In a post on the Paradox forums it was announced that Magicka: Wizard Wars will be shutting down. Paradox gave no definitive reason as to why the servers will be closing but they did say for the last 9 months since they halted development they have left the servers up for their "small" community. Magicka: Wizard Wars took the mechanics established in Magicka and moved them into a PvP-moba-esque game. Paradox made it clear that for the last 9 months they weren't keeping the servers up to make money, but it has now come to the point where they cannot continue to do this.
The post also outlined how the shutdown will work. The servers for Magicka: Wizard Wars will stay open for another 3 months (until 21st July 2016). You are no longer able to spend real money on items. There is a possibility that some old content from the archive may be added depending on the work required. And finally, if people have paid for boosters that expire after 21st July 2016 to contact support.
It was a little over a year ago that Magicka: Wizard Wars left Early Access on Steam. It was an interesting idea to try and translate the mechanics of Magicka to a different game but with Paradox calling the community "small" it indicates that the player base just wasn't there to sustain this type of game. It's always sad to see a game shut down, especially when people had invested money into it.
In some cases when games have been shut down, the community has taken control and kept the game alive. Games like Star Wars Galaxies and Ultima Online. There is no word on if this will happen with Magicka: Wizard Wars.
The post was ended with,
Finally a big thanks from all of us who’ve worked on the project, to you, the fans. The passion and feedback from you throughout the whole development of the game has been nothing short of awesome!