Raven Software
Raven Software is a private Madison, Wisconsin-based video game development studio owned by Microsoft that develops and live-operates the Call of Duty franchise, including Black Ops 7 and Warzone, serving the global CoD player community.
- Company typePrivate
- Founded1990
- HeadquartersMadison, United States
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Raven Software does
Raven Software is a private video game development studio founded in 1990 in Madison, Wisconsin, and now operating as a wholly owned subsidiary of Microsoft following Microsoft's October 2023 acquisition of Activision Blizzard. The studio is best known for its work on the Call of Duty franchise since 2010, with named authorship of Call of Duty: Warzone, the Black Ops series (including Black Ops 6 and the November 2025 launch of Black Ops 7), and the round-based Zombies co-op mode. Its broader 35-year catalog includes original and licensed titles such as Heretic, Hexen, Soldier of Fortune, Star Wars Jedi Knight, Wolfenstein, Quake 4, X-Men Legends, Singularity, and Marvel: Ultimate Alliance.
The studio's core technology is concentrated in large-scale multiplayer systems, battle royale engine work for Warzone (including the Gulag respawn mechanic and cross-title progression), cooperative Zombies mode tooling, and integration with Activision's Ricochet anti-cheat. Games are distributed exclusively through the parent's channels: PlayStation Store, Xbox Store and Game Pass, Steam, and Battle.net, with pricing set at the franchise standard of $69.99 for full-game releases and $9.99–$19.99 for seasonal battle passes. Raven is a work-for-hive studio within Microsoft with no direct consumer sales motion, no independent IP commercialization, and no third-party publishing relationships visible in the data.
Raven's operating model is built around annual Call of Duty release cycles and continuous seasonal content drops (Seasons 3, 3 Reloaded, and 4 in 2026), supplemented by live-service monetization through battle passes, the BlackCell premium tier, and operator/weapon cosmetic bundles. The customer base is the global Call of Duty player community (a franchise stated to reach over a billion people daily), though Raven's commercial relationship is with Activision Publishing as its single counterparty. The studio's 251–500 employees are based in Madison and Middleton, Wisconsin; in August 2025 its QA workforce ratified its first union contract with Microsoft, and in April 2026 co-founder Brian Raffel retired after 36 years.
Raven Software firmographics
Firmographics- Name
- Raven Software
- Legal name
- Raven Software
- Website
- https://ravensoftware.com
- Company type
- Private
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Raven Software is a private Madison, Wisconsin-based video game development studio owned by Microsoft that develops and live-operates the Call of Duty franchise, including Black Ops 7 and Warzone, serving the global CoD player community.
- Ownership category
- akta.pro rank
Raven Software industry classification
Industry- Product category
- Video Game Development
- NAICS
- Software Publishers (5132)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Narrative/Adventure & RPG Game Studios (MPAFAAAL)
Keywords
Where Raven Software is headquartered
LocationHeadquarters
- HQ city
- Madison
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Raven Software business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Full Game Sales: Raven develops mainline Call of Duty titles (Black Ops 6, Black Ops 7) and supporting content that are sold as full-priced games ($69.99 standard edition). Revenue generated through initial game purchases on console and PC platforms.
- Battle Pass & Seasonal Content: Seasonal content updates for Call of Duty including new maps, weapons, operator skins, and battle passes with 100+ items per season. Free-to-play model for Warzone with monetization through battle passes and cosmetic purchases.
- Microtransactions (Operator Skins, Weapon Blueprints): Additional monetization through in-game store featuring operator skins, weapon blueprints, and BlackCell premium tier. Players can purchase bundles and cosmetic items to customize their gameplay experience.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Multi-year contract | Full Game - Standard Edition |
| Subscription | Seasonal | Season Pass / Battle Pass |
| Subscription | Seasonal | BlackCell Premium Tier |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Raven Software product offering
Product offeringCore offering
Raven Software is a video game development studio that designs, develops, and ships AAA first-person shooter titles for the Call of Duty franchise under publisher Activision (now Microsoft). The studio leads development on mainline entries like Call of Duty: Black Ops 6 and Black Ops 7, as well as the free-to-play battle royale Call of Duty: Warzone, producing ongoing seasonal content updates and supporting multiplayer, Zombies, and battle royale modes across console and PC platforms.
Product overview
Raven Software is a game development studio producing content for the Call of Duty franchise. The company's primary products include the latest mainline entries Call of Duty: Black Ops 7 (2025) and Call of Duty: Black Ops 6 (2024), along with the free-to-play battle royale Call of Duty: Warzone. These core products span across multiple game modes including multiplayer, Zombies, and Warzone battle royale. The studio also developed numerous legacy titles over its 35+ year history including Heretic, Hexen, Singularity, Wolfenstein, Quake 4, Star Wars Jedi Knight games, Soldier of Fortune, X-Men Legends, and Marvel: Ultimate Alliance. The current portfolio centers on annual Call of Duty releases and ongoing seasonal content updates for Warzone.
Differentiator
Problem solved
Functional benefit
Products and services
- Call of Duty: Black Ops 7 Latest mainline entry in the Call of Duty franchise set in 2035, featuring David Mason leading the Black Ops team against psychological warfare threats; includes multiplayer, Zombies mode, and Warzone integration; targets fans of AAA console and PC shooters.
