Ubisoft cancels three games and slashes targets, citing worsening macroeconomic conditions
Summary
Tencent has increased its stake in French games maker Ubisoft, the company behind popular franchises like Assassins Creed. The company cited poor performance of its Mario + Rabbids Sparks of Hope and Just Dance 2023 titles, as well as a challenging economic environment. "We are facing contrasted market dynamics as the industry continues to shift towards mega-brands and everlasting live games, in the context of worsening economic conditions affecting consumer spending." Michael Pachter of Wedbush Securities said Ubisofts lineup of games over the holidays "just arent good enough to command attention." He said he expects improvement with upcoming games like Avatar, Assassins Creed and Skull & Bones, "but they couldnt pull it off with Mario + Rabbids this year," he told CNBC via email.
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