Ubisoft took a major hit this week, announcing the cancellation of six unreleased titles, including a remake of the beloved "Prince of Persia: The Sands of Time," and the closure of several studios. The move, confirmed Thursday, sent shockwaves through the gaming community, reminiscent of when EA shelved "Project Ragtag," their Star Wars title, back in 2019.

The cancellation of the "Prince of Persia" remake is particularly stinging for fans who have been eagerly awaiting its return since its initial announcement in 2020. The game, originally slated for a January 2021 release, faced numerous delays and a change of development teams, ultimately failing to meet the company's expectations. "We are not satisfied with the level of quality reached and have decided to take more time to deliver a remake that feels fresh while remaining true to the original," Ubisoft stated in a press release last year, a statement that now rings hollow.

While Ubisoft did not explicitly detail the reasons behind each cancellation, financial performance appears to be a key factor. The company recently lowered its financial outlook for the current fiscal year, citing weaker-than-expected sales for "Mario + Rabbids: Sparks of Hope" and "Just Dance 2023." These titles, despite positive reviews, failed to achieve the blockbuster status Ubisoft had anticipated, mirroring the struggles faced by other AAA releases in a competitive market.

"The gaming landscape is constantly evolving, and we need to adapt to remain competitive," said Ubisoft CEO Yves Guillemot in an internal memo obtained by Kotaku. "These decisions, while difficult, are necessary to ensure the long-term success of Ubisoft." The memo also alluded to a renewed focus on Ubisoft's biggest franchises, such as "Assassin's Creed" and "Far Cry," suggesting a strategy of playing it safe with established winners rather than taking risks on new IPs or struggling remakes.

The studio closures, the exact locations of which remain undisclosed, will result in an unspecified number of layoffs. This news comes as a blow to developers who poured their passion and expertise into these projects, similar to the impact felt when Telltale Games abruptly shut down in 2018, leaving "The Walking Dead" series unfinished.

The future of the "Prince of Persia" franchise remains uncertain. While Ubisoft has not ruled out revisiting the series in the future, the cancellation of the remake raises serious questions about its commitment to the IP. For now, fans are left to replay the original "Sands of Time," hoping that one day, the Prince will return to his former glory. The company's next earnings call will be closely watched by investors and gamers alike, as they seek clarity on Ubisoft's future strategy and its ability to bounce back from this significant setback.