Sony Takes $204 Million Hit as Destiny 2 Underperforms

Nov 11, 2025 9:14 AM ESTby Megan Carter • 3 min read

According to Wccftech, Sony just recorded a massive $204 million impairment loss specifically tied to Destiny 2’s underperformance. During the Q2 2025 investors call, CFO Lin Tao revealed the game’s sales and user engagement have been lower than expected since Sony acquired Bungie for $3.6 billion in early 2022. The company downwardly revised its business projection for Bungie and took the 31.5 billion yen impairment loss against part of the studio’s assets. This comes as Destiny 2’s Steam numbers have dropped significantly and Bungie’s next game, Marathon, has been delayed. The first-person extraction shooter is now slated to launch before March 2026, while Destiny 2’s Star Wars-inspired Renegades expansion launches December 2.

Sony’s Bungie Bet Looks Shaky

Here’s the thing: analysts thought Sony overpaid for Bungie from day one. That $3.6 billion price tag always seemed steep for a studio with one major live service franchise that was already showing its age. And now we’re seeing the consequences play out in real time. The main objective was to bring live service expertise to PlayStation, but Destiny 2 just isn’t pulling its weight in a crowded market. When you’re competing against heavyweights like Fortnite and Helldivers 2, you can’t afford to stagnate. Basically, Sony bought the golden goose only to discover it’s laying fewer eggs than expected.

Helldivers 2 Shows What Success Looks Like

Meanwhile, Helldivers 2 continues to be Sony’s live service bright spot. The game’s performance actually improved after launching on Xbox, with sales increasing year-over-year across PlayStation 5 and PC. It’s a stark contrast to Destiny 2’s struggles. And it proves that Sony’s live service strategy isn’t fundamentally flawed—they just bet big on the wrong horse. Live service revenue still accounts for 40% of PlayStation’s first-party revenue despite the Concord disaster. So the model works, but execution matters. Helldivers 2 gets the formula right while Destiny 2 seems stuck in the past.

Bungie’s Future Hangs in the Balance

This $204 million loss isn’t just about accounting—it’s a warning shot across Bungie’s bow. The studio’s entire value proposition to Sony was their live service expertise. But with Destiny 2 fading and Marathon delayed, what exactly are they bringing to the table? The Renegades expansion with lightsaber-like weapons might provide a temporary boost, but let’s be real—it feels like putting a bandage on a broken arm. Bungie’s real test comes with Marathon. If that extraction shooter fails to capture the market? Well, let’s just say the once-acclaimed developer of Halo fame could be looking at some very difficult conversations with their corporate overlords. The pressure is absolutely on.

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