In the lead-up to Grand Theft Auto 6‘s release, which analysts expect to be the biggest entertainment launch in history by dollar value, The Wall Street Journal‘s tech conference is wondering why Take-Two, which owns Rockstar Games, doesn’t have more hits. CEO Strauss Zelnick looked as confused as you are.
The question came up in the context of Take-Two’s stock being down nearly 20 percent from its peak late last year. With the gaming publisher about to set records, why are investors so skittish? Zelnick essentially responded by saying he doesn’t count his chickens before they’ve hatched. He believes the fundamentals of the company are strong and will be proven out once GTA 6 is out in the wild. That’s when The Wall Street Journal‘s deputy media editor, Jessica Toonkel, pressed the executive on the company’s perceived challenges.
Toonkel: Is there a concern? I mean, I think there is a concern that this is your big hit and that you don’t have enough hits in your library.
Toonkel: I mean can you, how do you like, knock that down?
Zelnick: Well look, we have 15 franchises that have each sold at least 5 million in individual releases. I think we have the best collection of owned intellectual property in the video game business and I think that’s reflected in our top line, our bottom line, and our market cap. So, um, I guess the way I respond to it is, like, examine the facts.
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