Immutable opens Audience to pre-launch Steam studios, with no blockchain attached

In Brief:

• Immutable opened Immutable Audience to pre-launch Steam studios on Aug. 21, a marketing and attribution platform that carries no blockchain component.
• The company says the product has more than doubled wishlist-to-purchase conversion across campaigns, including a 2.8x day-one uplift in controlled testing with Ubisoft.
• The launch follows Immutable cutting 29 roles from its game development teams and pulling back from its own titles after a $48 million loss in 2024.

Immutable opened Immutable Audience to pre-launch Steam studios on Aug. 21, a marketing and attribution platform that contains none of the blockchain infrastructure the company built its name on.

Co-founder and CEO Robbie Ferguson announced it on X. “Introducing Immutable Audience: the growth engine for pre-launch Steam games,” he said, adding: “(btw we didn’t spend $50k on a viral launch agency – so if you think this is cool just share it for free i guess)”

“Game marketing is broken,” Ferguson said. Every year, he said, PC studios spend billions to grow their games.

Qualifying games that sign up through the launch announcement get one month of free access.

What it does

Audience spans five products: Conversion Funnel, Engage, Attribution, Amplify and Passport. Conversion Funnel captures player emails while driving wishlists and pre-registrations. Engage runs personalized campaigns, Attribution tracks which channels produce players, Amplify handles creator discovery and measurement, and Passport supplies universal game accounts as the identity layer underneath.

The pitch is a player CRM. Studios get unified profiles scored and segmented by predicted lifetime value, assembled from marketing and engagement data across Steam, social, paid advertising and creators. Those relationships stay with the studio after launch, for updates, DLC, sequels and future games.

Immutable says its testing pushed attribution coverage past 60% of wishlists, roughly three times the next-best approach. Direct attribution applies when a player signs up through the platform. Probabilistic attribution covers cases where there’s consent for tracking.

“It’s basically a growth engine for pre-launch Steam games. PC/console has been stuck in the dark ages for attribution, measurement, and distribution, especially compared to mobile games,” Ferguson said.

The numbers Immutable is citing

Ubisoft used Audience on Might & Magic: Fates, building an owned audience ahead of the game’s February 2026 release and running a five-phase email sequence. On day one, players arriving through that channel converted at 2.8 times the rate of players coming through standard Steam flows. By day 14 the gap had widened to 3.0x. Immutable reports a pre-registration-to-download rate of up to 10.2%.

1047 Games ran it on Empulse, which grew by more than 300,000 wishlists in under two months. Immutable says the demo finished sixth most-played out of 4,353 games at June’s Steam Next Fest, a record turnout up 66% year over year. Steam’s monthly active user base grew about 18% over the same period.

Immutable’s April research put industry-average Steam wishlist-to-player conversion at 5% to 10% in 2026, down from about 20% in 2018.

All of the performance figures come from Immutable.

Who is using it

Ubisoft, NetMarble and more than 700 funded games launching on Steam, console and cross-platform. Ferguson said the company is in talks with more than 100 studios and has been onboarding roughly 15 a week over the past 90 days.

Background

The launch caps a reorganization. Immutable cut 29 roles from its game development teams this year and moved most work on its own titles to an external provider, keeping only a small internal games team. It isn’t shutting the games down.

Gods Unchained continues as a revenue-generating studio product. Guild of Guardians has been moved into “Evergreen/Maintenance Mode,” still operating but no longer a development priority.

Chief Studio Officer Justin Hulog told staff in a Slack message in early June that the company would outsource its “Elderym operations,” covering both games, with most affected employees departing by the end of July.

Immutable posted a $48 million loss in its 2024 financial report, down marginally from $50 million in 2023, and doesn’t expect to break even during 2026. Co-founder James Ferguson said the company is still well-financed, with capital to support 10 years of runway. It raised at a $2.5 billion valuation in 2022.

Immutable confirmed the contents of Hulog’s message but declined to identify the outsourcing partner.