Paradox Interactive’s stock (OM:PDX) is facing renewed valuation scrutiny from analysts at Simply Wall St after the recent content releases for Cities: Skylines II and Victoria 3. However, the underlying player sentiment for Skylines II poses a significant issue that the DLC strategy can’t just cover up.
Cities: Skylines II launched in October 2023 for $39.99 and currently holds a 53% positive rating based on 43,126 Steam reviews, which is classified as “Mixed.” This rating has hardly changed since its release. The main complaint from players revolves around performance issues. Many experience frame rates dropping to single digits on even high-end hardware, even with small city populations. This represents a fundamental problem that new content expansions fail to fix.
Current concurrent player numbers paint a part of the picture. The game has about 8,566 active players on Steam, indicating a player base that has largely moved on or never fully engaged. For context, the original Cities: Skylines still attracts over 20,000 concurrent players nearly ten years after its 2015 launch. This highlights how poorly the sequel is performing compared to its predecessor.
The DLC strategy that Paradox has implemented for Skylines II has sparked its own controversy. The publisher is pushing additional content for a base game that many Steam reviewers consider incomplete. This approach has drawn significant backlash from the community. Historically, Paradox has depended on extensive DLC libraries for long-term revenue. For example, Victoria 3 has launched several paid expansions. However, that model needs a stable and satisfied player base to succeed.
From an investor’s viewpoint, the Simply Wall St valuation check raises a broader question: Can new content for two underperforming titles boost Paradox’s stock at a time when the company’s latest major release has a mixed reputation? While Victoria 3 has received better critical reviews, it occupies a niche in the grand strategy market that limits its commercial potential compared to the mass-market goals that Colossal Order aimed for with Skylines II.
| Steam Review Score | 53% Positive (Mixed) |
| Total Steam Reviews | 43,126 |
| Current Steam Players | 8,566 |
| Current Price (Steam) | $34.99 |
| Launch Date | October 24, 2023 |
Community Pulse
Player frustration focuses mainly on performance rather than the depth of content. One Steam reviewer captured the common complaint: “Terrible performance on a higher end PC, game regularly drops to 10 FPS for no reason at all, even on an incredibly small city.” They also pointed out the number of paid DLCs released against this backdrop as an additional issue. This combination of technical problems and aggressive monetization has shaped the game’s reputation since it launched and continues to dominate the Steam review page.
What To Watch
- Performance patch traction: Colossal Order has rolled out optimization updates since launch. Player counts and review scores will reveal if any future patches can actually improve sentiment. A significant increase above 60% positive would be the first clear sign of recovery.
- Paradox’s DLC pacing: Whether the publisher decides to slow down its paid content rollout for Skylines II due to community feedback—or speeds it up—will show how seriously management is considering reputation risk against short-term revenue.
- OM:PDX stock response: As Simply Wall St’s valuation analysis points out, the frequency of content releases across Paradox’s portfolio is now a direct concern for investors. Keep an eye on quarterly earnings commentary for any insights into Skylines II’s long-term plans versus a possible shift in resources back to more stable franchises.
