The video game industry has been rocked by news that Take-Two Interactive Software, Inc., the parent company of the popular Private Division label, has experienced layoffs following a difficult third quarter. Private Division is the publisher of some of the most popular video games on the market, including The Outer Worlds, Kerbal Space Program, and Ancestors: The Humankind Odyssey.
The layoffs come as no surprise to industry insiders, as Take-Two Interactive has been struggling financially in recent months. The company reported a net loss of $43 million in its third quarter, which was significantly lower than the $50 million it had expected to make. The company also reported a decrease in revenue from $1.2 billion to $1.1 billion.
The layoffs have affected a number of employees at the Private Division label, with reports indicating that the majority of those affected were in marketing and publishing roles. While the exact number of layoffs has not been revealed, it is estimated that around 10% of Private Division’s workforce was affected.
This news comes as a shock to many in the gaming industry, as Private Division has been one of the most successful labels in recent years. The label has been responsible for some of the most critically acclaimed and commercially successful video games of the past few years, including The Outer Worlds and Kerbal Space Program.
The layoffs are a sign of the difficult times that the video game industry is currently facing. With the pandemic continuing to affect the global economy, many companies are having to make difficult decisions in order to stay afloat. Take-Two Interactive is no exception, and it appears that the company is having to make some tough choices in order to remain profitable.
It remains to be seen how this news will affect the future of Private Division and Take-Two Interactive. While the layoffs are certainly a setback, it is possible that the company will be able to rebound and continue to produce some of the best video games on the market. Only time will tell how this difficult situation will play out for Take-Two Interactive and its Private Division label.
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