Sony disclosed a $204m impairment loss on Bungie-related assets in its latest financial results. The charge reflects a harsh reality: Destiny 2‘s sales and player engagement have fallen short of the expectations Sony set when it acquired the studio in 2022.
The impairment is an accounting adjustment that lowers the value of Bungie assets on Sony’s books. It’s a non-cash charge but signals something more important. Sony now expects significantly less revenue from Bungie than it originally projected when it paid $3.6bn for the studio.
Sony specifically cited underperformance in Destiny 2‘s sales and user activity as the reason for revising its Bungie outlook downward. The company didn’t break down which content or updates fell short, but the timing tells a story.
The Final Shape expansion launched in June 2024 and wrapped up Destiny 2‘s decade-long Light and Darkness saga. Many players returned to see the story conclude. What appears to have happened next is those players left again faster than Sony anticipated.
Bungie shifted Destiny 2 to a new content model after The Final Shape with Episodes replacing the previous Seasons format. Player feedback has been mixed. The game continues to face long-standing friction points that make it difficult for new and returning players to engage.
Content vaulting remains a sticking point. Bungie has removed significant portions of the game over time to manage file size and development scope. This means players who want to experience the full story can’t. New players often report confusion about where to start or what content is even available.
The monetization structure adds another layer of complexity. Destiny 2 is free-to-play at its core but requires paid expansions for the full experience. Beyond that, dungeon keys and seasonal content carry separate price tags. The layered costs frustrate players who feel they’re being nickel-and-dimed.
Bungie implemented layoffs in late 2023 after missing internal revenue targets. Roughly 8% of staff were cut. The studio continues working on Marathon, its upcoming extraction shooter, but that project hasn’t contributed to revenue yet.
Sony bought Bungie specifically for its live-service expertise. The plan was to use that knowledge across Sony’s first-party studios as the company pivoted toward multiplayer games. That strategy has produced uneven results.
Concord from Firewalk Studios launched and shut down in 2024 after disastrous player counts. Helldivers 2 from Arrowhead Game Studios became a breakout hit. Bungie sits somewhere in the middle with a struggling but still-operational flagship game.
What happens now
Bungie remains an independently operated subsidiary within Sony. The financial disclosure didn’t include any announcements about leadership changes or operational restructuring.
The studio needs to stabilize Destiny 2‘s engagement and monetization while advancing Marathon and other projects. Sony needs Bungie to deliver on the live-service expertise it paid billions to acquire. Right now, the numbers suggest neither party is getting what they expected from the deal.
