Take Two recently conducted its investor call for the first quarter of the fiscal year 2024 (April 2023 to June 2023) on August 8. During the call, the company shared insightful new details about its performance this year and its game release plans for the future. Take Two once again hinted at a major upcoming release for next year, most likely the highly anticipated GTA 6.
According to the latest earnings call, Take Two, the publisher of Grand Theft Auto, reported $1.2 billion in net bookings for the first quarter. This represents a 20% increase compared to the same quarter in 2022. The success of titles such as “NBA 2K23,” “Grand Theft Auto Online,” “Grand Theft Auto V,” and various mobile games contributed significantly to these impressive results. Recurrent consumer spending, including DLC purchases and other microtransactions, also saw a 38% year-on-year growth.
CEO Strauss Zelnick expressed his satisfaction with the company’s performance, stating, “We had a strong start to the fiscal year and achieved net bookings of $1.2 billion, which exceeded our expectations. Our performance was driven by our catalog of iconic, industry-leading intellectual properties, which continues to resonate with our players worldwide.” Notably, Grand Theft Auto 5 has sold 185 million units globally, while Red Dead Redemption 2 has sold over 55 million units.
Take Two aims to reach $5.55 billion in net bookings by the end of this fiscal year.
GTA VI Potential Release in 2025
Zelnick also shared a glimpse of Take Two’s future plans, noting that the company is preparing for a “significant inflection point” in fiscal 2025, which is expected to bring record levels of operating performance. He expressed gratitude to all stakeholders for their ongoing support and excitement for the upcoming chapter, potentially referring to the release of GTA 6.
Take Two’s Stance on Film and TV Adaptations of its Games
In addition to their gaming ventures, Take Two is currently collaborating on the Borderlands movie with Lionsgate and a BioShock film with Netflix. However, Zelnick expressed caution regarding the profitability of adaptations of their titles, referring to them as “typically very challenged asset classes.” This stance has led the company to be highly selective in licensing decisions. Despite the success of recent adaptations like HBO’s The Last of Us and Universal’s The Super Mario Bros. Movie, Zelnick emphasized the numerous failures and financial losses that often accompany such projects.
Given these challenges, Zelnick stated, “We’re not going to place the future of our company or the value of our intellectual property on someone else’s execution in another area of the entertainment business. So we’ll continue to be very selective indeed.”
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
