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Image Credit: Visual Concepts, WWE 2K23
It seems that Visual Concepts, a video game development studio and a subsidiary of Take-Two Interactive renowned for its NBA 2K and WWE 2K series, along with the recent release of Lego 2K Drive, has recently experienced a significant round of staff reductions, as evident from multiple comments from employees on LinkedIn.
According to a post shared by Joseph Cowan, a former Associate Producer at Visual Concepts, he and several other employees were unexpectedly let go from the company. The move has seemingly caught the team off guard, with Cowan describing the layoffs as "a major shock". As noticed by Game Developer, the company's design and QA departments were also impacted by the layoffs.
It's also worth mentioning that back in August, Take-Two released a report detailing its financial performance for the first quarter of the 2024 fiscal year, revealing that the company incurred a loss of $206 million, a notable increase compared to the $104 million loss in the previous year.
The report also pointed out that Take-Two has been experiencing a pattern of fluctuating revenue and sales growth alongside these losses for about a year. Furthermore, the company's internal forecasts project a potential loss of over half a billion dollars by the end of the 2024 fiscal year, ranging between $501 million and $545 million.
Considering these financial challenges, it's reasonable to speculate that the layoffs may be a part of Take-Two's efforts to mitigate these losses. The publisher itself, however, has not officially commented on the staff reductions at Visual Concepts.
Image Credit: Visual Concepts, NBA 2K23
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