Take-Two Postpones GTA 6 and Announces Huge Operational Loss

Take-Two Interactive generated net revenues of over five billion Dollars in fiscal 2024, but still posted a loss of 3.74 billion Dollars. Grand Theft Auto 6 has been delayed until fall 2025. CEO Strauss Zelnick said that Roll7 and Intercept Games have not been closed.

Grand Theft Auto 6 will not be released in Take-Two Interactive's current fiscal year, which runs until the end of March 2025. CEO Strauss Zelnick confirms that GTA 6 is now scheduled for autumn 2025. Previously, the game was expected to be released in early 2025. The outlook for the current fiscal year has been revised downward accordingly. At the same time, the releases of NBA 2K25 and WWE 2K25 were confirmed. "As we enter fiscal 2025 with positive momentum, we expect to deliver Net Bookings of $5.55 to $5.65 billion. Our outlook reflects a narrowing of Rockstar Games' previously established window of calendar 2025 to fall of calendar 2025 for Grand Theft Auto VI. We are highly confident that Rockstar Games will deliver an unparalleled entertainment experience, and our expectations for the commercial impact of the title continue to increase," Zelnick says.

CEO Strauss Zelnick says, that they didn't closed Roll7 (OlliOlli World) and Intercept Games (Kerbal Space Program 2), contrary to reports in the media. He told IGN: "We didn't shutter those studios, to be clear. (...) So we are being very judicious because we are in the middle of a cost reduction program that we've already concluded and are now fully rolling out. We've announced that we're saving $165 million in existing and future costs, but we haven't shuttered anything." No more detailed information on the state of the studios has been made available.

Nevertheless, the plan to reduce the workforce by around five per cent remains unchanged. The twelve game projects that were cancelled as part of the restructuring programme are said not to have been core franchise titles. Judas from Ghost Story Games and the Private Division project with Game Freak remained unaffected. The company currently has 40 games in development, including 22 in the Immersive Core segment, 3 independent games, 10 mobile games and 5 new iterations of previously released titles. 2K is planning to unveil the next iteration of one of its biggest franchises at Summer Game Fest. It could be Bioshock, Borderlands, or Mafia.

Total Net Bookings in Fiscal Year 2024 increased one per cent to 5.33 billion Dollar, roughly 4.9 billion Euros. This is more or less in line with expectations. Net Bookings from recurrent consumer spending increased two per cent and accounted for 78 per cent of total Net Bookings. The largest contributors to Net Bookings were NBA 2K24, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires & Puzzles, the hyper-casual mobile portfolio, Red Dead Redemption 2 and Red Dead Online, Words With Friends, and Merge Dragons!. But the bottom line was a significant loss.

Take-Two Interactive: "GAAP net loss was $3.74 billion, or $22.01 per share, as compared to $1.12 billion, or $7.03 per share, for the comparable period last year. Our GAAP results include impairment charges of (i) $2.34 billion related to goodwill and (ii) $577.4 million for acquisition-related intangible assets, and business reorganization expenses of $104.6 million related to our cost-reduction programs."

Unit sales - Grand Theft Auto V - 200m - Red Dead Redemption 2 - 64m - Borderlands 3 - 20m - Borderlands 2 - 28m

Franchise sales - GTA franchise - 425m - RDR franchise - 89m - NBA 2K - 149m - BioShock - 43m - Borderlands - 86m - Sid Meier's Civilization - 71m

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