Take-Two has released its financial report for the first quarter ended June 30, 2024. The company posted modest revenue growth, but its net loss widened during the period.
Sid Meier’s Civilization VII
Financial highlights
- According to its earnings presentation, Take-Two reached $1.33 billion in revenue in the first quarter, up 4% year-over-year.
- Net bookings grew 1% year-over-year to $1.22 billion. Bookings from recurrent consumer spending (in-app purchases, DLC, in-game ads, etc.) remained flat
- Digital sales accounted for 97% of Take-Two’s Q1 revenue, while 61% of sales came from the US.
- Mobile was the top platform by revenue, with $722.5 million (+6.2%), followed by console ($508.9 million, +1%), and PC ($106.8 million, +6.3%).
- The main revenue drivers in the quarter were NBA 2K24, GTA Online, GTA V, Red Dead Online, Red Dead Redemption 2, Words with Friends, Merge Dragons, Toon Blast, Empires & Puzzles, as well mobile hypercasual titles.
- Net loss was $262 million, compared to $206 million in the same period last year.
- Take-Two also expects its loss for the full year ending March 31, 2025 to be between $690 million and $757 million, compared to the previous guidance of $606-674 million.
Game sales and future releases
According to its investor presentation, Take-Two currently has 22 “immersive core” releases (large AAA games like GTA and its sports franchises) in its pipeline. GTA VI is still expected to launch in the fall 2025, while Civilization VII is scheduled for Q4 FY25 (from January 1 to March 31, 2025).
By the end of FY27 (March 31, 2027), the company also plans to launch three indie games (No Rest for the Wicked, which is currently in Early Access, Tales of the Shire in FY25, and an unannounced title in partnership with Game Freak), 10 mobile titles, and five remasters/remakes of its previously released games.
The publisher also updated the sales figures for its key games and franchises:
- GTA — 430 million units sold (GTA V remained at 200 million);
- Red Dead Redemption — 91 million units sold (RDR 2 — 65 million);
- NBA 2K — 150 million units sold (NBA 2K24 — 11 million copies);
- BioShock — 43 million units sold;
- Borderlands — 87 million units sold (Borderlands 2 — 29 million, Borderlands 3 — 20 million);
- Sid Meier’s Civilization — 73 million units sold;
- Zynga’s hypercasual games — 3.6 billion downloads, with Hair Challenge (262 million), Tangle Master 3D (187 million), High Heels! (162 million), and Fill the Fridge (134 million) in the top 5.
To accelerate growth in the Console/PC segment, Take-Two plans to drive microtransactions in existing games like NBA 2K and GTA Online, create add-on content for core titles, “develop a post-launch monetization plan” for most of the new projects, and bring select mobile games to PC and consoles.