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Though Replay Studios' Velvet Assassin could fill the current void in the stealth-action genre, don't expect the game to launch a franchise. It seems that there won't be any sequels or downloadable content.
Generally, asking about downloadable content or sequels elicits some sort of "well, we'll see how this one goes" statement from a developer. However, a SouthPeak Interactive representative told Blend Games definitively that there would be no DLC for Velvet Assassin. Also, it's highly unlikely that we'll see a Velvet Assassin 2.
Why? It's, at least partly, due to the fact that Velvet Assassin's main character, British secret agent Violette Szabo, is based loosely on a historical figure. Her real-life counterpart, Violette Szabo, was a French spy during World War II who was eventually captured by the Nazis, sent to a labor camp, and then executed. The SouthPeak rep mentioned that they wanted to be "respectful" to the Szabo family and I guess having a sequel would be like making a Titanic 2 where Leonardo DiCaprio and the rest of the dead passengers had survived and created a magical city under the sea.
Still, as Blend Games' Assistant Editor William Usher pointed out to me, couldn't they just make a sequel with some other hot spy chick? It just seems odd that the door would be shut on a potential series before the first game's been released. If Velvet Assassin ends up doing really well, it's hard to believe they wouldn't make another game that retains the core gameplay but stars a different historical figure or an entirely fictional character.