Sony has officially admitted that its $3.6 billion acquisition of Bungie isn't paying off the way it expected. During its Q2 FY2025 earnings call, the company recorded a $204 million impairment loss against Bungie's assets, citing weaker-than-expected sales and player engagement for Destiny 2.
The announcement marks Sony's most direct public acknowledgment that the 2022 deal hasn't met projections.
Sony CFO Confirms Missed Targets
CFO Lin Tao didn't sugarcoat the situation. "Regarding Destiny 2, partially due to changes in the competitive environment, the level of sales and user engagement has not reached the expectation we had at the time of the acquisition of Bungie," she explained during the call.
Sony has since revised its business projections for Bungie downward. The ¥31.5 billion ($204 million) impairment reflects how the company now values its investment in the studio.
On top of that figure, Sony disclosed an additional ¥18.3 billion (roughly $118 million) expense tied to development cost corrections. Both adjustments stem from reduced player activity and tougher competition in the live service shooter market.
Future Write-Downs Remain Possible
Tao addressed concerns about whether more impairment charges could follow. The current loss targets Bungie's intangible assets specifically, not goodwill from the acquisition.
"As for goodwill, that is supported by the whole game segment, so there will not be any impairment loss for goodwill," Tao clarified.
Still, she acknowledged ongoing risks. Both Destiny 2 and Bungie's upcoming extraction shooter Marathon remain under scrutiny. If either title falls short of Sony's goals, further adjustments could follow.
Competition Has Changed the Game
Destiny 2 once dominated a relatively empty live service shooter space. That's no longer the case.
The market now includes dozens of titles competing for the same audience. Games like ARC Raiders and other extraction shooters have climbed sales charts while Destiny 2's numbers have stagnated. Players have more options than ever, and many have moved on.
Player Counts Drop Below 2018 Lows
Steam data tells a grim story for the nearly eight-year-old shooter. Current player counts have reportedly fallen below the lows seen during Curse of Osiris in 2018. That expansion represented one of Destiny 2's weakest periods, making the comparison particularly telling.
The game launched in 2017 and has weathered plenty of rough patches over the years. Current metrics suggest it's struggling to hold onto its remaining player base.
Years of Frustration Have Eroded Player Trust
Community sentiment has soured over time. Fans point to missing updates and controversial gameplay changes as immediate concerns.
Deeper frustrations run further back. Players have criticized what they see as increasingly aggressive monetization. The practice of "vaulting" (removing previously released content to manage technical bloat) has proven especially unpopular.
Online discussions describe an erosion of goodwill between Bungie and its community. Some players have simply chosen not to return.
Bungie Bets on Renegades Expansion
Bungie has responded by pledging better communication and a renewed focus on the game's future. The studio is putting significant weight behind its next major expansion.
Renegades launches December 2, 2025. The release represents Bungie's best chance to reverse current trends and prove to Sony that Destiny 2 can still deliver.
Sony Tempers Expectations
For now, Sony is taking a more cautious approach to what was once a flagship live service property. The impairment reflects adjusted expectations rather than an abandonment of the investment.
Marathon carries additional pressure as a result. With Sony watching Bungie's performance more closely than ever, the upcoming extraction shooter needs to deliver where Destiny 2 hasn't.
After nearly eight years of operation, Destiny 2's continued existence counts as an achievement in the volatile live service market. Sony's financial disclosures make clear that survival alone won't justify what the company paid for Bungie.
