Sony is not happy with the performance of Destiny 2, the company confirmed in its latest Q2 earnings announcement. “Regarding Destiny 2, partially due to changes in the competitive environment, the level of sales and user engagement have not reached the expectations we had at the time of the acquisition of Bungie, Inc.” Sony Chief Financial Officer Tao Lin said. In response, the company is recording around a $204 million impairment on the developer’s intangible assets.
The impairment isn’t equivalent to money lost, but rather a representation of Destiny 2 not meeting the sales and engagement models Sony made when it acquired Bungie. The “intangible assets” Bungie brought to the deal, like the Destiny IP and the developer’s existing customer relationships, are worth less right now than expected. However, that doesn’t extend to the “goodwill” created when both companies agreed to the acquisition, Sonys says, because it’s “supported by the whole game segment.”
When it completed its acquisition of Bungie for $3.6 billion in 2022, Sony believed the developer could use its expertise in running online games to help expand PlayStation’s live service offerings. While the strategy has led to successes, like Helldivers 2, which has proven to be a popular multiplayer game on PC, PlayStation and Xbox, it’s also created catastrophic failures like Concord, which was pulled from digital stores less than two weeks after it launched.
Sony’s announcement doesn’t suggest the company believes it was wrong to purchase Bungie, but it does put even more pressure on the developer to perform, and justifies Sony taking firmer control of what happens at the studio. Renegades, a planned Star Wars-themed expansion, could bring the mass appeal Bungie is hoping for, but the developer has a whole other game to contend with, too.
Bungie delayed its take on an extraction shooter, Marathon, in June, after it was revealed that a significant portion of the game used stolen assets. The developer hasn’t announced a new release date since then, but assuming interest in Destiny 2 never fully returns, a lot could ride on Bungie’s next game.
