On June 2, UK-based publisher Secret Mode announced the acquisition of Chained Together, the hardcore co-op platformer developed by Anegar Games that has sold over 10 million copies since its release in June 2024. The deal marks a significant milestone for Secret Mode, which became an independent publisher in March 2025 after breaking away from the Tencent-owned Sumo Group with financial backing from private equity firm Emona Capital. The acquisition of a proven commercial hit like Chained Together signals the publisher’s ambition to build a portfolio of established multiplayer titles with large, engaged player bases — and to extend their longevity through sustained content investment.
A Proven Hit with a Drop in Player Activity
Chained Together challenges players to ascend from the depths of hell while physically tethered to one another, creating a chaotic and often hilarious cooperative experience that resonated strongly on Steam. At launch, the game reached an all-time peak of 94,480 concurrent players, according to SteamDB. Two years on, however, engagement has cooled considerably: the 24-hour peak on June 4 stood at just 5,842 players. This gap between lifetime sales and current daily activity is precisely the kind of challenge that Secret Mode believes it can address.
CEO Ed Blincoe acknowledged the drop-off in player numbers but expressed confidence in the title’s untapped potential. “We believe Chained Together has a lot of potential, and we’re already building a plan for how we want to grow the audience for the game while giving existing players a reason to come back,” he told GamesIndustry.biz. “We can’t share exactly how we’re going about that right now, but we’re looking at what the existing audience has been asking for since launch, and what new experiences we can give to those players and new ones to get folks excited about this game all over again.”
How Secret Mode Financed the Acquisition
Blincoe revealed that the Chained Together deal was led by Secret Mode’s internal team and supported by Emona Capital. “We used the team internally to do the vast majority of the due diligence and leaned into the expertise that the Emona team bring on the financials,” he explained. While the publisher declined to disclose the financial terms of the acquisition, Blincoe made clear that Emona’s backing provides the resources necessary for further expansion. “Through Emona we have access to significant further investment if and where it’s needed for additional deals like this.”
This acquisition follows a pattern established last year when Secret Mode picked up Escape the Backrooms from Fancy Games. That co-op horror title, which launched in Early Access on Steam in August 2022, saw Secret Mode come on board as publisher in August 2025. Its full 1.0 release is scheduled for October 23, and the game has recently experienced a resurgence: its concurrent player count more than doubled in early June, climbing from roughly 7,500 on May 28 to nearly 17,000 on June 4. The catalyst was the release of the Backrooms film by A24, which became the studio’s highest-grossing movie at the US box office after just six days in cinemas. The game’s all-time peak remains 48,879 concurrent players.
What Is Secret Mode’s Strategy for Acquired Titles?
“Acquisitions like this are a core pillar of our strategy, alongside signing new titles to publish,” Blincoe said. “We did a similar deal last year for our co-op horror game Escape the Backrooms, which we’ve recently released on console and have already lined up a significant content plan for.” In both cases, Secret Mode is pursuing a playbook that involves acquiring a game with demonstrated commercial traction and a built-in audience, then investing in post-launch development to sustain and grow that audience over time.
For Chained Together, the next step involves bringing on external development talent to extend the game’s content pipeline. “We’re very close to signing a new development team to help continue building content for Chained Together,” Blincoe explained. “We can’t say who it is right now, but it’s a team that we trust and who have a lot of experience in working with existing IP.” This mirrors the approach Secret Mode took with Escape the Backrooms, for which Canadian studio Blackbird Interactive — the developer of Hardspace: Shipbreaker — was brought on to handle the console port.
How the Chained Together Acquisition Fits Broader Industry Trends
The deal reflects a broader shift in the games industry toward acquiring proven intellectual property rather than betting solely on unproven original concepts. With development costs rising and discoverability on digital storefronts becoming increasingly competitive, publishers are placing strategic value on titles that have already demonstrated product-market fit. Chained Together sold 10 million copies without any publisher involvement during its initial launch window — a remarkable feat for an independent studio — and Secret Mode’s role is to capture the value that remains untapped: console releases, additional content, cross-platform features, and sustained community engagement.
Blincoe emphasized that the publisher is actively hunting for more such opportunities. “We’re always on the hunt for new content, whether that comes in the form of new games or making major acquisitions such as Chained Together. We’re doing this through direct outreach, attending shows and events, inbound opportunities, and so on, and we’re constantly talking to developers, agents, and bankers to identify new opportunities.”
What Does This Mean for Chained Together Players?
For the millions of players who purchased Chained Together, the acquisition signals that the game will receive continued support and new content. Secret Mode’s stated goal is to give existing players reasons to return while attracting new ones — likely through updates, new modes, platform expansion, and potentially community-driven features. While Blincoe remained tight-lipped about specific plans, the publisher’s track record with Escape the Backrooms suggests a multi-pronged approach: console releases, content updates, and strategic timing around cultural moments (such as the Backrooms film) that can drive renewed interest.
Chained Together currently remains available on Steam, and the acquisition does not change its immediate availability. Over the coming months, players can expect announcements regarding new development partners, content roadmaps, and platform releases. With Secret Mode’s backing and Emona Capital’s financial support, the game is positioned for a second act that could extend its lifespan well beyond its initial viral success.
