By Sagar V. Mankar 
Ubisoft has released its financial results for the nine months ending December 31, 2024, revealing a substantial decline in revenue and net bookings. However, the company remains optimistic about its upcoming title, Assassin’s Creed Shadows, which is set to launch on March 20, 2025.
Financial Performance
For the nine-month period, Ubisoft reported:
- Revenue: €990 million (down 31.4% year-on-year)
- Net bookings: €944 million (down 34.8%)
- Digital net bookings: €784 million (down 33.8%)
- Back-catalogue net bookings: €762.3 million (down 27.7%)
For the third quarter ending December 31, 2024:
- Net bookings: €301.8 million (down 51.8%)
- Digital net bookings: €257.4 million
Despite a 51.8% year-on-year drop in net bookings for Q3, Ubisoft noted that the decline was expected and aligned with its revised projections of around €300 million.
Ubisoft’s Future Outlook and Assassin’s Creed Shadows
Looking ahead, Ubisoft expects a stronger performance in the next quarter, primarily driven by the release of Assassin’s Creed Shadows. Pre-sales for the game are reported to be “tracking solidly,” comparable to Assassin’s Creed Odyssey, the franchise’s second highest-grossing title.
According to Ubisoft CEO Yves Guillemot, early previews of the game have been positive. “The narrative and immersive experience, along with the dual protagonist approach, have been praised,” he stated. Guillemot also commended the development team for their dedication, calling Shadows “the most ambitious entry in the franchise.”
Back Catalog Performance
Ubisoft’s legacy titles continue to contribute significantly to its overall financial performance. Rainbow Six Siege remains a standout performer, boasting an engaged player base nearly a decade after launch. In Q3, the game saw increased session days per player and recorded the highest average revenue per paying user since its debut in 2015. Ubisoft has credited ongoing content updates, seasonal events, and its esports ecosystem for sustaining the game’s longevity.
Meanwhile, The Crew Motorfest achieved its highest monthly player count during the quarter, with session days increasing 38% year-on-year.
Other long-standing titles, such as Assassin’s Creed Valhalla and Far Cry 6, also contributed to back-catalog sales, though Ubisoft did not disclose specific figures for these games.
Cost Reduction Measures
Ubisoft continues to implement cost-cutting strategies, with recent layoffs at its studios in the UK, Germany, and Sweden. The company is “ahead of schedule” in its cost-reduction plan and expects to exceed its original target of €200 million in savings by the end of FY25.
Additionally, Ubisoft announced the discontinuation of its free-to-play shooter XDefiant, leading to the closure of two production studios and job losses for nearly 300 employees. Despite these measures, the company hinted at further restructuring, though specific details were not disclosed.
Strategic Review and Potential Buyout
Ubisoft is also undergoing a formal review of its “strategic options,” which was first announced in early 2025. Bloomberg reports suggesting a potential buyout from Tencent, though CFO Frédéric Duguet declined to comment on speculation, stating that the company would “inform the market if and when a transaction materializes.”
The coming months will be crucial for Ubisoft, with much riding on the success of Assassin’s Creed Shadows.
Source: GI.Biz