Within months of Viacom’s November decision to get rid of its money-losing unit behind the “Rock Band” video games, Activision Blizzard said last week that it is axing “Guitar Hero”, which was once one of the most successful selling video games of the new century.

Activision’s decision to pull the plug on the critically-acclaimed “Guitar Hero” series comes after an over five-year run for the franchise. The studio disclosed on Wednesday that it has already stopped the production of the series, including DJ Hero and True Crime.

The decision to discontinue the “Guitar Hero” series apparently stems from the fact that last year’s “Guitar Hero: Warriors of Rock” has a disappointing retail performance. Elaborating about the decision, Eric Hirshberg, CEO of Activision Publishing, said: “We simply cannot make these games profitable based on current market and demands.”

The discontinuation of “Guitar Hero” will result in more than 500 lay-offs, most of which will come at the studios contributing to the series. These studios include Freestyle Games in the UK; United Front in Canada; and Bizarre Creations in Liverpool.

Issuing a statement about the failed series, United Front – which was responsible for “True Crime” – said: “We are sorry we did not get a chance to complete this project with Activision, but we understand why. We are both committed to doing quality games and nothing less. Maybe we will have a chance to work together in the future.”