Larian (Belgium), GGG (New Zealand), Remedy (Finland), CDPR (Poland) ... I'm spotting a trend here.
Meanwhile Blizzard (US), Maxis (US), EA (US), Rockstar (US), Bungie (US), Lionhead (formerly UK, now Microsoft (US)) ... there's got to be a pattern?
Let's not forget Access of Tex Murphy fame either :).
This is a rollercoaster of a list. Valve's $7.7bil versus a company who's only product is Path of Exile?
They probably make that much in revenue yearly, the number from 2019 has to be way out of date.
I believe op's point is that they're 1) not independent and 2) not making exploitive games. Exploitive monetization is a fairly subjective call but it seems pretty agreeable that being owned by Tencent certainly makes a studio not "indie".
It's not owned by TenCent.
CD Projekt has more employees than Bungie, and the current market cap is ~70% of what Bungie was bought for?
They also benefit from Polish salaries. I think at one point a couple years ago they were barely paying $300-700 a month to staff.