Ubisoft Reports First-Quarter 2023-24 Sales

Key insights

7 takeaways

01
Ubisoft reported Q1 fiscal 2023-24 net bookings of €267.7 million, an 8-9% year-over-year decline that nonetheless exceeded the company's internal target of €240 million.See it on page 1
02
Live-service titles Tom Clancy’s Rainbow Six Siege and The Division 2 drove performance with double-digit growth in both net bookings and daily active users.See it on page 2
03
Digital net bookings accounted for 90% of total revenue, despite an overall 8% decline in the digital segment and a 17% drop in player-recurring investment (PRI).See it on page 6
04
The company confirmed a Q2 net booking target of €350 million and maintains a full-year operating income goal of approximately €400 million.See it on page 4
05
The upcoming 2023-24 release slate features major titles including Assassin’s Creed Mirage, Avatar: Frontiers of Pandora, The Crew Motorfest, and XDefiant.See it on page 4
06
Ubisoft is expanding its mobile strategy through a publishing partnership with Tencent’s Level Infinite for the title Assassin’s Creed Codename Jade.See it on page 1
07
North America remains the primary market, contributing 51% of total bookings, while console platforms lead distribution at 50% of total bookings.See it on page 7

Summary

Ubisoft announced first-quarter fiscal 2023-24 sales, reporting IFRS 15 revenue of €288.9 million and net bookings of €267.7 million, both down 8–9% YoY but exceeding the target of €240 million. Digital net bookings fell 8%, yet still represented 90% of total bookings, while player-recurring investment (PRI) declined 17%. Back-catalog bookings were slightly lower at €245.7 million, a 4% drop.

The quarter’s performance was driven by strong live-service titles: Tom Clancy’s Rainbow Six® Siege and The Division 2 saw double-digit growth in net bookings and daily active users, supported by new seasonal content. The Crew 2 approached record monthly active users ahead of its Motorfest release, and several free-to-play titles entered beta testing. Ubisoft Forward, held in Los Angeles on 12 June, showcased upcoming IPs such as Assassin’s Creed Mirage and Avatar: Frontiers of Pandora, generating 24 million organic views, 102 million social impressions and over 4,000 media articles. The event’s heightened engagement (64% higher peak concurrent views) reinforced confidence in the company’s line-up.

Geographically, North America accounted for 51% of bookings, Europe 33%, and the rest of the world 16%. Platform distribution shifted to 50% consoles, 31% PC, and 10% mobile. Ubisoft confirmed a second-quarter net booking target of €350 million and full-year operating income near €400 million, with a 2023-24 slate that includes Assassin’s Creed Mirage, Avatar: Frontiers of Pandora, The Crew Motorfest, and XDefiant. The company also highlighted a major mobile publishing partnership with Tencent’s Level Infinite for Assassin’s Creed Codename Jade, underscoring its strategy to expand recurring revenue streams.