LIND RESEARCH
Fellowship Spikes Again on Season 3
Fellowship's Season 3 (launched June 22) peaked at 13,175 concurrent players on Steam, just below the Season 2 peak of 14,432 in February 2026; the seasonal trigger still works.
The trailing 30-day average of 3,173 is the highest monthly average since December 2025, an early positive, though inflated by the launch window.
Each season spikes then bleeds: Season 2 ran from a 14,432 peak in February to 5,702 in March, 964 in April, and 371 in May, roughly a 97% peak-to-trough decline in three months.
The pre-Season-3 trough was the lowest in the game's history, a 371 peak and 155 average in May, against a 43,841 peak and 23,112 average at the October 2025 Steam release.
Steam reviews tie the pattern to repeated launch-day server failures and a thin content base of five to six dungeons; the decisive read is whether Season 3 settles above the prior troughs over the next three to six weeks.
Management flagged Fellowship as an underperformer and a cost drag on the May 12 call (SEK 30 million of the quarter's cost increase, plus a SEK 163 million non-cash development-cost transfer), naming Season 3 as the test of whether the arrangement continues at the current level.
Coffee Stain’s publishing title Fellowship launched its third season on June 22 and re-peaked at 13,175 concurrent players on Steam, just below the Season 2 peak. We pulled the full monthly concurrency history and the launch-window Steam reviews, and the picture is a familiar one: a real seasonal spike sitting on top of a deepening inter-season trough that hit its lowest point in the game's history just before this launch. Management has already flagged the title as an underperformer and a cost drag and named this season as the test. The full note shows the month-by-month spike-and-bleed pattern, ties it to the issues reviewers name and the cost mechanics management disclosed, and sets out the specific concurrency floor to watch over the next three to six weeks to judge whether the title is durable or headed for restructuring.
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