As a temporary (or permanent if you will) solution for Studio, have you changed GraphicsMode to Vulkan or any other mode except OpenGL? Something is up with OpenGL that fails to make shadowmaps for non-directional light sources.
For the Player though, I have no clue.
would you mind providing more information? like the system spec and repro place. logs would be even better. thank you!
we’ve identified and disabled offending code, thanks for reporting! will fix asap
It appears as though a fix was attempted recently as we can actually see all 3 versions of the lights now (at the beginning it was 0 lights, the next fix allowed 2 out of the 3 light options to be seen) but the lighting and shadows are still bugged in some way at all quality levels (not showing crisp shadows, light reflecting off of surfaces it shouldn’t be).
Thanks for keeping up with this, I just switched it back on in my game and all the fancy lighting was working again. Tried some other games that got the black screen due to the lighting bug and now they work, I can see where I am going, etc. It may not be perfect, but at least it’s a move in the right direction to fixing everything. I didn’t realize how much I missed the fancy light system 
