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The argument about whether or not something is "indie" or not usually revolves around how much influence some "huge corporation" had in the content of the game. I'd probably say WB had little to no direct influence on the actual game, and I'm kinda puzzled why the even signed with them given that the game was enormously successful on both Xbox Live and Steam, both of which need no outside publisher...
The story is also proving to be very interesting. It is indie enough :)
Though i agree that it's a fantastic game.
I think the importance of that "indie" title is to distinguish where the ultimate decision-making process takes place. Does a developer have the independence to make what THEY want regardless of its investors? Are they, then, answering to their own tastes as well as those of its audience directly? Supergiant, in that sense, more than fits the bill. But Valve, in that case, would also fit that criteria, and I know people are wary of extending it to a company of that size.
Personally, I think that's really the strength of an "indie" title. Regardless, or rather independent, of the the size, it's the ability of a company to make what it and its consumers (however small or niche it may be) wants.
Either way, I have been convinced that Bastion is indeed indie and that Warner Bros is nothing but a third party for practical issues.
In the end, by supporting these companies you are in essence allowing them to continue these poor practices, which often end poorly for the studios and developers they hire on. They are in this market to make as much money as possible in the shortest amount of time, often without regard for their employees.
Michael had a great response to this about the problems of larger-scale gaming.
It's not elitism. There ARE indie games that are catering to a different crowd than your standard FPS/GTA field.
But indie companies have the freedom to do so. That's really what makes the name and label important for any reason, and to be honest it's a particularly strong reason.
Compare most indie budgets to most Triple A titles
Because you see indie games being published by companies like Capcom.
On an other note, I edited the first post.
This company has made some pretty big games like Hades and Pyre. They don't have a lot of employees, but there is a high degree of reputation though!