Making Ubisoft Great Again (M.U.G.A)

For the past 24 months, the financial narrative surrounding Ubisoft has been one of "development hell," mounting debt, and a stock price (€4.70) that suggests a company on the brink of insolvency. But to the trained eye, the chaos of January 2026 was not a collapse; it was a controlled demolition to clear the path for a textbook corporate turnaround.

Ubisoft had lost confidence from all sides: investors, gamers, and its own staff. It had hit rock bottom. Haters piled in to slate the company as muck. The reality is Ubisoft had several major issues. These are the golden rules Ubisoft needs to follow going forward, and I believe they will.

1.) Ensure all games and software are tested and that quality control is paramount. Do not let anything out with bugs or serious flaws in the gameplay mechanics or storyline.

2.) Cost vs. Income. It is better to remake beloved titles using the Anvil, Snowdrop, or even Unreal 5 engine if the project has the right budget. It is imperative to focus on games or remakes that will sell and cost little to produce. This is why Black Flag Resynced is so good. It takes Ubisoft's best things, the new Anvil engine, and the cost savings of the integration of AI for the right tasks, and molds them into a cohesive engine.

3.) Assign the right team for the right job, and don't be too specific in job roles. Development teams need to be cohesive vehicles that are passionate about producing world-class games and want the company and the titles to succeed. The only way to do that is to communicate with a trusted player audience.

4.) Stop chasing memes and wasting money on bloat. Ubisoft knows how to do extremely accurate and detailed immersive city worlds; it knows how to produce lifelike, beautiful environments; it knows how to get the best out of hardware that is limited, like the Switch 2. It knows how to write great stories and introduce meaningful and beloved characters. To approach from this angle is the right angle.

Out with loot boxes and monetization algorithms, and in with stories, Player versus Environment games, and making things that are special and memorable to the gamers and instill a sense of pride in the studios that produce them.

5.) Take accountability and admit your past mistakes. To a large degree, this has been done, but maybe not as loudly or clearly as it could have been. To be fair to Ubisoft, the entire gaming industry is suffering. Large corporations have bought studios and pushed them to try and replicate Fortnite.

The reality is Player versus Environment, immersive storytelling, and rewarding and enjoyable even relaxing games are the way forward. You need your audience to buy into your series and brand. If Ubisoft can do this, more and more gamers will simply pay for their games-as-a-service subscription for $20 a month. Why pay $70 plus for a game when you can just pay $20 a month and enjoy everything?

1. Listen to your players, listen to the key people who make good games, and install them in the right places. Ubisoft got rid of some bad people who did bad things but made good decisions. They need to ensure for each of the core brands they utilize these people as the ultimate sign of direction and playtesting. They must have a clear vision and know how to utilize the amazing and incredible engines Ubisoft has, while making sure they also know how to stick to a budget. If a project or game is confused or not clearly defined, this is how Skull and Bones-type disasters are born.

Ubisoft can learn from this and make sure it never happens again.

China is a massive asset for Ubisoft; they will have strong ties with Tencent for publishing and revenue both ways. Tencent is producing Jade themselves, but this will build brand awareness. PC and console titles are being approved for release in China through very strict control channels. This will bolster both Ubisoft and Tencent's revenues.

The extra revenue of 20% plus comes virtually free with a small payback to Tencent, which incentivizes them to market.

Esports in China is huge, with March Of Giants and Rainbow Six poised to dominate the field and put the Ubisoft brand on everyone's radar.

Netflix will act like a global marketing machine for Ubisoft with the success of Splinter Cell, the launch of Assassin's Creed, and other content. Eventually, when cloud gaming becomes cheaper, maybe Netflix and Ubisoft can provide true streaming. After all, Ubisoft also owns the entire streaming rights from the Activision-Microsoft deal for all games under Call of Duty.

What I see is a company that has made many mistakes, taken many wrong turns, and used its large resources to hide and obfuscate the problems in a very difficult political and social movement.

But it really feels like Ubisoft has woken up and taken a lot on board. They see the problems and are dealing with them. This won't be an instant fix.

Let me leave you with one thought.

When a company is valued at 600 million total and one title it produces might make that in profit after tax breaks, something is wrong.

When the cloud streaming rights it owns are worth 15 euros a share, something is broken.

I would not be at all surprised if Ubisoft sits at 100 euros or more in share price in under 5 years. That is if they don't get bought out, and if they can become the great gaming company that has always been there.

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