According to a Report by Introduce (an independent Nordic investment banking powerhouse), THQ and Deep Silver have taken a loss of about 7 million this past quater, but have high hopes for a strong quarter ahead.

This report states that the loss is attributed to the poor Shenmue III sales and a date change of Biomutant due to the FFVII delay.

"We lower our revenue estimate for Deep Silver from SEK 625m to SEK 550m in Q3’19/20e"

The better news is that the report doesn't state anything about the original crowd funded money or sales generated on the Epic Games Store. So we are all still in the dark of how well Shenmue III has done. The report states -

"Shenmue III was released on 19 November 2019 on PlayStation 4 and the Epic Games Store. The game gathered mixed reviews amongst critics, with an average Metacritic score of 69 on PC and 68 on PlayStation 4. However, it’s our view that actual fans of the series were very pleased with the game. In terms of sales, we’re currently not able to track sales generated on the Epic Games Store, however we note that Shenmue III did claim a spot on the Top 20 Sellers list for several weeks.

Additionally, Embracer will have received a fee for making the game exclusive to the Epic Games Store. In terms of sales on the PlayStation 4, estimates seem to suggest that the game has gathered approximately 50k players in Q3’19/20e4 .

Ultimately, Shenmue III sales seem to have performed below our estimates, which is the reason for us lowering our revenue estimates for the Deep Silver segment."

View Full report here!

The Shenmue Development team are still hard at work with DLC and what knows, maybe even Shenmue IV? The 2nd DLC pack “Story Quest Pack” will be available to download on February 18th. This comes a month after the “Battle Rally Pack” DLC, so by all accounts, YSNet & Deep Silver are heavily commited to Shenmue.

I am quietly optimistic for the future of Shenmue regardless of these reports. Whatever deal happened between Epic & YSNet, has set a path to Shenmue IV!

Cedric Biscay Teased this in a post on Twitter -