report, with headcount falling from 81 at the start of 2025 to just 41 at the beginning of this year.

The report said total staff costs had fallen in that time from about $4m to around $2.8m, including pay for its directors and their pension fund contributions, but it did not provide a breakdown of those numbers.

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