Bandai Namco to dissolve Reflector Entertainment and post €21m loss in Q3
Bandai Namco has announced the dissolution and liquidation of Reflector Entertainment, the Montreal-based studio responsible for Unknown 9: Awakening. The publisher expects to record an extraordinary loss of approximately €21 million related to the studio in its Q3 financial results for the fiscal year ending March 31, 2027.
The decision to close Reflector Entertainment comes after a comprehensive review by Bandai Namco. According to a press briefing, the publisher evaluated future business plans, the necessity for additional investment, and the studio's potential for profitability and continued operations before deciding to liquidate the entity. This move follows the commercial underperformance of Unknown 9: Awakening, a transmedia project that included a podcast audio drama, novels, and a comic book series.
Reflector Entertainment, founded in 2016 by Alexandre Amancio and Lune Rouge, was acquired by Bandai Namco in 2020, along with its subsidiary Reflector Interactive Productions. The studio's recent history has been marked by significant restructuring. A month after the launch of Unknown 9: Awakening, the studio cut 18% of its workforce, citing a new development phase where certain employees were not required for active projects. Further redundancies occurred in 2025 after the studio decided not to greenlight an unannounced project.
The failure of the Unknown 9 franchise has been directly linked to the studio's closure. Reflector CEO Hervé Hoerdt acknowledged that the project did not meet expectations despite numerous timeline adjustments and significant investments. He stated that the decision to dissolve the studio correlates directly with the outcome of the studio's ambitious first IP and its accompanying transmedia universe.
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