Episode summary
Take-Two Releasing Long-Awaited Grand Theft Auto VI Next Week | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 9 min · Hosts: Carol Massar, Tim Stenovec · Guests: Chris Palmeri
Summary
Take-Two’s Grand Theft Auto VI is set to launch on November 19, and the hosts and Chris Palmeri framed it as one of the biggest entertainment releases of the year. The last game in the franchise sold nearly 235 million copies, and Palmeri said early estimates point to as many as 40 million units sold in the first few months, or roughly $3 billion in retail sales, with as much as $600 million in profit for Take-Two.
Palmeri argued that the game’s scale comes from both the strength of the franchise and the company’s long-term strategy. He said Take-Two has focused on a few “forever franchises” like GTA, while Strauss Zelnick has largely let studios run themselves. He also noted that Rockstar’s production process has changed, with less of the punishing “crunch time” that once defined big game development.
The conversation also touched on the broader game industry, where layoffs, studio shutdowns and cancellations have pushed companies to concentrate on proven hits rather than new risks. Palmeri said the market has matured, and that there is no movie franchise that can match the economics of Grand Theft Auto.
Key takeaways
- Chris Palmeri said estimates for GTA VI point to as many as 40 million units in the first few months, or about $3 billion in retail sales.
- Palmeri said Take-Two could generate about $600 million in profit from the game in those first few months, based on analyst estimates.
- The hosts and Palmeri said Rockstar’s long development cycle reflects the studio’s cinematic ambitions and a shift away from harsh crunch-time labor practices.
- Palmeri argued that Take-Two’s winning strategy has been concentrating on a small number of major franchises rather than chasing too many new titles.
- He said the video-game industry is maturing, with companies cutting jobs and canceling projects as they focus on “forever franchises” like Grand Theft Auto.
Notable quotes
“the last edition of the game I should say, sold nearly 235 million copies. This is a big bet for Take Twoath Zelnick”
“as estimates are about, you know, as much as 40 million units in just the first few months uh of release”
“I saw an adoles estimate it could be a $600 million profit for Take Two, the the publisher in just and again just the first uh few months of release”
“video games are bigger than movie business today. Certainly, there's no movie franchise that does $3 billion in six months”
“they're not taking chances on the new games. And that's why we're seeing cancellations of titles in the works and things like that”
How the episode opens
Bloomberg Audio Studios podcasts, radio news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — Did you mark your calendar? — November 19th. Okay. Uh, that's when Take 2's Rockstar Games Unit releases Grand Theft Auto 6. It's the latest iteration of the modern-day gangster title. The latest edition of the game, the last edition of the game I should say, sold nearly 235 million copies. This is a big bet for Take Twoath Zelnick.
235 million.
Well, Chris Paul Mary is going to do the math because I'm not I'm not qualified to do the math on this. He's media and entertainment team lead for Bloomberg News. He's out there in our West Coast bureau uh for in Los Angeles.
So, uh for the uninitiated, why is this such a big deal? It's just the most popular video game franchise of all time really. And it's been years since we had a a new edition of it.
So, a lot of people looking forward to getting to play this game. It's uh it's a kind of a new level of uh realistic uh graphics and that and so uh they've done an excellent job of marketing it too. What have what have the early indications in terms of numbers, in terms of expectations told us about demand for this new title?
Yeah, I know you wanted to hear the numbers, so I got them. Uh, as estimates are about, you know, as much as 40 million units in just the first few months uh of release. So that's roughly $3 billion retail sales. I saw an adoles estimate it could be a $600 million profit for Take Two, the the publisher in just and again just the first uh few months of release.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- gta vi launch
- video game industry
- take-two ownership change
- entertainment franchises
- capital markets
Companies and tickers mentioned
- TTWO
- Take-Two Interactive Software Inc.
- 20th Century Fox
- Crystal Dynamics
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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