Blizzard as a Gaming company is also a business. It is a subsidiary of Activision Blizzard. It is a publicly listed company which has its finances determined by the market value. With multiple Gaming titles under their belt such as Call of Duty, Hearthstone, Overwatch etc.
Despite the huge success of Overwatch as a game, there are investment advisors suggesting to short sell Activision Blizzard stocks. They mention the fall-off of Call of Duty as one of the principal reason why Activision Blizzard is extremely risky as a stock right now.
“This is the first game that Blizzard’s come out and said, ‘we want to make this the next esports phenomenon.’ I don’t think you can tell the market this is going to be a phenomenon. You have to let the market decide that.”
The hype around Overwatch and Overwatch League as a game / league has clouded the judgement and the disappointment that Activision Blizzard has seen in Call of Duty. Ofcourse the diversification of the company is hardly mentioned as they solely point out the dismal failure of Call of Duty as a league.