The aftermath of the pandemic has cast a shadow over video game companies, both big and small, resulting in layoffs and economic challenges. Over-hiring and financial woes have been cited as key reasons behind these cuts.
Among the casualties is Take-Two Interactive, based in New York. The company had hinted at cost-cutting measures after reporting disappointing earnings in the final quarter of the previous year.
This led to a downward revision of its financial forecast, attributed to challenges in mobile advertising and lukewarm reception for its “NBA 2K24” basketball video game.
For fans who’ve eagerly awaited news since the release of 2013’s GTA V, the revelation offers a look into the future of gaming.
Despite the challenges, the anticipation for the next chapter in this beloved series continues to soar, testament to the enduring legacy of one of gaming’s greatest phenomena.
Hot on the heels of recent developments, Take-Two’s unveiling of its cost-cutting strategy coincides closely with Swedish video gaming group Embracer‘s announcement.
Embracer revealed its plans to offload Gearbox Entertainment, the renowned developer behind the beloved first-person shooter franchise “Borderlands,” to Take-Two for a staggering $460 million.