Yes, the digital era is essentially upon us. Get used to it.
Take-Two Interactive's quarterly results aren't too shabby, and it's due in large part to booming digital sales. The reported earnings for the period ending June 30 shows a 128% year-over-year growth in digitally delivered content, which ultimately accounted for over half (52%) of the total net revenue.
It also helped that the critically acclaimed Bioshock Infinite shipped 4 million copies and is expected to become the best-selling title in the vaunted franchise. Borderlands 2 has shipped 7 million units to date, and Grand Theft Auto IV and NBA 2K13 continue to pull their weight. The company posted a net revenue of $144.3 million, compared to the $226.1 million it posted last year. There's an overall loss of $47.1 million but that's better than the $98.8 million loss from 2012.
The loss was partly due to a title in development at 2K Games; they've spent $29.6 million on it and we wonder what it is… It seems like quite the blockbuster. Said Take-Two CEO Strauss Zelnick:
"Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment. We continue to benefit from robust demand for our recent genre-leading releases, iconic catalog titles and growing portfolio of innovative digitally delivered offerings."
If you've forgotten, Grand Theft Auto V explodes onto the scene on September 17. Talk about a cash cow!