Studio head John Smedley detailed the news in an update to the Kickstarter page today, attributing the decision to "the reality that we aren't going to reach our funding goals."
"This was our first Kickstarter and we made mistakes along the way," he wrote in the post. "I want to acknowledge that right up front. We put a lot of time and effort into the Kickstarter, but it's obvious missing things like physical goods hampered our efforts.
"It's also fair to say because we're early that we didn't have enough gameplay to show the game off enough to get people over the hump."
The studio sought $800,000 in funding for the Windows PC RPG, to be combined with $1 million already offered by outside investors.
Despite the project no longer accepting crowdfunding donations, however, Smedley confirmed that Pixelmage will continue to develop the title. Thanks to additional private investors, the studio expects the game to make its previously announced October launch window.
When it does launch, Hero's Song will cost $20. Smedley, who formerly served as the CEO of Daybreak Games (née Sony Online Entertainment) before starting Pixelmage last fall, told Polygon he planned to release additional content patches and even an expansion for the old-school fantasy role-playing game.
Smedley promised "complete transparency" with the ongoing development process. Updates will be provided via Twitch streams and Hero's Song's official website.
We've reached out to a representative of Pixelmage about the game's quick cancelation and ongoing development, and will update accordingly.