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Live games continue to lead at Take-Two as recurrent consumer spend jumps 56%

Live games continue to lead at Take-Two as recurrent consumer spend jumps 56%

November 5, 2020 | By Alissa McAloon

Take-Two's expansive catalog of live games continues to make a strong showing in the company's quarterly financials.

While net revenue is down year over year, Take-Two says that the final numbers beat its forcasts and that recurrent consumer spending in games like NBA 2K20 and 2K21, Grand Theft Auto, Red Dead, and more were the largest contributors to GAAP net revenue this time around.

GAAP net revenue came in at $841.1 million for the quarter, down from $857.8 million during the same period last year though recurrent consumer spending (virtual currency, ad-ons, and in-game purchases) actually rose 56 percent year-over-year and made up the bulk (59 percent) of that earlier net revenue figure.

Most of the leading games Take-Two calls out in its end-of-quarter reporting may look familiar if you've been following the company's reports for the last several quarters.

NBA 2K20 and NBA 2K21, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Redemption Online, Borderlands 3, PGA Tour 2K21, Social Point's mobile offerings, and a handful of others are all credited as the driving forces behind this quarter's GAAP net revenue and, particularly, digitally-delivered net revenue.

Many of those same titles lead on the net bookings front, where Take-Two reported a slight increase from last year's $950.5 million to this quarter $957.5 million and saw recurrent consumer spending make up 64 percent of its total.

"Our positive momentum continued in the fiscal second quarter with operating results that significantly exceeded our expectations,” comments Take-Two CEO Strauss Zelnick. “Our terrific results were highlighted by the outperformance of NBA 2K, PGA TOUR 2K21, and the Mafia: Definitive Editions and Mafia: Trilogy, reflecting our ability to deliver consistently the highest quality entertainment experiences to consumers.

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