Sony's Bungie Bet Fails: Destiny 2 Plummets

The wisdom behind Sony's massive $3.6 billion acquisition of developer Bungie is facing intense scrutiny as its flagship title, the live-service shooter Destiny 2, experiences a historic drop in its player base. Following the June 2024 release of "The Final Shape" expansion, which concluded the game's decade-long "Light and Darkness" saga, player engagement has fallen off a cliff.

Recent data from Steam, a popular platform for the game on PC, shows the average player count over the last 30 days has sunk to a franchise-record low of just over 18,000. At one point in early October 2025, the game's 24-hour peak concurrent player count was a mere 16,067, a stark contrast to the over 314,000 players who logged in for The Final Shape's launch. This dramatic decline has amplified concerns within Sony and the broader gaming community about the long-term value of the blockbuster 2022 purchase.

When Sony Interactive Entertainment announced the acquisition in January 2022, it was seen as a major strategic move to bolster its portfolio of live-service games and gain multi-platform expertise. A key component of the deal was the promise that Bungie would operate as a "fully independent subsidiary," maintaining its existing management and creative freedom.

However, this independence was reportedly conditional. Following a round of layoffs in late 2023, reports emerged that Bungie leadership had informed staff that Sony could dissolve the studio's board and assume full control if specific financial targets were not met. This possibility now appears to be a reality, as Sony CFO Lin Tao stated in August 2025 that Bungie's "independence is getting lighter" and the direction is for the studio to "become part of PlayStation Studios."

The developer's struggles are not just external. Bungie has been rocked by internal turmoil, including multiple significant layoffs over the past year that have decimated staff morale. In late 2023, about 100 employees were let go due to dwindling player retention and lower-than-expected pre-orders for The Final Shape.

Another, larger round of layoffs in August 2024 saw 17% of the company's workforce dismissed. These cuts were reportedly a direct result of Bungie repeatedly missing financial targets promised to Sony since the acquisition. As early as February 2024, Sony President and PlayStation chairman Hiroki Totoki publicly commented on the need for Bungie to assume more "accountability for development timelines" and better control over business expenses, signaling high-level disappointment long before the current player count crisis.

• Background on the Acquisition: In July 2022, Sony finalized its $3.6 billion purchase of Bungie. The deal was structured to allow Bungie to remain a multi-platform studio and self-publish its games, with its existing board having a tie-breaking vote held by then-CEO Pete Parsons.
• However, sources inside the company later revealed this autonomy was contingent on meeting aggressive financial goals, which the studio has reportedly failed to do, leading to Sony gradually taking more direct control.
• The Post-Saga Player Exodus: The Final Shape expansion in June 2024 was a narrative climax for Destiny 2, concluding a story that began with the first game's launch in 2014. While critically praised, it also served as a natural stopping point for many veteran players.
• The subsequent expansion, "Edge of Fate," launched to a peak of just 98,211 players on Steam, less than a third of The Final Shape's launch-day peak, indicating a failure to retain the audience.
• A Crisis in Player Numbers: According to data from Steam Charts, Destiny 2's average player count in the 30 days leading up to early October 2025 was 18,439, the lowest in the game's history on the platform. The decline has been steady, with the baseline for both peak and low concurrent player counts dropping by more than 50% compared to the period before The Final Shape.
• This has led to a "Mostly Negative" recent review score on Steam, with community faith in the developer described as being low.
• Internal Turmoil and Layoffs: Bungie has undergone severe internal restructuring. In October 2023, the studio laid off approximately 8% of its workforce, or around 100 employees, citing a 45% revenue shortfall against projections.
• A second, more drastic round of layoffs occurred in August 2024, impacting 220 employees, or 17% of the studio. These events have reportedly created a "soul-crushing mood" within the company.
• Sony's Public and Private Pressure: Sony executives have been vocal about their dissatisfaction. In February 2024, Hiroki Totoki criticized Bungie's business discipline.
• By August 2025, CFO Lin Tao admitted Sony's overall live-service strategy was "not entirely going smoothly" and confirmed Bungie was being more directly integrated into the PlayStation Studios structure. Reports claim Bungie leadership overstated the studio's financial prospects to Sony, leading to the need for deep cuts to prove they were taking finances seriously.
• The Future of Destiny 2: In place of large annual expansions, Bungie is shifting to a model of smaller content drops called "Episodes." The reception to the first episode, "Echoes," has been mixed.
• The studio is pinning its hopes on a larger, Star Wars-themed expansion titled "Renegades" set for December 2025 to reinvigorate the player base. The developer has also teased a future content plan codenamed "Frontiers" for 2025.
• Pressure on Bungie's Next IP: Marathon: A great deal of pressure now falls on Bungie's next major project, a revival of its classic "Marathon" franchise as a PvP extraction shooter. Originally planned for a September 2025 release, the game was indefinitely delayed in June following critical feedback from early tests.
• Bungie has announced a new closed technical test for October 22-27, but a public update on its development is still months away. Sony's financial forecast expects the game to launch before the end of the fiscal year in March 2026.
• Implications for Sony's Live-Service Strategy: The high-profile struggles of Bungie, Sony's flagship live-service acquisition, cast a shadow over the company's broader ambitions in the space. With its own live-service shooter, Concord, being shut down shortly after launch, and Marathon's development troubles, the challenges at Bungie highlight the immense difficulty and expense of sustaining successful live-service games.