An acclaimed indie chased investors and a NASDAQ dream — and its staff went unpaid

What happened: a promising indie’s funding gamble that left people unpaid

This story caught my attention because Enotria: The Last Song was one of 2024’s more refreshingly weird indie hits – and now the Milan studio behind it, Jyamma Games, is facing serious accusations that months of payment delays, abrupt project pivots and mass layoffs left former staff owed salary into early 2026. Rock Paper Shotgun’s February 2026 reporting collects anonymous testimony from ex-employees who say the trouble began in spring 2025 and never fully cleared up.

• Key takeaways:
• Former Jyamma staff told RPS they were owed months of unpaid salary after payment delays that started in spring 2025.
• The studio paused an Enotria sequel to pursue a Divine Comedy adaptation while courting publishers, private investors and a possible NASDAQ listing.
• Management promised payments, tax-credit inflows and investor deals repeatedly – but communications and payroll lapses continued through autumn 2025.

What RPS’ reporting found

Jyamma, founded in 2019 and based in Milan, made a strong impression with Enotria when it released in September 2024: a theatrical, folklore-steeped Soulslike that reviewers liked for its tone and worldbuilding. According to multiple anonymous former staff who spoke to RPS, the studio planned an Enotria sequel when salary payment problems began around March-April 2025.

Leadership paused the sequel in April and announced a pivot toward a trading-card adaptation of Dante’s Divine Comedy – a high-concept move that later shifted again into plans for an action-RPG. Emails shared with RPS show CEO Giacomo Greco blamed delayed revenue collection from PlayStation sales and promised tax credits, private investment channels, and even a potential NASDAQ float as fixes.

Despite those assurances — and claims in mid-June that April pay had been settled — staff say monthly payments were repeatedly pushed back through August 2025. Jyamma carried out layoffs in October and December and later said it was restructuring to survive until investment arrived. Some current employees were reportedly being paid by February 2026, but the RPS piece says several former staff were still owed August-October wages.

Why this matters beyond one studio

Indie studios pivoting to chase investor money, bigger IP or publisher deals isn’t new — but the promises Jyamma circulated (tax credits, private-platform fundraising, publisher interest, and a NASDAQ listing) read like a high-risk scaling playbook for a small team. Going public is a complex, expensive process; promising employee stock options or rehiring contingent on a future float is little comfort to people owed rent money now.

This episode also fits a worrying pattern in recent months: we’ve seen layoffs, closures and funding fragility across the industry. That doesn’t excuse missed pay, but it does underline that many studios are trying aggressive financial maneuvers to survive — and the human cost can be substantial when those gambles fail or take too long to materialize.

The human cost

Details like pay months late, broken communication, and the irony of a studio posting cheerful social media (“Happy Birthday to us!”) on the day of layoff announcements make this feel avoidable and tone-deaf. Indie studios deserve to take risks on ambitious IP, but not at the expense of employees’ livelihoods. Calls and obligations from streamers and contractors who say they weren’t paid add another layer: reputational damage matters for a small studio that depends on goodwill.

Jyamma’s response

Jyamma CEO Giacomo Greco provided a statement to RPS saying Enotria was self-financed and that the company “has always acted with the well-being of its collaborators as a priority.” The studio said commitments were being honored, that some payments were rescheduled, and denied ongoing delays for the current team. The company also declined to comment on rumored partnerships and said outstanding matters with streamers were being handled.

What gamers should know

If you enjoyed Enotria, this is bad news for two reasons: first, there’s a moral one — creatives who make games deserve to be paid. Second, the studio’s ability to deliver future projects (a Divine Comedy adaptation, Enotria sequels, or spin-offs) is now clouded by financial and staffing instability. A gorgeous idea on paper doesn’t pay wages.

TL;DR

Jyamma Games delivered an impressive indie hit, then embarked on ambitious pivots and investor-focused strategies that left former staff reporting months of unpaid salaries. The company insists it’s honoring commitments, but RPS’ reporting shows unresolved payments and layoffs that paint a cautionary picture for indies chasing fast growth over payroll stability.