What did you do during lockdown? I was playing Grand Theft Auto

A promotion for the computer game Grand Theft Auto Five is shown in a gaming store in California, United States, in 2013. — Reuters

Take-Two Interactive Software Inc sold over 15 million units of Grand Theft Auto V in the first two quarters of the year, as more people lapped up the action-adventure videogame to keep themselves entertained during lockdowns.

The company has sold 135 million units of the hit franchise since its launch in 2013, with Bernstein analysts saying that sales were almost catching up with the installed base of relevant consoles, including Sony Corp's PlayStation and Microsoft Corp's Xbox.

Take-Two shares, which are up more than 37% this year, hit a record high of US$180.61 (RM762.45), a day after it reported a blockbuster quarter.

Grand Theft Auto V, the seventh installment of the franchise, follows the story of three protagonists – Trevor, Franklin and Michael – as they find their way through a fictitious California-like state to accomplish missions involving car-chases and shootouts.

Take-Two sold over 25 million units of Grand Theft Auto V globally in the last 12 months, more than double that of a year earlier.

"Our updated model puts 'GTA6' release in FY23," Bernstein analysts said, adding that their "GTA6" bull case has 110 million lifetime units and values the franchise at US$19.4bil (RM81.9bil), which is "more than the market cap of TTWO, on its own".

The company also joined rival videogame publisher Electronic Arts Inc in raising its annual sales forecast as demand for their popular videogames soars.

US spending on video games in June surged 26% to US$1.2bil (RM5.07bil), the highest for the month in over a decade, according to research firm NPD, as people turned to games for relaxation during lockdowns and also purchased more in-game content.

At least 10 brokerages raised their price targets on the company's stock. – Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Tech News

Remittance processor Remitly valued at over $8 billion after strong market debut
Embraer shares soar with electric aircraft orders, analyst upgrade
From e-bikes to flying cars: India's Ola Electric plots mobility future
Vietnam's carmaker VinFast eyes more countries for its European strategy
Exclusive-Google offers to settle EU antitrust probe into digital advertising - source
Britain to front-run capital rules on crypto if need be, says Bank of England
Samsung in talks with Tesla to make next-gen self-driving chips -Korea Economic Daily
India merger of Sony, Zee to create TV powerhouse challenging Disney
Salesforce raises full-year revenue outlook on hybrid work boost
EU plans one mobile charging port for all, in setback for Apple

Stories You'll Enjoy