Take-Two has something big up its sleeve for 2023. A recent SEC filing indicates that the company plans to increase its marketing spend to $89 million during fiscal year 2024?the year preceding March 31, 2024. That amount is more than double the preceding two years and the year following. Analysts predict that?s when Take-Two plans to make an enormous push on its biggest franchise, the one that keeps printing the company money: Grand Theft Auto. Accounting for marketing leading up to release and post-release, that would put the Grand Theft Auto VI release date somewhere in 2023.
Reported by VentureBeat, the recent Take-Two SEC filing shows an updated marketing spending plan for the next five years. In last year?s filing, the spending spike of around $80 million was attributed to FY2023, but this year it has shifted to FY2024. In comparison, FY2021 (this year, up to March 31, 2021) is only $11.8 million, and FY2022, 23, and 25 are each around $40 million or less, which makes FY 2024 a very notable jump to pay attention to. The delay in spending could indicate internal delays, originally having planned for Grand Theft Auto VI to release in 2022, but pushing it a year. COVID-19 could have something to do with that, but Take-Two hasn?t made any comments on the shift in spending.
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