Grand Theft Auto developer to lay off 5% of staff to save money

Take-Two, which develops the Grand Theft Auto video games, plans to lay off 5% of its workforce and abandon several projects as part of a cost-saving programme.

Here's What We Know

According to Bloomberg, the company plans to implement a number of cost-saving measures and save up to $200 million. This amount includes $140 million from cancelled projects and $35 million in personnel-related costs.

Take-Two, like Unity Software, Riot Games, and Microsoft's gaming division, was forced to lay off employees in large numbers due to the downturn in the video game industry. Gaming giants avoid risk when it comes to developing new titles, which can take years and cost hundreds of millions of dollars.

According to the documents, Take-Two employed 11,580 full-time workers at the end of the last fiscal year.

Amid the layoffs, there are expectations that the upcoming Grand Theft Auto VI, which will be released in 2025, will become the most profitable media product of all time.

Source: Bloomberg