During a recent tech conference, Take-Two CEO Strauss Zelnick appeared bewildered when asked why the company, which is poised to release the highly anticipated Grand Theft Auto 6, does not have more significant hits in its portfolio.
The question arose in the context of Take-Two's stock performance, which had declined from its late-year peak. Despite the impending launch of what is expected to be a record-breaking title, investors have expressed caution. Zelnick responded by emphasizing the company's strong fundamentals, which he believes will be validated by GTA 6's release.
When pressed by Jessica Toonkel, deputy media editor for The Wall Street Journal, about concerns that GTA 6 might be Take-Two's sole major success, Zelnick highlighted the company's existing franchises. He stated that Take-Two owns 15 franchises, each with individual releases that have sold at least 5 million units. Zelnick considers this collection of intellectual property to be the best in the video game industry, asserting that this strength is reflected in the company's financial performance and market value.
He listed several key franchises, including Grand Theft Auto, Red Dead Redemption (with over 65 million units sold for its most recent entry), Grand Theft Auto Online, NBA 2K (noted as the second-biggest sports title globally and the largest in North America), WWE 2K, Bioshock, Borderlands, and Civilization. On the mobile side, he mentioned Words with Friends, Empires and Puzzles, and Good Poker, along with hundreds of other titles.
The exchange has drawn attention online, with some interpreting Zelnick's reaction as a reflection of a disconnect between traditional media and the gaming industry. While the question could have been phrased differently, the underlying concern is valid: few entertainment companies wish to be entirely reliant on a single blockbuster title, even one as potentially massive as GTA 6.
Furthermore, some of Take-Two's other franchises face challenges. Borderlands 4 and Civilization 7 have not matched the overwhelming success of their predecessors, and a new Bioshock title has been in development for a decade without release. The company's live-service multiplayer game, Project Ethos, has also struggled to gain traction despite significant investment.
Despite these issues, many other game companies would envy Take-Two's position. The publisher benefits from consistent revenue from titles like NBA 2K and WWE 2K, as well as the ongoing success of GTA Online. Notably, two of the top five best-selling games of all time are owned by Take-Two, with GTA 6 expected to become the third.