Techland Tops CD Projekt as Poland’s Largest Game Company by Market Cap

The Polish gaming industry has experienced significant shifts in market valuation and revenue projections for its primary players. As of mid-2022, Techland surpassed CD Projekt as the largest game company in Poland by market capitalization. While CD Projekt’s valuation declined to under PLN 10 billion (approximately $2.07 billion) from a 2020 peak of PLN 40 billion, Techland reached an estimated valuation of PLN 10.6 billion ($2.2 billion). Because Techland remains a private entity, its valuation is based on estimates derived from share redemption data rather than public exchange figures.

Looking toward future performance, analysts from DM BOŚ have provided optimistic revenue forecasts for CD Projekt’s upcoming expansion for The Witcher 3: Wild Hunt, titled Songs of the Past. Expected to launch by the end of the first quarter of 2027, the expansion is projected to generate roughly 700 million PLN ($187.9 million) in its first year of release. Analysts anticipate the title will move approximately 11.4 million copies within that initial 12-month period, a performance trajectory comparable to the original launch of The Witcher 3.

These developments highlight the evolving competitive landscape within the Polish market. While CD Projekt continues to navigate stock volatility and long-term development plans, including new entries in The Witcher franchise, Techland has leveraged the success of the Dying Light series to secure a leading position. The industry remains focused on these major studios as they balance established intellectual property with new AAA development projects to drive future growth.