Assassin's Creed Shadows: Ubisoft's last stand

Thursday's release of the action-adventure epic "Assassin's Creed Shadows" marks a make-or-break moment for struggling French heavyweight Ubisoft and the European gaming ecosystem.

With its almost 18,000 employees and global footprint, Ubisoft has nevertheless suffered one setback after another in recent years with disappointing releases, a dwindling stock price, harassment allegations against former bosses, and repeated strikes.

The company is turning to its longtime major money-spinner, Assassin's Creed, to pull it out of the doldrums, this time with an episode set in medieval Japan.

Midcap Partners analyst Charles-Louis Planade told AFP ahead of the launch, "I've never seen things this way" as the whole European industry looks to Ubisoft.

Over 17 Ubisoft studios, employing hundreds, have worked on Shadows for five years, and its estimated budget is hundreds of millions of euros.

Early reviews have been positive, with the game receiving a "generally favorable" score of 81/100 on the Metacritic review aggregation site.

That was one point higher than the 2020 release of Valhalla, which has been the series' most profitable release so far.

American games journalist Stephen Totilo wrote on his website Game File that the latest installment "looks better and plays better than nearly any other entry in Ubisoft's 18-year-old series."

Meanwhile, gaming site IGN reviewed Shadows, stating that it "sharpens and refines (the series') edge without fully reforging it. "

"Shadows" was partly developed at Ubisoft's studio in Quebec City, Canada.

Thierry Dansereau, the artistic director of Ubisoft-Quebec, told AFP at a launch event in the city that the company's "developers did everything they could to create the best game possible."

Ubisoft employees and invitees hang out at the new Assassin’s Creed Shadows launch event at the Ubisoft Quebec Studio in Quebec City, Quebec, on March 20, 2025. The release of the action-adventure epic "Assassin's Creed Shadows" marks a make-or-break moment for struggling French games heavyweight Ubisoft and the entire European gaming ecosystem. Photo by ANDREJ IVANOV / AFP

Fingers crossed

A lack of significant changes to the game's mechanics could risk "leaving some players worn out," said Julien Pillot, an economist who specializes in cultural industries.

He suggested that Ubisoft's recent underwhelming releases "may be a sign that audiences are falling out of love with its games."

Nevertheless, Planade said, "Everyone is hoping this release will be a huge success."

He said a poor sales showing could provoke a knock-on effect across the entire industry, noting that in France alone, Ubisoft accounts for almost one-third of the country's 15,000 jobs in games development.

In a social media post, Ubisoft said the release was a success.

"It's not even 4 PM here in Canada, and Assassin's Creed Shadows has already passed 1 million players!" the company said on X.

Marc-Alexis Cote, VP and executive producer of Assassin’s Creed, gives an interview at the launch event of the new Assassin’s Creed Shadows at the Ubisoft Quebec Studio in Quebec City, Quebec, on March 20, 2025. The release of the action-adventure epic "Assassin's Creed Shadows" marks a make-or-break moment not just for struggling French games heavyweight Ubisoft, but for the entire European gaming ecosystem.Photo by ANDREJ IVANOV / AFP

Uncertain future

Many budding creators pass through Ubisoft after training, while former employees have founded new studios in France and worldwide.

The company 2023 launched a cost-cutting drive, including studio closures and almost 2,000 layoffs.

The belt-tightening did not save Ubisoft from judgment on financial markets. Ten years ago, the stock fell from more than 100 euros ($109 at today's rates) to its all-time low of 9.01 euros in September.

Ubisoft shares fell almost 5.6 percent on Wednesday to trade at 12.60 euros when markets closed, despite the good early reviews for Shadows.

Even before the hoped-for blockbuster's release, Ubisoft said it was "actively exploring various strategic and capitalistic options" for its future.

Early rumors suggested it could involve going private with help from Chinese tech giant Tencent, a major investor with 10 percent of Ubisoft.

More recently, multiple outlets have reported that the group could sell off much of its game catalog to focus on its core titles.

Planade said "every option is on the table" for Ubisoft's future, and the commercial success of Shadows is likely to strengthen its position in the negotiations.