Funcom Hit By Huge Q3 Revenue Drop

According to the latest financial results from Funcom, revenue was down by 68.5% from Q3 last year.Last year’s Q3 report showed a profit of $3.3 million USD, whereas this year’s financial report is showing a $9.6 million USD loss. This is partly due to a $9.3 million USD “accounting charge” for AoC. From the report:“The accounting charge – which has no cash effect – has been made to balance the book value of the game in the statement of financial position and estimated future revenues and cost.”The report also mentions that the re-evaluation period for Age of Conan that took place in July was successful and increased the number of subscribers. However, the launch of two major competing MMOs during Q3, presumably Aion and Champions Online, has led to a subsequent reduction in subscribers.Having said that, the upcoming ‘Rise of the Godslayer’ expansion, due in the first half of 2010, has had a very positive response from gamers.AoC is currently being prepared for launch in Korea and will enter a limited launch phase this month.