CD Projekt: licensing revenue does not mean a franchise opportunity

Nearly PLN 95 million in licensing revenue in the first half of 2026, compared with just under PLN 10 million a year earlier — these are the CD Projekt figures cited in an XTB analysis published on 30 September. For anyone considering franchise opportunities in Poland, an important distinction is needed: “global franchises” here refers to entertainment brands, not an offer for independent entrepreneurs to open outlets.

A sharp rise in licensing revenue

According to the figures presented by XTB, CD Projekt’s licensing revenue in the first six months of 2026 was more than nine times that of the same period a year earlier. This is the most substantial new financial information in an analysis chiefly concerned with the long-term commercial potential of The Witcher and Cyberpunk brands.

The scale of this increase should not, however, be confused with growth in fees paid by franchisees. The analysis does not describe a network of outlets, any process for joining one, or the terms for running a business under the CD Projekt name. Nor does it break down licensing revenue by individual agreement or use of the rights.

The published figures therefore support a limited but important conclusion: revenue classified as licensing revenue rose sharply year on year. The figures alone do not establish how much of that growth will recur or the specific mechanisms behind it. For readers assessing business models, it is essential to distinguish the result from its unexplained causes.

Two brands earning long after release

The XTB analysis reports that The Witcher 3 has sold more than 65 million copies, while Cyberpunk 2077 has passed 40 million copies sold. The first game was released in 2015 and the second in 2020. Both continue to generate revenue for the company, eleven and six years after their respective launches.

The analysts highlight the distinction between a standalone product and a brand that can be developed over many years. From this perspective, what matters is not just sales to date, but also the scope to create further titles set in well-known fictional worlds.

The scope of the rights described is also important. The analysis states that CD Projekt holds rights relating to the development and publishing of games set in The Witcher and Cyberpunk universes. This does not establish that the company has unrestricted rights to every possible use of those brands. Here too, shorthand descriptions such as “franchise owner” need to be read carefully.

The sales figures demonstrate the reach of both titles. They do not, however, provide information about the profitability of a potential partner’s business or the availability of any franchise model in Poland.

More projects, not new outlets

The development plans described by XTB focus primarily on producing further games. The Witcher 4 is the largest project in production, while Cyberpunk 2 remains at an early stage of development. Sirius, a remake of the first Witcher game, and Hadar are also being developed.

The analysis also mentions further projects whose details have yet to be disclosed. According to the report, more than a thousand people are working on future titles. This information concerns the company’s development capacity and creative plans, not the recruitment of partners for a franchise network.

This distinction makes the direction of expansion clear. In this account, growth means broadening the portfolio of games and making further commercial use of the brands. It does not mean opening retail or service outlets operated by franchisees. The analysis contains no information about such openings, entry costs or requirements for applicants.

For the franchising community, this is therefore news about a different way of building value around a brand. It may be useful when comparing business models, but it should not be included in a round-up of new franchise opportunities.

What does this mean for entrepreneurs?

The key lesson concerns precise language. In the CD Projekt analysis, “franchise” describes a recognisable entertainment brand and the titles associated with it. A reader interested in running their own business under someone else’s brand, by contrast, needs specific information about the terms of that relationship. These are two different kinds of information, even if headlines use the same word.

Before treating a similar report as a business opportunity, it is worth checking what has actually been announced: financial results, a new product, a licensing agreement or an offer for prospective franchisees. The cited analysis provides financial figures, game sales data and production plans. It does not present an opportunity to join a franchise network.

Practical takeaway: strong licensing revenue and a popular brand are no substitute for an actual franchise offer. The CD Projekt story should be read as news about monetising rights and developing games, not as the announcement of a new opportunity to become a franchisee.