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Edytowany przez użytkownika jhermannITJ:
11/11/2025 6:17:30 PM
18
None of it is surprising, lol.
That article is a hit piece.
And what I'm interested in now... who funds/owns GamePost... who is paying those people?
Here's the link to the Q2 transcript:
[url]https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/25q2_sonyspeech.pdf[/url]
Credit: Sony
Here's the quotes without mischaracterizing it,
[i]"Although performance varies by title, our live service games overall
accounted for morethan40% of our first-party software revenue, similar
to the previous quarter and are a recurring source of revenue.
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.
(“Bungie”).
While we will continue to make improvements, we downwardly revised
the business projection for the time being and recorded an impairment
loss against a portion of the assets at Bungie".[/i]
It's an obvious...redundant and generic analysis of the situation.
Nothing suggests what the GamePost said...
English
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So what do you think is going on here then? I’m asking genuinely so please don’t be cryptic. Speak plainly, no rhetorical questions, just what you think, or possibly know. You and I may despise each other, but we do have one thing in common, we want this game to keep going and be successful.
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Edytowany przez użytkownika STiNKyWizLTeaTs: 11/11/2025 7:56:01 PMWhat is happening here is essentially Sony is recognizing the asset, Bungie, is not performing like they expected. I stated a few months back that Sony was packaging the live service games together as a way to hide a bad investment, and now we have that answer. It is a common thing to do, but it buys you time. Before, I said to take note of this. Sony then took a charge this quarter to realize a $204M loss on the investment in Bungie. This is mostly for tax purposes, and it does not mean Sony wrote a check for $204M. $204M is still significant as Bungie only had revenue of $400M for maybe 2 years. Going forward, this means Sony’s financial statements will show a one-time hit to operating profit, while Bungie’s carrying value on the balance sheet will now be smaller. It does not mean Bungie is closing or being sold—it’s more of a financial reality check. Now is the "coming to God moment" I have talked about. The write-down resets expectations and gives Sony flexibility to reassess budgets, oversight, and future strategy for Bungie. Still, if Destiny 2 continues to underperform or Marathon fails to deliver, additional impairments could follow. In short, Sony’s $204 million write-down isn’t a cash loss, but it’s a public acknowledgment that Bungie’s current performance and future revenue potential are significantly weaker than originally anticipated. The key here is if Sony continues to write down Bungie. If that happens, that is a major red flag.
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Bungie is slowly integrated into Sony hence the restructuring. Notice the new role of Justin is studio head. Not ceo Lyn Tao (Dunno if i got her name right) said that bungie's future of being independent slowly becomes a road that is not being possible anymore. The privileges they had upon acquisition and now are slowly being removed
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The only ‘hit piece’ here is the one Sony just took on Bungie’s balance sheet.
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Nope and this same writer has been called out for it by Colin Moriarity when he mischaracterized him as a source. You are partially correct though.
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Funny how every time Bungie stumbles, the story suddenly turns into a crusade against journalists instead of the numbers on Sony’s balance sheet.
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Thank you...
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Edytowany przez użytkownika jhermannITJ: 11/11/2025 6:57:40 PMThey're not journalists... They have confirmed it. Colin is... or was, he does editorial content now so he won't officially accept the distinction... the only reason I know this is because he's made a point to talk about it. However, still operates by those standards of ethics and integrity. And he specifically made a point to admonish this writer after they mischaracterized his work. That being said, Bungie is not worth as much as they were at the time of acquisition. Doesn't mean they're losing revenue... it doesn't indicate the level of investment they plan to put forth. It's accounting. It doesn't mean there won't be growth. Here's a microcosmic analog... it isn't exactly 1 to 1, but it explains how the concept cited isn't holistically conclusive. If you need a vehicle for employment... if only for transportation, but let's say a gardener or handyman. That truck losses 30% once you drive it off the lot before modifications. That's an "impairment loss". On... "assets". That's all they said in the Q2. [We bought a new truck]. [AND the drought has decimated our clientele]. That essentially what they said. It doesn't mean they aren't investing, to be fair... it doesn't say they are either. 😇👍💠 But I think they are 👀.
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So you genuinely don’t think bungie’s revenue has dropped over the last year??
