Pixel P&L: Ubisoft Reports 20% Revenue Growth as €1.16 Billion Tencent Partnership Nears Completion

Welcome to another Pixel P&L edition. This issue takes 4 minutes to read. If you only have one, here are the 5 most important things:

• Ubisoft reports strong H1 results with €772.4M net bookings, Tencent deal set to close imminently.

• Nvidia delays GeForce NOW India launch to Q1 2026, another setback for the cloud gaming service.

• Rising RAM costs may trigger new Xbox price hikes as DRAM shortages hit console production.

• JioGames extends Chess.com partnership for international tournament streaming on its platform.

• Manga Plus offers free three-month Deluxe Plan in India, first complimentary premium tier offer in the region.

Let's get into it.

Ubisoft Reports Strong H1 Results, Tencent Partnership Deal Set to Close

Ubisoft reported first-half net bookings of €772.4 million ($888.3 million), up 20.3% year-over-year, as the French publisher confirmed its €1.16 billion ($1.33 billion) partnership with Tencent is on track to close imminently.

The gaming company's back-catalogue net bookings surged 50% to €741.4 million ($852.6 million), driven by strong performance from Assassin's Creed and The Division franchises. However, Rainbow Six Siege underperformed due to what Ubisoft described as a temporary surge in cheating.

The Tencent deal will create Vantage Studios, a new subsidiary housing Ubisoft's marquee franchises including Assassin's Creed, Far Cry and Rainbow Six. Tencent will acquire 25% ownership in exchange for cash that will eliminate Ubisoft's €1.15 billion ($1.32 billion) net debt.

Ubisoft is reorganizing into Creative Houses, autonomous business units with dedicated leadership. The company cut 700 positions since March, reducing headcount to 17,097 employees as part of cost reduction efforts targeting €100 million ($115 million) in additional savings.

CEO Yves Guillemot cited confidence in driving structural efficiencies and returning to strong cash generation.

Nvidia Delays GeForce NOW India Launch to Q1 2026

Nvidia has postponed the Indian launch of its GeForce NOW cloud gaming service from November 2025 to the first quarter of 2026, marking another setback for the $4.29 trillion chip giant's expansion plans.

The company initially announced GeForce NOW's return to India at CES 2025 in January, promising launch in the first half of the year with RTX 4080-powered data centers. The timeline slipped to "later this year" at Gamescom 2025 in August, then to November, before the latest delay.

Nvidia said servers are "currently being built" in India but cautioned it only "anticipates" the Q1 2026 launch, leaving room for further postponement. The delay comes weeks after Microsoft launched competing Xbox Cloud Gaming service in India through Game Pass subscriptions.

GeForce NOW originally launched in India in 2017 at ₹650 ($7.50) before shutting down. The service offers three tiers globally: Ultimate with RTX 4080/5080 performance supporting up to 5K resolution and 360 FPS, Performance tier at 1440p/60fps, and ad-supported Free tier.

⚡️Quick Bytes

JioGames Extends Chess.com Partnership for Tournament Streaming

JioGames and Chess.com have renewed their partnership to stream international chess tournaments on the JioGames Watch platform, bringing live coverage of events to Indian audiences. Upcoming tournaments include the FIDE World Cup (October 31-November 27), Freestyle South Africa (December 5-12), and World Rapid and Blitz Championship (December 26-31). The platform also offers replays of previous events like the Champions Chess Tour and Bullet Chess Championship, accessible across smartphones, browsers, tablets and connected TVs.

Manga Plus Offers Free Three-Month Deluxe Plan in India

Manga Plus is offering Indian users free access to its ₹399 ($4.60) monthly Deluxe Plan for three months, marking the platform's first complimentary premium tier offer in the region. The promotion, available until December 26, grants ad-free access to over 90 ongoing series and 330 completed titles including One Piece, Jujutsu Kaisen, Demon Slayer and Chainsaw Man across Android, iOS and web platforms. Only first-time Deluxe subscribers qualify for the offer, which excludes current or previous subscribers. Launched in 2019, Manga Plus provides translated content from Shueisha's publications including Weekly Shonen Jump with simultaneous English releases.

Rising RAM Costs May Trigger New Xbox Price Hikes

Microsoft could raise Xbox console prices again as DRAM costs surge 170% year-over-year, according to industry sources cited by Moore's Law is Dead. The spike follows Samsung and SK Hynix's October agreement supplying OpenAI with nearly half the world's DRAM output for Stargate data centers. Microsoft sales representatives have reportedly warned the shortages will affect Xbox Series X and S consoles "very soon." Sony appears better positioned, having stockpiled GDDR6 memory at lower prices. Xbox Series X currently starts at $600 after two 2025 price increases totaling $150, while PS5 retails for $500-$550.

⚔️Side Quest

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💡Did You Know

Valve generates an estimated $50 million in revenue per employee, making it one of the world's most efficient companies. With Steam platform revenues hitting $16.2 billion and roughly 350-360 employees, Valve dramatically outperforms tech giants. Apple generates $2.4 million per employee, Meta just $1.9 million. The company's 2012 handbook acknowledged surpassing Google, Amazon, and Microsoft in per-employee profitability, promising industry-leading compensation. Leaked data revealed Valve employees average over $1.3 million in salary. This efficiency stems from private ownership and flat management structure, allowing long-term focus over shareholder demands while revolutionizing gaming through Steam, iconic titles, and Steam hardware.

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