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Take-Two Interactive | Q3 FY2024 (Oct - Dec 2023)

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GTA V : 195 million (+5M)
RDR 2 : 61 million (+4M)
Borderlands 2 : 28 million (+1M)
Borderlands 3 : 19 million (+1M)


GTA series : 420 million (+5M)
RDR series : 86 million (+5M)
Borderlands series : 83 million (+2M)
BioShock series : 42 million (=)
Civilization series : 69 million (+1M)




Take-Two today released its financial results for its third fiscal quarter, covering the three months ended December 31, and while it reported slightly sagging sales and bookings, the company did beat its guidance and posted its smallest quarterly net loss since the May 2022 acquisition of Zynga.

Here's what you need to know:

The numbers​

  • Net revenue: $1.37 billion (down 3% year-over-year)
  • Net loss: $91.6 million (compared to $153 million in the year-ago quarter)
  • Total net bookings: $1.34 billion (down 3% year-over-year%)

The highlights​

Some of the usual suspects for Take-Two did well in the third quarter, with Grand Theft Auto 5 and Online, Red Dead Redemption, and Zynga's lineup beating the company's expectations, but one of its usual mainstays, NBA 2K, missed a step, with the company reporting "softness" in NBA 2K24 sales, which in turn hurt recurrent consumer spending.

NBA 2K24 has now sold-in 7 million units, compared to about 8 million for NBA 2K23 at this point in its lifespan.

"Remember, this is still a very good news story," Take-Two CEO Strauss Zelnick told GamesIndustry.biz in a briefing call on the earnings. "This is the number one-selling sports title in North America, obviously the number one basketball title. We've sold-in over 7 million units, and in the fullness of time, NBA 2k24 will generate net bookings in line with NBA2K23. So this is largely a timing matter."

Zelnick pointed to slower sales for the game on older systems contrasted with enthusiasm on the newer generation of systems, suggesting it is "a reflection of consumers transitioning to the new hardware."

Elsewhere in the catalog, Grand Theft Auto 5 hit 195 million units sold-in to retailers, with the largest ever increase in new Grand Theft Auto Online accounts driven by the game's holiday Chop Shop update.

Red Dead Redemption 2 has now hit 61 million units shipped, and Zelnick was particularly upbeat about the company's mobile performance and the quarter's debuts from Zynga: Top Troops and Match Factory.

Given how much had been made about the difficulty of launching new games in mobile in recent years, we asked Zelnick if that trend is letting up.

"I do think it's been changing of late," Zelnick said. "Outside of our business, [2023 new release] Monopoly Go is a very significant hit. And inside of our company, we have two significant hits: Match Factory which is doing really, really well, and Top Troops, which is doing extraordinarily well also. And then we have some other titles in-market bubbling up that are looking super-promising.

"I do think it's a reflection of the consumer rebounding. As you know, in 2022 mobile had its first down year ever, and it's been recovering ever since. So I'm very encouraged that staying the course and being willing to invest in what we believe is the highest quality mobile interactive entertainment is beginning to pay off."

He added, "Match Factory is not just, 'Oh that looks good, let's invest behind it.' Match Factory looks huge."

Despite that optimism, Take-Two is carrying out another "cost reduction plan" incremental to the one it announced last year. While Zelnick would not say how many people were laid off in that original plan or how many will be cut in the current one, he did say the current plan is expected to be "more robust" than the last one.

"After ten years of unbridled industry growth and plenty of company growth, we think it's time to become really efficient at everything we do, especially in advance of this extraordinary pipeline," Zelnick said. "We want to make sure we can avail ourselves of the maximum operating leverage possible.

"And remember, our cost profile isn't just about headcount. Our biggest line-item expense is marketing, actually. So optimizing marketing would be a terrific way to make sure the company gets more efficient."

Some parts of the company have already seen layoffs, with cuts reported this year at 31st Union and Visual Concepts Austin.

Despite beating expectations in the third quarter, Take-Two lowered its full-year guidance to $5.25 billion - $5.3 billion, down from its previous range of $5.37 billion - $5.47 billion.

It attributed the lowered guidance to NBA 2K24's softness and weakness in its mobile advertising business, combined with a planned fourth quarter release being delayed and plans to ramp up the marketing spend around Match Factory in response to its early over-performance.

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Thanks to @DomsPlaying & @DeekeTweak




 
I'm trying to remember when was the last time a 10+ years old game was selling 20m units per year.

