Grand Theft Auto publisher Take-Two Interactive is the latest gaming company to lay off its workers. According to a recent filing, first spotted by Bloomberg, Take-Two is set to lay off around 5% of its work force, around 580 people, and even cancel games and other projects.
These layoffs are apart of a cost downsizing program that Take-Two’s board approved. Take-Two hopes that the program will streamline “its organizational structure” and thus will “eliminate headcount and reduce future hiring needs.”
“As part of these efforts, the Company is rationalizing its pipeline and eliminating several projects in development and streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs.” the filing read.
The company expects the costs of the program to reach up to $200 million in office reduction, employee severance and cancelled game expenses. That said Take-Two hasn’t revealed which gaming projects are set to be axed. By the year is over Take-Two expects the program to make over over $165 million.
Take-Two Interactive had previously laid off employees last March that were apart of its indie label Private Division. Additionally, Take-Two has seen layoffs within it’s studios in the last few weeks. Unfortunately, layoffs have become a common trend within the gaming industry as a byproduct of the business decisions made during and the Covid-19 pandemic.
Currently, 2024 has seen over 8,800 jobs lost since January 2024. As April crawls on, it’s becoming more likely that these layoffs are far from over. If nothing changes, the gaming industry could easily surpass the amount of jobs lost in 2023, which was over 10,000.
For more information and upcoming updates on Take-Two Interactive and it’s studios, head over to its official website and social media.