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During the recent Morgan Stanley Tech, Media, and Telecom Conference, an investor asked Take-Two CEO Strauss Zelnick his thoughts on the company’s decision to raise prices.
“Our view was that we’re offering an extraordinary array of experiences and lots of replayability,” said Zelnick.
“The last time there was a frontline price increase in the US was in 2005-2006. So we think consumers were ready for it.”
When Take-Two announced sports title NBA 2K21 would debut for $70 on PS5 and Xbox Series X|S, fans were taken aback. Since then, the publisher has changed its stance, stating instead that it would not raise the price of each game, after all.
Afterward, Take-Two’s actions inspired additional publishers to pursue a similar sales model. Publisher Activision, known for its massively popular shooter series Call Of Duty, adopted the same sales model, as did Sony. Going forward, all first-party PS5 titles will retail for $70.
However, Zelnick indicated that the company won’t be taking a blanket pricing policy stance across all its release. They will be decided per game, taking multiple factors into account.
“We all know anecdotally that even if you love a consumer experience, if you feel you were overcharged for it, it ruins the experience and you don’t want to have it again,” Zelnick explained. “If you go to a nice restaurant and have a great experience and a great meal, but the check is double what you think it should be, you’re never going back.”
Previously in February, the Saudi Public Investment Fund (PIF) reportedly purchased over $3billion (£2.1billion) stocks in several publishers, including Take-Two Interactive.