"The video game publisher behind the Assassin's Creed series has cancelled six projects including a remake of Prince of Persia: The Sands of Time as it fights to stay competitive in the global gaming market. Ubisoft announced a sweeping reorganisation and said it would cancel six games, sending its shares to their lowest level in more than a decade on Thursday. Ubisoft is abandoning development of six titles, including a highly anticipated remake of Prince of Persia- a series that dates back to 1989 and received an ill-fated Hollywood adaptation in 2010 while a further seven would be delayed."
"After the announcement, Ubisoft's shares fell by a third to their lowest level since 2011 on Thursday, valuing the company at 590m (514m) compared with a peak of more than 10bn in the previous decade. The Paris-based company said it planned to split its operations into five creative divisions organised by genre, part of a broader attempt to sharpen focus and rein in costs after years of disappointing releases and weak results. The triple-A industry has become persistently more selective and competitive with rising development costs and greater challenges in creating brands, said Ubisoft's founder and chief executive, Yves Guillemot. However, Guillemot added that successful triple-A games have more financial potential than ever."
Ubisoft cancelled six projects, including a remake of Prince of Persia: The Sands of Time, and delayed seven further titles. The company closed studios in Halifax and Stockholm and announced wider restructurings. Ubisoft will split operations into five creative divisions organised by genre to sharpen focus and reduce costs after years of disappointing releases and rising development expenses. Shares plunged to their lowest level since 2011, valuing the company around €590m. The company cited an increasingly competitive AAA market and dominance of shooter titles as key drivers, while leadership noted that successful triple-A games still offer large financial upside.
Read at www.theguardian.com
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