Game Director David Jaffe announced in advance that the Twisted Metal demo would only be available for a short time.
Since the game is being released in the US on February 14th, the demo will be taken offline beforehand. Specifically, the demo servers will be shut down on February 08th, even though the game isn't released in Europe until February 24th.
Furthermore, Jaffe confirmed that the European version of Twisted Metal will also be released as an HD version with the bonus content Twisted Metal Black, however, the cutscenes will not be included.
Source: Twitter
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