There is no calm on the Bungie front, which Sony Interactive Entertainment acquired in 2022 for a huge amount of 3.6 billion dollars. The company’s latest earnings report for the 2025 fiscal year, which ends in March 2026, reveals that the PlayStation wing is not all smiles.

According to the shared data, the technology giant announces an impairment loss of approximately $765 million on the assets of Bungie, the developer of Destiny 2 and the studio behind Marathon. This clearly shows that the studio’s commercial performance in recent years has fallen far short of Sony’s expectations.

• Sony is reporting a loss of approximately $765 million (120.1 billion yen) on its Bungie assets in fiscal 2025.

• Marathon, the new shooter game launched in March 2026, falls short of its targets by selling only 1.2 million units in its first month.

• The majority of the loss stemmed from the loss of value of Bungie’s intangible assets and disruptions to its live services strategy.

Bungie Acquisition Challenges Sony

Sony’s acquisition of Bungie in 2022 was seen as the most important part of PlayStation’s grand vision for live service games. However, the passing years prove that the return on this investment is much more painful than expected. The $765 million loss reflected in the 2025 fiscal year reports is not just an accounting detail; It is also interpreted as a confirmation that the value of the studio’s brands has decreased in the eyes of the market.

While it was known that the costs of assets related to Destiny 2 exceeded 200 million dollars in previous quarters, it is noteworthy that the figure in the year-end table has grown so much. Although Sony management states that total sales in the game department are flat, the effort to balance the decline in hardware sales with the software side is disrupted by this negative statement from Bungie.

Marathon Launch Failed to Create the Expected Impact

It is the first new series developed by Bungie since Halo and the first “non-Destiny” production in 12 years. marathonmet with the players last March. This highly anticipated “extraction shooter” production, unfortunately, is not enough to put the studio on a financial path. Another remarkable data is that the game, which sold approximately 1.2 million copies in its first month, was preferred on the Steam platform by 70%.

Analysts emphasize that these sales figures, which come after a studio acquisition worth $ 3.6 billion, are far from creating the “global phenomenon” effect that Sony expects. Marathon offers a more challenging gameplay compared to other similar productions.

Especially the complexity of the user interface, the deep and incomprehensible story structure, and the high difficulty level on the PvE side make it difficult for the game to reach the mainstream audience. The fact that the studio had to facilitate the content of the “Cryo Archive”, the first major raid of the game, by updating it after the reactions, also confirms the problems in this difficulty balance.

Future Strategy and New Generation Investments

Despite this huge loss, Sony still seems hopeful for the future. The company maintains its operating revenue forecasts for fiscal 2026, while predicting that profits from existing lines of business will grow at double-digit rates. However, these growth projections are balanced by the increase in new generation platform investments.

Although Sony still wants to benefit from Bungie’s live service expertise, this loss of $ 765 million signals that it will follow a much more cautious path regarding future acquisitions and studio management. In particular, whether Marathon will be able to increase the number of players with the content updates it will receive in the coming period seems to be the biggest factor that will determine the fate of the studio under Sony.