In just a few days, Netflix will showcase the long-awaited second season of "Arcane," set to premiere on November 9th. The animated series, which has already secured four Emmy Awards, including Outstanding Animated Program, saw unprecedented acclaim as the top TV show in 85 countries. With such monumental success, it’s hard to imagine how Riot Games can top this achievement.

However, whispers from industry insiders reveal that this second season will be the show's last, despite Riot's initial plans for a sweeping five-season saga. "Arcane" stands as the only significant TV or film endeavor from Riot Games, the creators behind the globally popular "League of Legends." The ambitious journey into scripted entertainment began about five years ago; Riot aimed to craft a series of live-action and animated projects based on its robust IP.

Riot's former CEO, Nicolo Laurent, candorously expressed his vision to establish Riot as "the entertainment company of the 21st century." Yet, as it turns out, the company has very little to showcase aside from "Arcane," which reportedly cost around $250 million for its 18 episodes, making it the most expensive animated series ever. This extravagant budget exemplifies the steep learning curve Riot experienced in navigating Hollywood's complexities.

Despite acknowledging setbacks, Riot co-founder Marc Merrill remains adamant about the company's commitment to high-quality content. "We never intended to operate like a traditional studio. We learned that getting it right takes time, and we have recalibrated our development expectations accordingly," he shared.

The investment in "Arcane" was substantial, with sources estimating the production cost for the first nine episodes at over $80 million, while the upcoming second batch approached $100 million. In an extraordinary move, Riot even allocated $60 million for marketing the first season—exponentially higher than typical studio budgets for shows they don't distribute.

Meanwhile, with Riot's billion-dollar revenue from in-game purchases and esports expansion, it's clear that despite initial challenges in the entertainment sector, they were driven by a vision to increase the company’s overall valuation.

However, controversies beset Riot’s entertainment ambitions. Internal sources noted disappointing early partnerships—most notably, a costly decision to pay $5 million to Anthony and Joe Russo, the producers behind the Marvel "Avengers" franchise, who were initially hired to work on a "League of Legends" movie project that ultimately fell through.

Riot had sought to combine experienced media executives from major companies like Disney and Netflix to tap into a potential goldmine: a universe filled with diverse game characters and stories. Shauna Spenley, a noteworthy Netflix veteran, spearheaded the global entertainment division, yet faced significant challenges aligning the ambitious vision with the actual output capable of sustaining quality.

As excitement swirled around "Arcane," skepticism pervaded internally. Many core Riot staff viewed entertainment as a distraction from the company’s gaming roots. Despite attempts to pivot, the entertainment division faced soft internal support, leading to the dismantling of its structure under the new leadership of Dylan Jadeja.

As of now, with season 2 of "Arcane" on the cusp of release, Riot's fate in the entertainment sector remains uncertain. While they have secured scripts for a live-action limited series and ongoing animation projects, promising glimpses of potential remain elusive. The company aims for innovative adaptations, yet tangible results are nowhere in sight.

Despite Riot's challenges, the future of "Arcane" stands as a beacon—a chance to build future narratives that may finally align the gaming powerhouse with its cinematic ambitions. However, with the recent COVID-19 market adjustments, layoffs, and restructuring dynamics, many wonder if Riot can sustain its ambitious goals or if it is bound to retreat to its gaming comfort zone.

In light of all this, the success of "Arcane" could either be a launching pad for Riot's entertainment division or serve as a cautionary tale in the realities of crossover creativity in a fast-evolving industry. Fans and observers alike are left to speculate: Is this just the beginning of an epic saga, or a costly misstep for one of gaming's giants? Only time will tell.