CD Projekt Red reveals Switch 2 was 3rd most popular platform for Cyberpunk 2077 last year

CD Projekt Red reported platform mix for 2025: Cyberpunk 2077 sales were 51% PC, 29% PlayStation, 10% Nintendo Switch 2 and 9% Xbox. The Witcher 3 breakdown was 43% PC, 38% PlayStation, 11% Nintendo Switch and 8% Xbox. CD Projekt highlighted the Switch 2 share as notable given its install base and suggested Switch 2 revenue share may be higher due to shallower discounting on that platform.

Analysis

The platform-level result is a classic example of per-unit economics beating raw share: a smaller console install base can still deliver outsized revenue and margin if pricing, attach rate and discount cadence differ. That shifts the decision calculus for third-party publishers from “where the most users are” to “where the most durable revenue per user is,” which lengthens tail monetization horizons and raises expected lifetime value per sale by a material percent versus heavily discounted console ports.

Porting and QA economics are the immediate second-order beneficiaries. Expect higher demand for specialist port studios, middleware optimisation work (esp. ARM/SoC tuning), and certification services over the next 6–18 months — an industry-wide reallocation of dev-hours that will compress time-to-market for titles otherwise prioritized to larger console ecosystems. This increases operating leverage for vendors who can scale episodic port projects without commensurate SG&A increases.

Key downside catalysts are behavioral: aggressive platform-holder promotions, deep holiday bundling, or a surprise correction in hardware shipments that flips per-unit revenue assumptions in 3–9 months. A content-led reversal (major DLC or exclusive timed release on another platform) could also reweight lifetime mix rapidly. Monitor platform-holder marketing spend and quarterly install-base updates as high-frequency signals.

Contrarian read: the market’s reflex to equate install base with sustainable importance is outdated here. The move toward value-per-user and slower discount trajectories on certain handheld consoles is underpriced, so companies providing conversion/porting services and publishers that get the monetization mix right are likely underappreciated assets over the 6–24 month horizon.

Key Decisions for Investors

• Long CD Projekt (CDR) — Buy equity or 12-month calls (25% OTM). Rationale: exposure to outsized per-unit revenue and continued tail monetization; target 30–40% upside in 6–12 months, stop loss 15% on the equity leg. Primary risks: platform policy shifts or weaker-than-expected DLC sales.
• Long Nintendo (NTDOY) — Buy equity with a 6–12 month horizon to capture hardware/content tail and potential re-rating as per-user revenue proves sticky. Target 15–25% upside, stop loss 12%. Catalysts: stronger attach revenue and reduced discounting on first-party/third-party titles.
• Long Keywords Studios (KWS.L) — Buy equity or add via 9–12 month call spread to play higher demand for porting/QA. Target 20–30% upside; expected double-digit margin expansion if incremental port projects scale. Stop loss 15%. Watch booking cadence for publisher port contracts as short-term signal.
• Event-driven option pair on CD Projekt — Buy a 12-month 25% OTM call and sell a 55% OTM call to fund it (~debit spread). Rationale: asymmetric payoff if momentum and cross-platform sales mix continue; defined max loss (premium) with 3–5x upside if thesis executes. Close or hedge if platform-holder promotions materially increase discounting within 3 months.