Sony has “stunned” the gaming world by deciding to remove Polish software group CD Projekt’s game Cyberpunk 2077 from its online PlayStation store, say Leo Lewis and David Lee in the Financial Times.
The game, “one of the most expensive and anticipated titles in industry history”,Polish software group CD Projekt’s much-hyped game Cyberpunk 2077 was expected to sell around 30 million copies at $60 each. But Sony pulled it from stores after it was fund to be full of bugs.; eight million people pre-ordered it. But when it was released on 10 December it was lambasted for being full of “crashes, visual glitches and malfunctioning mechanics”.
The hype surrounding the game caused CD Projekt’s shares to double in 2019 and gain “more than 50% this year”, despite “hiccups” resulting from three delays, says Kasper Viita and Piotr Bujnicki on Bloomberg. The surge saw the company exceed the value of the top European developer Ubisoft Entertainment SA. However, the stock has now slumped by 50% in a matter of weeks amid fears of a brutal backlash. Even if the firm can fix the bugs and persuade Sony to sell the game again, its image has been “seriously damaged” and it will take time to regain consumers’ trust.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The immediate future looks “dark”, say Mike Isaac and Kellen Browning in The New York Times. Already there has been “infighting and finger-pointing”, with staffers blaming executives for “unrealistic deadlines and false promises”. Many gamers are ditching Cyberpunk 2077 until it fixes all of the problems. Refund requests are “pouring in by the thousands” and lawyers are contemplating a class-action lawsuit, claiming that the group has engaged in potential “criminal misrepresentation in order to receive financial benefits”.
-
Most expensive street in Britain to buy on has houses with '£10m average asking price', Rightmove findsNews Rightmove found Buckingham Gate, close to Buckingham Palace, was the most expensive street in the country. Do you live near one that's been included on the list?
-
Smaller companies: starting to turn?The long-awaited turnaround in smaller companies is unlikely to happen just because shares are lowly-valued. However, an improving economic and interest rate backdrop could spark renewed interest in the sector. M&A activity is also providing support for the smaller companies sector
