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Shadow1980 said:

Remember when games could be made in less than a year for $200,000? Or in two or three years for $20,000,000? Pepperidge Farm remembers.

It is still possible as long as you don't spend forever on design/graphics/story lines.

If you "keep it simple stupid" (kiss) and don't aim for the moon, you can still make games without it costing a farm.

The problem is then your in the "indie" space and basically forced into Pixel art territory.
Unless you "cheat" like 2D backgrounds with 3D character like in old PS2 games, or such. 


However if you just super cut everything out of the studio (HR, secretaries, sweet baby consultant... absolutely everything not a coder basically...)
You can still pull off miracles like Clair Obscur: Expedition 33.

Remember that had a cost of less than $10million to develop in total (8.8m + 1m for voice/animation of characters ect).
This took like 5years with scaling up, where early on, it was just a few people bouncing idea's around, working on the story.

If they knew in advance were they were going, and scaled up sooner, the development timeline could probably have been shorter.
They had to basically teach themselves how to do certain jobs needed, find random people to fill roles themselves..