Has anyone ever done an a analysis on whether Denuvo (or DRM in general) is actually a wise investment of capital? I imagine it probably does have some impact on early sales in that it will prevent early customers from pirating to try it rather than buying it. But at the same time, you have things like Steam's return policy, the general dislike of DRM, and the publicity/image cost when something happens preventing ev…
If it wasn't a vise investment, publishers and developers of AAA titles wouldn't invest in it. But they do.
I agree that it's overwhelmingly likely that someone ran the numbers about using DRM at these companies. But it's not unlikely that they over- or under-estimated certain factors. They will have more information than we do, but certainly not perfect information (see also above).