Private Division Label of Take-Two Experiences Layoffs Following Difficult Q3

The video game industry has been hit hard by the pandemic, and Take-Two Interactive Software, Inc., one of the largest video game publishers in the world, is no exception. Take-Two’s Private Division label, which focuses on developing and publishing independent games, recently experienced layoffs following a difficult third quarter.

Take-Two reported a net revenue of $1.3 billion for the third quarter of 2020, a decrease of 8% from the same period in 2019. The company attributed the decrease to the impact of the pandemic on the video game industry, including lower sales of physical products, reduced demand for digital content, and disruption to the supply chain. As a result, Take-Two had to make some difficult decisions, including layoffs at its Private Division label.

The layoffs affected approximately 50 employees, most of whom were based in Take-Two’s offices in California and New York. The company stated that it had to make these difficult decisions in order to remain competitive in the current market. Take-Two also said that it was committed to providing severance packages and other assistance to those affected by the layoffs.

The layoffs at Take-Two’s Private Division label are a sign of the difficult times facing the video game industry due to the pandemic. While digital sales have been strong, physical sales have suffered due to store closures and supply chain disruptions. This has forced many companies in the industry to make difficult decisions, including layoffs.

It is unclear how long the pandemic will last and what its ultimate impact on the video game industry will be. However, it is clear that companies like Take-Two will need to remain agile and make difficult decisions in order to remain competitive in the current market.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
• Source: Plato Data Intelligence: PlatoAiStream