GTA 5's Online Mode Continues "Ongoing Extraordinary Performance," Take-Two Says
Take-Two reports its earnings, and GTA Online continues to be a major boon for the company.
Take-Two Interactive, the parent company of 2K Games and Rockstar Games, has reported the outcome of its first fiscal quarter of 2018, which ended on June 30, 2017. Despite no major new releases during the period, revenue was up as compared with the year prior, something that's attributed to the continued success of Grand Theft Auto V and its multiplayer component, Grand Theft Auto Online.
Net revenue for the quarter was $418.2 million, an increase of 34% year-over-year. Take-Two identified the biggest contributors as GTA V, NBA 2K17 (the company's best-selling sports game ever), Civilization VI, WWE 2K17, mobile game WWE SuperCard, and Mafia III. Specifically regarding GTA, CEO Strauss Zelnick lauded the "ongoing extraordinary performance" of the game, which continues to be one of the industry's top-selling games almost four years after its initial release. Continued support is planned for the game, and it's expected to enjoy another year of "record results."
Digital net revenue was up 56% to $268.2 million, while recurrent consumer spending--a broad term that includes DLC, microtransactions, and virtual currency--was up a whopping 72% and represented 41% of the company's total net revenue. That's an impressive figure considering it doesn't factor in the sale of digital games.
Take-Two also increased its outlook for net sales for the full fiscal year 2018, which runs through March 31, 2018. Red Dead Redemption 2 is still expected to launch in Spring 2018, but during the 2019 fiscal year, meaning it won't launch until at least April 1. Zelnick again referenced a "highly anticipated new title from one of 2K's biggest franchises" coming in the 2019 fiscal year (which runs from April 1, 2018 through March 31, 2019). That game is believed to be the next Borderlands title, though that is not yet confirmed.
The company's release schedule for the current year reveals that NBA 2K17's Switch version will release as a digital-only title initially, with a physical release coming sometime after the September 19 launch.
Take-Two is currently hosting an earnings call with investors and analysts. We'll report back with anything interesting the company has to share.
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