Bungie Becomes a "Drag" on PlayStation as Destiny 2 Fails

Sony Interactive Entertainment has publicly confirmed that its $3.6 billion acquisition of Bungie is failing, citing the drastic underperformance of Destiny 2. In its Q2 FY2025 financial report, Sony revealed it has recorded a massive "impairment loss" of ¥31.5 billion (approximately $204 million) directly against Bungie's assets. 

Sony's Chief Financial Officer, Lin Tao, stated that Destiny 2's "level of sales and user engagement has not reached the expectations we had at the time of the acquisition." Tao blamed "changes in the competitive environment" and confirmed Sony was "downwardly revising" all future projections for the studio, flagging it as a "problem asset".

This financial disappointment follows a tumultuous period for the creators of Halo and Destiny. Bungie has already faced multiple rounds of devastating layoffs, cutting around 100 employees in late 2023 and another 220 in 2024. As a result of the failures, the independence Sony promised Bungie in 2022 appears to be over. 

Sony Takes Control as Player Base Craters

Reports confirm Sony is moving to integrate the studio more tightly into its "PlayStation Studios" structure for more direct control and oversight. With Bungie's next major title, Marathon, delayed until at least 2026, the studio is now a notable drag on Sony's gaming division, contributing to a 13% drop in the segment's operating income.

The "cratering" player base is backed by hard data, showing why Sony is so concerned. After seeing a massive peak of over 316,651 concurrent players on Steam for the launch of The Final Shape expansion, the game's engagement has plummeted. As of mid-November 2025, the 30-day average player count on Steam is just 13,232, with daily peaks struggling to pass 22,903. 

For years, Destiny was a go-to for FPS fans, blending an engaging story, action-RPG elements, open-world exploration, raids, and PVP. Destiny 2 launched in 2017 and eventually went free-to-play, aiming to build a continuous, live-service world. Unfortunately, as the player base has dwindled, it has caused a lot of problems for the company. 

While games like Fortnite and Helldivers 2 thrive, Destiny 2 is a clear example that a successful live-service formula is not easy to maintain, and a once successful game can simply fizzle out.

How Did Bungie Get Here?

Many gamers know Bungie's name from its days of developing Halo for Xbox. After splitting from Microsoft in 2007, Bungie signed a 10-year deal with Activision in 2010, which led to the creation of the original Destiny. In 2019, Bungie ended its partnership with Activision to become the sole developer and publisher of Destiny 2. 

While this worked for some time, many fans feel this split was the beginning of the end, as cracks in the game began to show through expansion delays and new content that failed to impress players.

Sony's $3.6 billion acquisition of Bungie in July 2022 was seen as a massive deal, but ever since the studio has faced backlash for its decisions. Many fans of Destiny have grown tired of trying to defend the studio. 

The reality is, Destiny 2 has been on a decline for years. The Final Shape was seen as Bungie's last shot to turn the game around, but many players now agree it should have been the final instalment. Bungie, it seems, has committed the greatest sin a developer can: losing the trust of its players.

The Future of Bungie and Destiny 2

According to CFO Lin Tao, Sony plans to "continue making improvements" but is lowering its expectations for Bungie. For now, this means Destiny 2's servers will likely stay up. However, a live-service game is expensive to create and maintain. 

If Bungie can't prove that Destiny 2 can still bring players back and, ultimately, make a profit, the game may not survive much longer. With faith from both Sony and the gamers seemingly lost, many industry professionals believe that Destiny 2 has simply run its course.