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Microsoft Gaming: 49% increase after ABK acquisition

Skull & Bones will run an open Beta, Krafton is facing a lawsuit and a new patch for Cyberpunk.

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Hey there!

📣 If you only read one piece of news today 📣

📈 Microsoft reports a 49% increase in quarterly gaming revenue in Q2 2024, driven by a 61% rise in Xbox content and services revenue following its acquisition of Activision Blizzard.

🤯 The gaming division now contributes over $7.1 billion in revenue, making it the company's third-largest business.

🎉 But we have so much more:

Embracer has canceled a Deus Ex game and laid off nearly 100 people at Eidos Montreal. Blizzard has a new president, and the Assassin's Creed Japan game, codenamed Red, might be revealed in the summer

Today, we'll have the first State of Play of the year, featuring over 15 titles. Could Death Stranding 2 be one of them? A gamer can only hope!

Now let’s begin:

Welcome to The Power-Up #65


🐲 Like a Dragon: Infinite Wealth marks the series' most successful Steam launch, with a peak concurrent player count of 46,161, surpassing previous releases.

🐉 Dragon’s Dogma 2 is rumored to run at 30 FPS on PS5, lacking a 60 FPS mode. The game's release is scheduled for March 22, 2024, on PS5, PC, and Xbox Series X/S.

🦾 Embracer Group cancels Eidos Montreal's new Deus Ex game, prompting layoffs. The studio will now focus on an original franchise. The game was in development for 2 years and was expected to enter full production later this year. It was probably not an Adam Jensen story.

🥷 The Assassin's Creed Japan game, code-named Red, is rumored to be revealed in Summer 2024 with a possible holiday release.

🦄 Planet Zoo: Console Edition is set to release on PS5 on March 26, 2024, with a price of £39.99 / $49.99 and includes all PC updates


💰 Day of the Devs transforms into a nonprofit, prioritizing transparent funding and supporting developers. Their first fundraising initiative is underway to cover various costs, like venue fees, equipment, staffing, and video production.

🎮 The first 2024 State of Play event is confirmed for today, featuring more than 15 games, including Rise of the Ronin and Stellar Blade. It may also include information about Death Stranding 2, Final Fantasy VII Rebirth, Helldivers 2 and other titles heading to PS5 and PS VR2 in 2024 and beyond. 

🤩 Nintendo plans to manufacture 10+ million units of the Switch 2 in its first fiscal year ending in March 2025, aiming to avoid supply shortages. The actual launch date of the Switch 2 remains unconfirmed.

⚔️ Enshrouded, a fantasy survival crafting game by Keen Games, attracted over one million players in just four days since its launch in Steam Early Access. The game reached a peak concurrent player count of 160,405. Enshrouded is only available for PC via Steam Early Access.


💰 Sony invests in Carry1st, a studio in South Africa, as part of its efforts to expand into the emerging video game market in Africa. Carry1st, known for its work with Activision and Riot Games, aims to support Sony in expanding PlayStation's reach in the African region.

📈 Microsoft reports a 49% increase in quarterly gaming revenue in Q2 2024, driven by a 61% rise in Xbox content and services revenue following its acquisition of Activision Blizzard. The gaming division now contributes over $7.1 billion in revenue, making it the company's third-largest business.

🤑 Loric Games secures $4 million in funding led by 1AM Gaming and Hiro Capital for ongoing game development. Jeff Hickman is appointed as the new chief production officer, bringing his experience from studios like EA and NaturalMotion. 

🚀 Aonic launches Megabit as a collaborative game publisher, focusing on supporting independent studios and planning to release four games in the next 18 months. Aonic, with renowned studios like Otherside Entertainment and Tiny Roar, generated nearly €100 million in revenue in 2023

💰 Video game publisher Kwalee has invested €1.5 million in French mobile game studio 8SEC. 8SEC specializes in hybrid-casual mobile games, offering titles like Trivia.io and Hero Squad with over 50 million downloads.

🤑 Roro, a new game studio led by veterans from Toca Boca and Mojang, has secured $1.6 million to create a 3D digital dollhouse game aimed at fostering creativity and self-expression.

🤑 Order of Meta, a Helsinki-based game developer, has raised $3.3 million to launch "Cargo Hunters," a mobile-first PvPvE extraction shooter set in a dystopian Earth. The funding, led by GEM Capital, will support the game's release later this year, with a focus on innovative gameplay and a deep metagame.

😣 Tencent's CEO, Pony Ma, expressed disappointment in the company's gaming business for 2023, stating it "achieved nothing" and lagged behind competitors in producing new products. Despite being a major player in the industry with investments in several studios, Tencent faced challenges in innovation and adapting to AI technology.

Industry Level-Up

🤝 Blizzard Entertainment appoints Johanna Faries, a former Call of Duty franchise manager with experience at Activision, as its new president, replacing Mike Ybarra.

😔 Eidos Montréal, the developer behind games like Shadow of the Tomb Raider and Deus Ex, confirms 97 layoffs, attributing them to industry challenges and Embracer's restructuring.

🤝 Former Volition Games developers create Shapeshifter Games, a new co-development studio focused on AAA game development. Shapeshifter Games specializes in open world games, Unreal Engine 5, console development, and co-development.

🤝 BioShock and Cyberpunk veterans establish AntiStatic Studios and are developing a PvE shooter called Hornet. The studio aims to explore immersive sims beyond traditional video game conventions and plans to expand its staff after showcasing an exclusive demo at GDC 2024.

That’s it for today. Thanks for reading. Stay powered-up until next time.

Bobby & Andrei

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Did you know?

Kwalee Ltd. is a British video game developer and publisher founded in May 2011 by David Darling, co-founder and former CEO of Codemasters who is hailed as one of the 'founding fathers' of the UK games industry.

Kwalee is the Australian Aboriginal for “wait for me,” used as the name for a sailboat belonging to David Darling's grandfather, who taught him electronics.