That's something else.
 
Take-Two has quarters with net loss frequently, it's strange.

Also, their figure for gen 9 install base WW is 77 million.
 
Thank fuck 2K is finally declining.

Maybe the worst franchise in gaming other than Madden.

Take-Two is down 10% after hours due to NBA 2K's decline.
 
GTA VI currently showing a "calendar 2025". They probably don't want to commit to a closer window, but I feel like it will be a fall 2025 release.
 
"Diverse portfolio of industry leading intellectual property" geez i think every publisher uses this exact nonsense corporate boilerplate wording. I know Ubisoft did. is rockstar headed for a fall? lol.

GTA VI i 100% expect a delay to 2026.
 
I am assuming this is due to GTAVI ramping up production ?

I mean, they started two really expensive new studios that have so far released zero products (Cloud Chamber and 31st Union) so probably those two are contributing.
 
I mean, they started two really expensive new studios that have so far released zero products (Cloud Chamber and 31st Union) so probably those two are contributing.

Both founded in 2019, so should still be some time until their first games release. I guess this is why the Take-Two CEO was saying that starting with GTA6 in 2025~ they should be releasing "several groundbreaking games".

Remains to be seen if those actually do end up being that, but it's the current plan.
 
Red Dead 2 being 2nd in the US for the last 6 years is that behind GTAV or is it something else like Mario Kart?
GTAV says 10 years just want to check if it could be something else for just those 6 years.
 


CY GTAV Sales

CY2013 -> 32,5
CY2014 -> 11,5
CY2015 -> 16,0
CY2016 -> 15,0
CY2017 -> 15,0
CY2018 -> 14,0
CY2019 -> 16,0
CY2020 -> 20,0
CY2021 -> 20,0
CY2022 -> 15,0
CY2023 -> 20,0
TOTAL:-> 195,0
 
CY GTAV Sales

CY2013 -> 32,5
CY2014 -> 11,5
CY2015 -> 16,0
CY2016 -> 15,0
CY2017 -> 15,0
CY2018 -> 14,0
CY2019 -> 16,0
CY2020 -> 20,0
CY2021 -> 20,0
CY2022 -> 15,0
CY2023 -> 20,0
TOTAL:-> 195,0

Wasn't the game 45 million copies in December 2014, which would make 12.5 million for 2014 and not 11.5 ?


1613759557_628_GTA-V-a-video-game-for-history-records-milestones-and.jpg

1613759558_202_GTA-V-a-video-game-for-history-records-milestones-and.jpg
 
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Both founded in 2019, so should still be some time until their first games release. I guess this is why the Take-Two CEO was saying that starting with GTA6 in 2025~ they should be releasing "several groundbreaking games".

Remains to be seen if those actually do end up being that, but it's the current plan.

GTA6
Bioshock 4
31st Union's new IP
Civ7

Four just incredibly massive games for Take Two in 2025/2026, two hyper pivotal years coming up.
 
I would have it at:
54M PS5 and 26M XBS

I'm guessing the source estimates it as:
53M PS5 and 24M XBS
These numbers are sold through numbers right?

Seem like there quite the disparity between the estimates that are thrown out there for XBS and the supposed numbers alleged by Take Two.
 
I wonder how accurate these are, 53 to 24 would actually be crazy if true. More than 2:1 in three years.
 
I love that Take-Two is super patient with Ken Levine, but I don't understand why Take-Two is super patient with Ken Levine.

With Bioshock Infinite they got Rod Fergusson to come in and finish the game. They probably needed someone like that on Judas too.
 
The craziest thing is RDR2 selling 4M for the quarter. Imagine this after basically abandoning this games online support and no next gen version.
 
wonder if a Nintendo version is still in the cards
I mean if they're not even arsed with a ps5 version I doubt it. I think they'll eventually remaster it and maybe the switch 2 will get a port. Switch usually pretty reliable for really late ports.
 
I love that Take-Two is super patient with Ken Levine, but I don't understand why Take-Two is super patient with Ken Levine.

With Bioshock Infinite they got Rod Fergusson to come in and finish the game. They probably needed someone like that on Judas too.

I have no idea why anyone would have faith in Levine at this point, he nearly botched the biggest game of his career and has spent the last decade producing nothing, with basically every BTS info that comes out highlighting Levine specifically as being personally incapable of providing proper management on big project. Hard to think of an industry figure who has coasted longer on past success at this point.
 
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