{"id":4869,"date":"2024-04-19T08:56:09","date_gmt":"2024-04-19T08:56:09","guid":{"rendered":"https:\/\/aitesonics.com\/take-two-plans-to-lay-off-5-percent-of-its-employees-by-the-end-of-2024-235903990\/"},"modified":"2024-04-19T08:56:09","modified_gmt":"2024-04-19T08:56:09","slug":"take-two-plans-to-lay-off-5-percent-of-its-employees-by-the-end-of-2024-235903990","status":"publish","type":"post","link":"https:\/\/aitesonics.com\/take-two-plans-to-lay-off-5-percent-of-its-employees-by-the-end-of-2024-235903990\/","title":{"rendered":"Take-Two plans to lay off 5 percent of its employees by the end of 2024"},"content":{"rendered":"
Take-Two Interactive plans to lay off 5 percent of its workforce, or about 600 employees, by the end of the year, as reported in an SEC filing<\/a> Tuesday. The studio is also canceling several in-development projects. These moves are expected to cost $160 million to $200 million to implement, and should result in $165 million in annual savings for Take-Two.<\/p>\n As the owner of Grand Theft Auto and the parent company of Rockstar Games, 2K, Private Division, Zynga and Gearbox, Take-Two is a juggernaut in the video game industry. It reported $5.3 billion in revenue in 2023, a nearly $2 billion increase over the previous year. Just a few weeks ago, Take-Two agreed to purchase Gearbox<\/a>, the studio responsible for Borderlands, for $460 million. The company is preparing to release Grand Theft Auto VI<\/em><\/a> in 2025, a move that should bring in billions on its own.<\/p>\n Take-Two instituted a round of layoffs in 2023 across Private Division<\/a> \u2014 the indie label behind Kerbal Space Program, The Outer Worlds<\/em> and Rollerdrome <\/em>\u2014 and other in-house studios.<\/p>\n An estimated 8,800 people<\/a> in the video game industry have lost their jobs in 2024 so far, and a total of 10,500 industry employees were laid off in 2023. These are, depressingly, record<\/a>–breaking<\/a> figures. Sony<\/a> laid off about 900 people at PlayStation in February; Microsoft<\/a> fired about 1,900 workers across its gaming division in January; Riot Games<\/a> let go more than 500 people that same month \u2014 and these are just some of the most recent AAA layoffs. Take-Two is now at the head of this list.<\/p>\n