Take-Two Makes Money Without New Grand Theft Auto
Cowboys, Mafiosi, and empire-building credited for publisher's "milestone" profits.
Take-Two Interactive was able to achieve one of its goals this year, by reporting a profit in a year that didn't include the release of a new Grand Theft Auto game.
Take-Two ended its financial year on October 31st, and generated $1.15 billion in revenue - an increase of 65% - of which $42.5 million was profit. The previous year, Take Two endured a loss of $140 million. The strong performances of games like Civilization 5, Mafia 2 and, of course, Red Dead Redemption were credited as the source of Take-Two's financial success. Take-Two also noted that digital sales had been a "meaningful component" of its sales over the last twelve months.
CEO Ben Feder - who leaves the role in January - said that the revenue growth andmargin expansion for the year had been better than expected, and CEO-Designate Strauss Zelnick said that Take-Two was now in a much better position, both financially and creatively, and would continue to build an increasingly diverse catalogue of games to facilitate further growth.
It will be interesting to see where Take-Two goes from here, having hit one of its major milestones, and someone new at the helm. With hard-boiled thriller LA Noire and the singular Duke Nukem Forever already lined up for next year, I wouldn't be surprised if Take-Two is able to give a repeat performance in 2011.
Source: MCV [http://www.mcvuk.com/news/42294/Take-Two-achieves-non-GTA-profit?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+mcvuk/oXMK+(MCV:+games+industry+news)]
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Take-Two Interactive was able to achieve one of its goals this year, by reporting a profit in a year that didn't include the release of a new Grand Theft Auto game.
Take-Two ended its financial year on October 31st, and generated $1.15 billion in revenue - an increase of 65% - of which $42.5 million was profit. The previous year, Take Two endured a loss of $140 million. The strong performances of games like Civilization 5, Mafia 2 and, of course, Red Dead Redemption were credited as the source of Take-Two's financial success. Take-Two also noted that digital sales had been a "meaningful component" of its sales over the last twelve months.
CEO Ben Feder - who leaves the role in January - said that the revenue growth andmargin expansion for the year had been better than expected, and CEO-Designate Strauss Zelnick said that Take-Two was now in a much better position, both financially and creatively, and would continue to build an increasingly diverse catalogue of games to facilitate further growth.
It will be interesting to see where Take-Two goes from here, having hit one of its major milestones, and someone new at the helm. With hard-boiled thriller LA Noire and the singular Duke Nukem Forever already lined up for next year, I wouldn't be surprised if Take-Two is able to give a repeat performance in 2011.
Source: MCV [http://www.mcvuk.com/news/42294/Take-Two-achieves-non-GTA-profit?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+mcvuk/oXMK+(MCV:+games+industry+news)]
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