Yeah not every game cost that much to make but even Hellblade that cost around 10 million to make was still a big risk for Ninja Theory, they also had many of their game pitches turned down by publishers and had to do freelance work in order to keep the lights on. Obsidian needed to use crowdfunding to make their games and were at the brink of being Bankrupt.
That was their decision and budget to go with. There is no objective marker for what a game should/should not cost, otherwise, if it was a fabled 10m marker, we'd see very few games these days.
Well, when you look at EA with the likes of "where's your 1b dollar ip?" and other pubs dabbling far too much into MP only with MT's loaded into them, you can start to see why they turned down their game.
I don't think Crowdfunding is a bad thing, especially when it's helped so many indie devs. We are now living in a world where it's not just the pubs devs have to lean their shoulders on, but also gamers as well, and I believe that to being a good thing, rather than just being solely limited to the biggest of publishers out there.
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