Destiny 2 Revenue Targets Miss by Nearly 50%, Report Suggests
Bloomberg’s Jason Schreier reports that Destiny 2 will miss its 2023 projected revenue targets by nearly 50 per cent, as revealed at a meeting two weeks ago where Bungie executives informed employees the game is running 45% below revenue projections for this year. Unfortunately, news of Destiny 2 failing to meet these goals only circulated after Monday’s layoff round involving 100 people (8% of its staff) took effect at its game development studio.
Pete Parsons, Bungie’s CEO, attributed their weaker-than-expected earnings to player retention issues surrounding Lightfall. It launched in late February to some of its highest player count averages ever; even with a $10 price hike from its 2022 expansion. According to Steam Charts’ estimates, Lightfall saw near-record average player counts hovering near 310,000 for weeks following launch; yet 30-day player retention figures dropped off significantly (reaching 68,000 by April). Even with ongoing seasonal content updates and free-to-play events happening within this game, retention has failed to maintain enough players so as to grow its income source effectively.
Sony recently purchased Bungie Studios, the studio behind Destiny 2, prompting some community members to publicly criticize what appeared like increased emphasis on in-game monetization tactics – such as increasing season pass subscription costs by 20% – as part of monetization tactics implemented during in-game play.
In another decision by the company, The Final Shape expansion — intended as the finale to Light and Darkness’ 10-year storyline — has also been moved back. Originally scheduled to come out in February 2024, its release has now been postponed until June. According to sources who requested anonymity, according to Bloomberg journalist Schreier, this could give developers additional time to improve the product.
At the meeting where CEO Parsons revealed Destiny 2 had not met its projections, she also warned Bungie team members they may face budgetary reductions or salary freezes as a result of its performance not meeting projections.
Though Sony may have played some part in Bungie management’s decision to reduce costs and lay off staff, sources have told other reporters that Bungie management made the call themselves.
