Destiny 2 will miss its 2023 projected revenue targets by nearly 50%, according to a report from Bloomberg's Jason Schreier. At a meeting two weeks ago, Bungie executives reportedly told some employees that the game is presently running 45% below revenue projections for the year. However, news of the game's failure to reach expectations circulated only after Monday's layoff round at the game development studio, which impacted 100 people, amounting to 8% of its staff.
Pete Parsons, who is Bungie's CEO, reportedly attributed the weaker-than-expected earnings to waning player retention in the aftermath of Lightfall. Lightfall launched in late February to some of the highest player count averages in the game's history, even with a $10 price increase from the game's 2022 expansion. According to Steam Charts, Lightfall's launch boasted near-record average player counts above 310,000 in the weeks that followed, but the game's 30-day average player count dwindled to around 68,000. But, it seems that even with ongoing seasonal content and free-to-play events, the game has failed to retain the player base needed to grow its income stream.
News of Destiny 2's failure to meet expectations comes just over a year after Sony acquired the studio behind the popular FPS game. In the months following the acquisition, some Destiny 2 community members publicly criticized a seemingly greater emphasis on in-game monetization tactics, such as a 20% cost increase for the game's season pass content.
The company has also decided to push back The Final Shape expansion, the conclusion to the ten-year Light and Darkness storyline. The expansion, originally scheduled for February 2024, is being pushed to June 2024. In the Bloomberg article, Schreier says The Final Shape "was getting good — not great feedback," according to sources who asked not to be named, and that "the additional time would give developers a chance to improve the product."
At the meeting in which Parsons announced Destiny 2's failure to reach projections, the CEO also told Bungie team members to expect cuts to travel expenses as well as hiring and salary freezes.
While the Bloomberg article suggests larger initiatives at Sony may have played a role in the decision to cut costs and lay off staff, sources have told other reporters that the decisions came directly from Bungie management.