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Shhhhhh take nap Zzzzz 😴💤
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You wrote a full dissertation to say one thing Sony already said themselves: Bungie underperformed and Sony reduced the value of their assets because of Destiny 2’s missed expectations. Everything else you added — the ‘journalist’ tangent, the Colin name-drop, the truck metaphor — doesn’t change that. Impairment losses aren’t some quirky accounting trivia. Sony only writes down assets when the projected future revenue isn’t there anymore. That’s not a drought, a gardener, or a truck losing value. That’s Destiny 2 missing sales and engagement targets badly enough that Sony had to revise Bungie’s business outlook downward. You can dress it up however you want, but the numbers say what the numbers say. Sony didn’t single out any other studio by name — just Bungie.
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Edytowany przez użytkownika jhermannITJ: 11/11/2025 7:13:17 PMYeah, and I'll link them. The sky isn't falling, lol. [url]https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/25q2_sonypre.pdf[/url] [i]"Statements made in this material with respect to Sony’s current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Sony. Forward-looking statements include, but are not limited to, those statements using words such as “believe,” “expect,” “plans,” “strategy,” “prospects,” “forecast,” “estimate,” “project,” “anticipate,” “aim,” “intend,” “seek,” “may,” “might,” “could” or “should,” and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management’s assumptions, judgments and beliefs in light of the information currently available to it. Sony cautions investors that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore investors should not place undue reliance on them. Investors also should not rely on any obligation of Sony to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Sony disclaims any such obligation".[/i]
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You keep treating the impairment and asset write-down like they’re routine or harmless, but they only happen for one reason: Sony no longer believes Bungie’s future Destiny revenue will meet the projections that Bungie gave them. An impairment isn’t cosmetic. It’s not the same as depreciation or a truck losing value off the lot. It’s a formal acknowledgement that: • Destiny 2’s engagement and sales are materially below expectations • Bungie’s projected future cash flow from Destiny 2 has been lowered • Bungie’s internal forecasts were overly optimistic • Sony had to revise Bungie’s business outlook downward • The division’s assets are now worth less than what Sony paid for them That’s why Sony singled Bungie out by name. They didn’t single out any other studio. None of that means ‘the sky is falling’ — but it absolutely is a bad flag. You don’t take a ¥31.5 billion impairment on a healthy product. You don’t revise a studio’s business projection downward when things are going well. It doesn’t mean Destiny shuts down tomorrow, but it does mean Sony’s confidence in Bungie’s future revenue has taken a major hit. That’s the financial reality, no matter how it’s framed.
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It actually doesn't mean that. It is fairly routine. They're redundant statements about the state of the game. And yes, they lowering their projections... for the time being. Players numbers have dropped significantly. None of this is surprising or alarming yet. It's not "good" ... but the sky isn't falling either.
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To lower the value of an asset you bought by impairment and not depreciation is not routine, I can assure you.
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Impairments are only ‘routine’ in situations where a business unit’s revenue outlook has deteriorated. Companies do not impair assets that are meeting expectations. They impair assets when the projected cash flow drops below the value that was originally paid for them. That’s exactly what Sony said: • Destiny’s sales missed expectations • Engagement missed expectations • Bungie’s future revenue projections had to be lowered • And Sony had to write down Bungie’s asset value because of it That isn’t a routine maintenance check. That’s a response to underperformance. None of that means the sky is falling — but pretending it’s not a serious financial flag doesn’t line up with how impairments actually work. The write-down is the evidence that Sony no longer expects the returns Bungie promised at acquisition. And that’s not ‘redundant.’ It’s the whole point of the impairment.
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Like a player drought and decline per saturation and competition while the game is undergoing an overall of fundamental systems? Yeah. 😉 Routine accounting given the situation. She also said, "We will continue to make improvements". No scale or scope indicated... but additive. The canary term in game development is "no support beyond maintenance". If that was said, then it's probably bad.
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A player drought and competition don’t turn an impairment into something routine. Impairments only happen when a company’s expected future cash flow drops below what they originally projected. That’s why Sony explicitly tied the write-down to Destiny’s missed sales and engagement targets and then revised Bungie’s business outlook downward. If this were ‘routine accounting,’ Sony wouldn’t need to lower Bungie’s projections — because doing that publicly means they no longer expect the revenue Bungie promised when they were acquired. And ‘we will continue to make improvements’ is just standard PR language. What matters is the financial action: Sony wrote off ¥31.5 billion and lowered the studio’s future expectations. None of that signals shutdown tomorrow, but it absolutely does signal that Destiny is performing below what Sony needs it to. That’s why the impairment exists in the first place.
