Microsoft Reportedly Spent Over £220M on Hellblade Studio Ninja Theory

An independent analysis of UK Companies House filings suggests Microsoft may have invested over £220 million in Ninja Theory since acquiring the Hellblade developer in 2018.

Microsoft might have dropped more than £220 million on Ninja Theory, the studio behind Hellblade, since buying them back in 2018. That's according to an independent analysis of public financial records from UK Companies House — so take it with a grain of salt, because this isn't an official Microsoft number.

Here's how the math breaks down. As of June 2023, the analysis estimates Microsoft had poured around £182.5 million into the studio. About £90.3 million of that is believed to cover the cost of acquiring Ninja Theory itself, while another £92.2 million went in as follow-up investment after the deal closed.

Now for the flip side. Over that same period, Ninja Theory reportedly generated only about £22.9 million in revenue. If the spending trend kept going the way it was, the analysis suggests Microsoft may have added another £40 million or so over the next two years — pushing the total past £220 million.

That eye-watering figure has naturally put Ninja Theory back in the spotlight. Microsoft announced the acquisition in 2018, and the studio went on to release Senua's Saga: Hellblade II. But the game didn't exactly blow up to the scale you'd expect from a flagship Xbox first-party blockbuster, whether you're looking at commercial performance or player numbers.

Before you jump to conclusions, though, it's worth remembering that comparing raw spending to revenue doesn't tell you whether a studio is actually losing money — and it definitely doesn't tell you whether Microsoft sees the investment as a failure. Game development takes years, and a huge chunk of that cash likely goes toward staff, tech, facilities, and future projects, not just one game's sales.

Still, it's a fascinating peek behind the curtain at just how expensive building first-party games can be. Ninja Theory is currently available on PC, PS5, and Xbox Series X|S.

What do you think — is Microsoft getting its money's worth from Ninja Theory, or is this a sign the studio needs a bigger win next time? Drop your thoughts in the comments.