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Also, many people got it because it was the only way to get achievement on certain games on steam thru the ubisoft connect client. Now that some games since then have received updates with steam acheivements at least. They did this for AC Valhalla now. They gave it achievements since last time i played it.
1. They downsize, they have a LOT of departments, and some 3rd party services such as denuvo, or etc, so it's likely they kill somethings, or might just sell IP, or two if they believe it to help them scenario if it has to come to it. <--- Very likely to happen 1st before anything.
2. Someone likely buy them out, but same time CEO want to remain CEO if bought out, but who knows if that deterring buyers, or not. Even so there chance buyers just waiting it out to see what happens, or rather just waiting for chance only buy the IPs instead, no idea what can happen only future can tell from here. <--- Very likely to happen if things hit the fan for them.
3. If they're going under either they have a heart removing DRM requirement to their games, make client offline installer for existing, and older games so don't need to verify, or they could just be scum shut it down, and don't bother do anything that just worse case scenario if they decide to high tail out.
^This there some IPs people like, and I know Sony, Microsoft, and Nintendo eyeing their IPs, problem is they all had major shopping spree buying out companies already few years ago, doubt they're willing to drop $B anytime soon, much less $$$M so hard to say what could happen if it ever comes down to it.
What they make vs what it cost from start to finish, maintain, and payout. So if they make $2B, and if everything costing them $2+B then can see the problem, make good money, but sitting on nothing afterwards.
Another issue Ubisoft lost ~82% stock value within 5 years, each year they were losing ~50% stock value from ~$100+ USD per stock until 2023 which they went up ~50% from $20 to $30, but took another major hit to them down to $13 USD, so yeah it's not going well for last 5 years for their stock at all. Basically their market cap was $12B, now it's almost $1.5B that just within 5 years that pretty bad sign to investors as a whole, if they're unable to generate ROI for them, or pushing for tech that can be worth the investment, but Ubisoft got nothing going for them as of late all they have been doing is pushing out games, and leasing their IP for usage in service, and NFT projects, which recently they push another NFT game few weeks ago using Rayman as trailer promotion. I could say this latest Assassin game that got delay might be their ride, or break if they don't hit their goal on it.
Anyways doubt Ubisoft will surrender anything for free without hefty price tag behind it.
If someone takes over the company, nothing happens to end users initially. In the long run it depends if the new owners want to keep UPlay operational or not. If not they'll either gradually migrate the games and users to their own platform or, if they don't have one, 3rd party platforms like Steam and Epic.
Bankruptcy would be worst possible outcome for end user as Ubisoft IP's would be sold to highest bidder and UPlay would be shut down and all end users losing access to to games requiring Uplay to run. New owners of the IP's would have no obligation to service previous owners of the games.
That's a general misconception that I hear a lot -- but, I've never actually seen anything to support such claims.
On the non-technical level, UPlay is basically just a database that links game ownership to accounts, nothing more. It's a list of customers. And while it's nice to have a list of customers, in comparison to having no customers, it's really just people that have, at some point in the past, given you money.
There is no useful data in there, especially if you aren't the one who actually got the money for the games. And, in fact, it's expensive. If I own a game on UPlay (same with Steam or Origin, of course), and I download the game, I'm causing costs for their internet traffic. Not much, but even small amounts add up over time. At the same time, I'm not paying them anything since I already own the game that I'm downloading.