Yesterday, we reported that Destiny developer Bungie and publishing giant Activision are parting ways. The two prominent companies had a 10-year contract in place, but rising tensions between the two reached a boiling point when Forsaken failed to bring in the kind of money investors were hoping for, and the contract was terminated over two years early.
Bungie will hold the publishing rights for Destiny going forward, and today we're seeing the impact of that change. Activision-Blizzard stock is currently in a free fall. Currently (10:03 AM Eastern) their shares have dropped in value by a staggering 11.76%, costing the company billions in market value.
Destiny was one of Activision's biggest properties, but this sharp of a stock drop is likely a bit of an overreaction that will partially correct in time. Activision still has mega franchises like Call of Duty and Overwatch through Blizzard, so they're in no immediate danger. That said, losing a major franchise like Destiny cannot simply be ignored. Activision will no doubt be on the lookout for the next big hit to revitalize their revenue.
Source: Google Finance