Take-Two CEO Strauss Zelnick has emphasized the significance of developing new franchises, often referred to as 'new IP' in industry jargon. During the company's recent earnings call, Zelnick highlighted that nothing remains popular indefinitely, making it crucial to innovate rather than solely rely on sequels. 'We differ from many other large companies. It's tempting for big companies to bask in their past successes,' he noted. Take-Two, known for owning the immensely successful Grand Theft Auto and Red Dead franchises, has labeled these as 'permanent,' indicating an ongoing commitment to sequels. However, Zelnick also stressed the need for new franchises to avoid business decline. 'We understand that sequels are lower-risk compared to new IP. Yet, everything deteriorates. Despite most of our franchise sequels outperforming previous releases, which is uncommon in the industry, we remain proud,' he explained. Zelnick further added, 'Decay and entropy are inherent in physics and life, leading to the eventual degradation of even hit titles. Therefore, if we don't innovate and create new IP, we risk stagnation.' The executive acknowledged that while trying new ventures increases risk, it's essential for long-term value. Take-Two's efforts in mobile gaming, such as Match Factory and Toon Blast, reflect this strategy. Looking forward, Take-Two has several new IPs in development, including the multiplayer game Project Ethos, for which Zelnick expressed immense pride. Another upcoming title is Judas, designed by BioShock's Ken Levine. The company's most anticipated release is Grand Theft Auto VI, set for Fall 2025 on PS5 and Xbox Series X|S, alongside Borderlands 4 from Gearbox, expected in 2025.
Source link: https://www.gamespot.com
