New Grand Theft Auto entry faces “slow” development

A new look at the makers of one of the most beloved video game franchises, Grand Theft Auto, shows that the next installment may take longer than expected.

Also last month, Bazaar saw the public market debut of a video game lifestyle brand.

Here Investment News Network (INN) provides a brief rundown of July’s highlights in the gaming market.


Update on the new Grand Theft Auto game

According to the latest insider reporting on the game’s progress, Grand Theft Auto 6, the next entry in the popular franchise, is still a long way from seeing a release date.

Rockstar Games (NASDAQ:TTWO), a subsidiary of Take-Two Interactive Software publicly confirmed Development of the new Grand Theft Auto game was “undergoing” in February.

However, a Bloomberg article indicates that major workplace culture changes at Rockstar, the game developer in charge of the Grand Theft Auto and Red Dead Redemption franchises, have slowed progress.

The report highlights key changes happening at Rockstar, including bridging its pay gap, adding more producers to oversee teams, additional health benefits for workers, and a serious effort to remove the “crunch” – which is a general term for hours of excessive overtime work. Video game development industry. Crunch has affected video game studios across the board, and has recently become an issue for major studios to resolve.

The slow development progress, described by Bloomberg as “one of the most highly anticipated games by fans and investors on the planet”, has also been blamed on delays related to the pandemic.

Shares of Take-Two were up 6.3 per cent during the month of July. However, over the year-over-year period, the firm has reported a decline in value of about 30 percent.

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FaZe Clan Brand Hits the NASDAQ

The gaming industry reached a new milestone this past month when a company representing an esports and influential media unit hit the NASDAQ.

FaZe Holdings (NASDAQ: FAZE) is the parent company of FaZe Klan, an increasingly popular gaming influencer group that provides personality-based content for its fans.

The launch was valued at US$725 million, and was accomplished through a special purpose acquisition company strategy. According to CNBC, the company’s shares closed with a fall of 25 per cent after the launch.

Bloomberg noted that the company’s valuation had fallen short of an initial estimate of about US$1 billion. Additionally, the firm has slashed its own revenue projections.

At the end of July, FaZe Holdings was trading at a price of US$13.09, representing an increase of 32.49 percent from its launch price. However, the stock originally opened at US$13.02.

Around INN Homepage

  • Gaming Market Update: H1 2022 In Review: In this half-year update, INN provides a breakdown of expert opinions on the gaming market. A whirlwind of 2022 activity is distilled for investors looking to capture the sector’s performance this year.

from around the web

  • GamesBeat shared a report by research firm Ampere Analysis showing a potentially significant cliffhanger that the global gaming market could see later this year. According to the document, while gaming saw explosive spending levels between 2019 and 2021, it is now showing a severe slowdown.
  • According to video game sales tracker NPD Group, June gaming sales in the US were down compared to the same period last year. Matt Piscatella, an analyst at the firm, shared your takeawaysThat includes a year-on-year decline of 11 percent.
  • Unity (NYSE:U) announced an all-stock merger with IronSource (NYSE:IS), a trading platform that provides software solutions to companies across industries. The agreement is worth approximately US$4.4 billion to Ironsource.
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One last thought…

This past month brought two significant developments in the progress of the Metaverse: Meta Platforms (NYSE:META) reported a loss of US$2.8 billion for its virtual reality division, and LeBron James is currently at Fortnite.

That’s right – the leading NBA athlete and one of the world’s most famous celebrities is now available to users as a character skin in the widely popular battle royale free-to-play game Fortnite.

As Facebook parent company Meta races to bring users on its broader Metaverse concept, millions of players are already immersed in a metaverse of sorts that brings various licensed characters together in a grand digital landscape. These players are already enjoying some of the promising concepts described by Meta with their group of teammates – as they have for a long time.

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Securities Disclosure: I, Brian McGovern, do not have a direct investment interest in any of the companies mentioned in this article.

Editorial Disclosure: Investing News Network does not warrant the accuracy or completeness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinion of Investing News Network and do not constitute investment advice. All readers are encouraged to do their due diligence.

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