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Dream time
Video game publisher
CD project
said earlier this week that it had sold 13 million copies of its latest title Cyberpunk 2077 since its launch two weeks ago, in what appears to be an effort to reassure investors after a difficult launch.
On December 10, the launch of the Polish company’s nearly decade-long effort to make Cyberpunk 2077 did not turn out well – the game was, and still is, riddled with bugs and hardly playable on previous generation console systems made by
Microsoft
(ticker: MSFT) and
Sony
(SNE).
The title release was received so badly by gamers that it has jeopardized the company’s reputation as a top business for gamers, raised the threat of a class action lawsuit against the publisher, and prompted CD Projekt to say it would reimburse players. disappointed. . Both Microsoft and Sony also offered refunds to gamers.
In a lengthy statement released on December 14, CD Projekt said it was working to “correct the bugs, the glitches and the overall experience.”
Investors reacted accordingly, and CD Projekt’s (CDR.Poland) Polish-listed shares have retreated 26% since the game’s launch. Unlike big publishers like
Electronic Arts (EA)
or
Activision Blizzard
(ATVI), CD Projekt doesn’t have a stable of great games that releases at a predictable cadence, and the stakes are high for Cyberpunk success is still high.
But even amid controversy, Tuesday’s disclosure places Cyberpunk among the best-selling titles of the year, making it potentially competitive with Activision’s launch of Call of Duty: Black Ops Cold Warand the last Animal crossing Title. This is no small achievement.
Okay, CD Projekt had collected roughly 8 million in pre-ordered copies, here at Barron we’re puzzled by the advantage of reserving a title for consumers, which suggests that the game has sold around five million units since its launch.
The last great game produced on CD Projekt, The Witcher 3: Wild Hunt, sold four million copies in the first two weeks, but the franchise, including the first two games in the series, has sold more than 40 million copies. The Wizard, which is based on the book series by Polish writer Andrzej Sapkowski, has also been made into a series for
Netflix
(NFLX).
However, even 13 million units sold is a disappointment to some analysts. Citi Research analyst Rafal Wiatr wrote in a note to the client that Cyberpunk sold below expectations, which according to the Polish press was approximately 16 million units. On Monday, BMO Capital Markets analyst Gerrick Johnson said Monday that his rival
Take-Two interactive software
(TTWO) will benefit from Cyberpunk Launch stumbles.
Wall Street has a mixed view of stocks, with only about a third of the analysts covering the company calling the action a Buy. The average price target in US dollars is $ 87.16, which is a 20% increase.
Write to Max A. Cherney at [email protected]
