Take-Two Updates Future Game Release Plan, Cancels 12 Titles

TapTechNews May 17th news, game publisher Take-Two announced an updated future game release plan on Thursday, reducing 12 titles compared to the version announced in February this year.

In the fiscal 2024 financial report, Take-Two presented a slide listing 40 games planned to be released by the end of fiscal 2027, excluding the works of the soon-to-be-acquired Gearbox company. In contrast, the plan announced in February was 52.

Take-Two's move has sparked speculation about some projects being cancelled. Although not all of the 12 missing games are necessarily cancelled, and some projects may just be postponed to after fiscal 2027, the company confirmed in the earnings call that some projects have indeed been cancelled.

Take-Two President Karl Slatoff said, The updated release plan reflects the cost reduction plan we have recently implemented. We have cancelled some projects in order to focus our energy and resources on the core series works that we think have more potential to achieve commercial and critical success. The cancelled projects are not our core series works and will not have a significant impact on our future revenue growth.

These cancelled projects do not involve our core series and will not have a significant impact on our future revenue growth. Take-Two Chief Financial Officer Lainie Goldstein reiterated this point in a later conference call. She said, In order to reduce operating costs, we have recently implemented a cost reduction plan, which is expected to save more than $155 million (TapTechNews note: currently about 1.119 billion yuan) in annual costs across the company. As part of this plan, we have cancelled some ongoing development projects because we expect these projects will not meet our financial standards.

TapTechNews previously reported that in April this year, Take-Two confirmed that it will lay off 5% (about 600 people) and confirmed that some ongoing development game projects will be cancelled.