Sony Expresses Disappointment with Destiny 2 Performance Amid $204 Million Impairment.
In the latest earnings announcement, Sony revealed that its acquisition of Destiny 2 developer Bungie Inc. has not yielded the sales and user engagement results expected by the Japanese conglomerate at the time of the 2022 purchase for $3.6 billion. According to Tao Lin, Sony's Chief Financial Officer, "partially due to changes in the competitive environment," Destiny 2 sales have fallen short of expectations.
The financial impact of this shortfall is a reported impairment on Bungie's intangible assets worth around $204 million. This represents a decrease in value of intellectual property such as the Destiny IP and existing customer relationships. However, the goodwill generated during the acquisition process remains intact, with Sony citing it as being "supported by the whole game segment."
When Bungie was acquired, Sony anticipated that its expertise in managing online games would help expand PlayStation's live service offerings. While some titles like Helldivers 2 have seen success on PC and consoles, others such as Concord, which was pulled from digital stores just weeks after launch, have highlighted the challenges of Bungie's approach.
The latest news emphasizes pressure on Bungie to improve its performance under Sony's guidance. Notably, a highly anticipated Star Wars-themed expansion for Destiny 2 has been delayed several times, sparking speculation about whether it can restore player interest in the series. With no release date announced, much of Bungie's future success will depend on its next game, which is currently shrouded in mystery following the revelation that a key extraction shooter, Marathon, was built using stolen assets.
In the latest earnings announcement, Sony revealed that its acquisition of Destiny 2 developer Bungie Inc. has not yielded the sales and user engagement results expected by the Japanese conglomerate at the time of the 2022 purchase for $3.6 billion. According to Tao Lin, Sony's Chief Financial Officer, "partially due to changes in the competitive environment," Destiny 2 sales have fallen short of expectations.
The financial impact of this shortfall is a reported impairment on Bungie's intangible assets worth around $204 million. This represents a decrease in value of intellectual property such as the Destiny IP and existing customer relationships. However, the goodwill generated during the acquisition process remains intact, with Sony citing it as being "supported by the whole game segment."
When Bungie was acquired, Sony anticipated that its expertise in managing online games would help expand PlayStation's live service offerings. While some titles like Helldivers 2 have seen success on PC and consoles, others such as Concord, which was pulled from digital stores just weeks after launch, have highlighted the challenges of Bungie's approach.
The latest news emphasizes pressure on Bungie to improve its performance under Sony's guidance. Notably, a highly anticipated Star Wars-themed expansion for Destiny 2 has been delayed several times, sparking speculation about whether it can restore player interest in the series. With no release date announced, much of Bungie's future success will depend on its next game, which is currently shrouded in mystery following the revelation that a key extraction shooter, Marathon, was built using stolen assets.
i dont know man, i just cant shake off this feeling that sony and bungie have bigger plans than what we see right now. they invested so much into destiny 2 and it seems like its still finding its footing. the whole thing with marathon sounds shady 
but at the same time, i think bungie has some amazing talent on their team and with the right guidance, they could turn things around.
and i feel bad for bungie they must be super stressed about it 
does anyone know how they're gonna make it back to the $3.6 billion mark? 
. But let's not forget, Bungie had some pretty big shoes to fill after leaving Microsoft behind 
. Destiny 2 is still an amazing game in my opinion 
... just gotta shake off the recent hiccups 
. I'm hoping Sony can support Bungie through this rough patch and help them get back on track 
. And hey, who knows, maybe that Star Wars expansion will be the game-changer everyone's been waiting for 
.
... I mean, they were just trying to create something amazing and now they're under so much pressure from Sony 
The whole thing with Marathon being built using stolen assets... that's just not cool 
. And now they're counting on this next game to save their skin, which is a huge weight to carry 
. I wish them all the best, but it's gonna be an interesting ride ahead 
. I mean, you gotta wonder how Sony let things get this far without having a better handle on Bungie's game development strategy from the start. It's like they said one thing and meant another 
. The whole "expertise in managing online games" thing sounds like a bunch of corporate jargon to me 
. The only way Bungie is going to recover from this is by focusing on its own strengths and finding a new path forward 
this is insane... $204 million impairment?! like what even is that? they're basically throwing money at Bungie to try and turn around their failing game... it's so not fair 
and i'm literally rooting for them (i know, i know) but come on sony can't just keep throwing cash at a sinking ship... what's next? buying up failing sports teams too? 
anyway back to destiny 2... i'm still waiting for that star wars expansion... my friend is hyped 
maybe it'll finally revive the series or maybe they'll just delay it again like they did with marathon 
just saw this thread and gotta say I'm not surprised... I mean, Destiny 2 was already kinda stale before Sony picked it up 
! Would've saved their bacon for sure 
. And what's up with all the delays? 
A Star Wars-themed expansion is supposed to be a game-changer, but now it's just stuck in limbo 
. Maybe Bungie needs some fresh blood or a new direction 
. Time will tell if they can turn things around 
... and what's up with the competitive environment? 
... it was so much fun playing it with friends back in the day. And now it's just...meh 
... I don't want them to mess up too badly 
That's some serious financial fallout 
. But hey, I still got hope for Destiny 2's future 
newsflash, nope didn't work out 
Bungie's approach is all over the place - one game's a hit, another gets pulled after like two weeks? 
and now this new info about Marathon... stole assets? no thanks 
gotta keep an eye on Bungie from afar 