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Warhorse Studios Unveils $100M Open-World LOTR RPG

5/22/2026

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Summary

Warhorse Announces LOTR RPG

Warhorse Studios announced on May 20, 2026 that it is developing an open-world Lord of the Rings role-playing game.
The studio said the RPG has a budget of roughly $100 million.
Warhorse, owned by Embracer Group, also revealed that a new Kingdom Come adventure is in development.
The studio noted that Kingdom Come: Deliverance II, released February 2025, sold over 5 million copies and won a BAFTA award, raising expectations for new titles.

Summary

Embracer SpinsOff

Embracer will spin off Fellowship Entertainment as a publicly listed company in Stockholm in 2027.
The Q4 2026 report says the new independent entity will focus on marquee IPs.
Jeff Gratis, Amazon Gaming chief, confirmed the ongoing Embracer deal to develop Lord of the Rings games despite the MMO cancellation.
Phil Rogers, Embracer CEO, described developing one of the biggest IPs in Prague as “mind-blowing.”

History

Historical Context

Sierra announced a licensed Middle-earth MMORPG in 1998, but financial trouble halted it. Vivendi secured Tolkien rights in 2001, and Turbine bought the license in 2005, launching The Lord of the Rings Online in April 2007 and switching to free-to-play in 2010. The 2016 transfer to Standing Stone Games reflects the industry shift toward free-to-play after World of Warcraft’s 2004 debut.

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Warhorse Announces LOTR RPG

Warhorse Studios announced on May 20, 2026 that it is developing an open-world Lord of the Rings role-playing game.
The studio said the RPG has a budget of roughly $100 million.
Warhorse, owned by Embracer Group, also revealed that a new Kingdom Come adventure is in development.
The studio noted that Kingdom Come: Deliverance II, released February 2025, sold over 5 million copies and won a BAFTA award, raising expectations for new titles.

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