- Call of Duty: Black Ops 6 Mainline Call of Duty title set during the early 1990s Gulf War era with a dark conspiracy-driven campaign, moral decision-making, and espionage; features classic round-based Zombies and grounded multiplayer combat; targets fans of AAA shooters seeking narrative-driven content.
- Call of Duty: Warzone Free-to-play battle royale featuring massive multiplayer lobbies, contracts, and respawn mechanics via the Gulag; integrates progression across multiple mainline titles with seasonal updates and limited-time modes; targets both core Call of Duty players and free-to-play battle royale audiences across console and PC.
Quantifiable outcome
- Call of Duty franchise reaches over a billion players
Companies that use Raven Software
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Raven Software technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Raven Software partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ActivisioncoreRaven Software joined the Activision family of independent game development studios in 1997. Under Activision, Raven has developed numerous successful titles and became a key contributor to the Call of Duty franchise, producing major content for the Black Ops series and Warzone. The studio operates as an independent studio within Activision's portfolio.
Scale indicators4 records
Recent moves7 records
Expansion highlights4 records
Raven Software competitors and assessment
Company assessmentDirect peers
- Treyarch: Sister Activision/Call of Duty studio and original creator of the Black Ops sub-franchise. Most directly comparable to Raven as a CoD-focused AAA studio under the same Microsoft ownership with shared engine, multiplayer, and Zombies expertise.
- Infinity Ward: Co-developer of the Modern Warfare sub-franchise of Call of Duty and Warzone. Closely comparable FPS AAA studio under Microsoft, sharing engine, anti-cheat, and cross-platform infrastructure with Raven.
- Sledgehammer Games: Co-developer of Call of Duty WWII, Advanced Warfare, and Vanguard. Another sibling CoD studio under Activision/Microsoft with comparable FPS production capabilities and shared live-service responsibilities.
- Bungie: Developer of Destiny 2 and former Halo studio, now under Sony. Comparable as a leading AAA FPS/shooter live-service studio with comparable seasonal content cadence, PvP, and PvE modes.
- Respawn Entertainment: EA-owned developer of Apex Legends, Titanfall, and Star Wars Jedi series. Comparable as a FPS-first AAA studio running a major live-service battle royale (Apex) directly competitive with Call of Duty: Warzone.
Broad incumbents
- id Software: Long-established FPS studio (DOOM, Quake) and fellow Microsoft-owned ZeniMax studio. Comparable as a high-end FPS developer under the same parent company with shared engine and multiplayer tooling heritage.
- 343 Industries: Microsoft internal Halo studio. Comparable as a Microsoft-owned AAA FPS studio running major live-service multiplayer content comparable in scale to Warzone and Black Ops.
- Epic Games: Developer of Fortnite, Unreal Engine, and the Epic Games Store. Comparable as a leading battle royale and live-service FPS competitor with seasonal battle passes that directly compete with Raven's Warzone monetization model.
- Riot Games: Developer of Valorant and League of Legends. Comparable as a publisher of competitive online shooters with seasonal battle passes, ranked play, and anti-cheat investments that compete for the same FPS audience as Raven.
Others
- Ubisoft Massive: Ubisoft-owned studio behind Tom Clancy's The Division series. Comparable as a major live-service shooter developer with seasonal PvPvE content under a global AAA publisher, adjacent in operational model to Raven's live-service CoD work.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Raven Software social profiles
Digital presenceRaven Software financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raven Software leadership team
Management profileNumber of profiles
Profiles2 records
Raven Software funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raven Software M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raven Software
What does Raven Software do?
Raven Software is a video game development studio that designs, develops, and ships AAA first-person shooter titles for the Call of Duty franchise under publisher Activision (now Microsoft). The studio leads development on mainline entries like Call of Duty: Black Ops 6 and Black Ops 7, as well as the free-to-play battle royale Call of Duty: Warzone, producing ongoing seasonal content updates and supporting multiplayer, Zombies, and battle royale modes across console and PC platforms.
Is Raven Software a public or private company?
Raven Software is a private company. It is classified as corporate owned and is currently operating.
When was Raven Software founded?
Raven Software was founded in 1990. It employs 251 to 500 people.
Where is Raven Software based?
Raven Software is headquartered in Madison, United States, in the North America region.
How does Raven Software make money?
Three revenue lines are on record. Full Game Sales are the primary driver. The others are battle Pass & Seasonal Content and microtransactions (Operator Skins, Weapon Blueprints).
Who are Raven Software's main competitors?
Direct peers on record are Treyarch, Infinity Ward, Sledgehammer Games, Bungie and Respawn Entertainment. Broad incumbents are id Software, 343 Industries, Epic Games and Riot Games. Ubisoft Massive is listed as an others.
Does Raven Software have an API?
No public API is recorded for Raven Software.
What industry is Raven Software in?
Raven Software's product category is Video Game Development. Its primary akta.pro industry code is MPAFAAAL, Narrative/Adventure & RPG Game Studios. Its NAICS code is 5132 and its SIC code is 7372.