Take-Two President Karl Slatoff spoke today during the 20th Annual Credit Suisse Technology, Media & Telecom Conference for about half an hour, ending his speech just minutes ago.
We've transcribed in the quote below the most interesting parts. As expected, he received a number of questions on all the most important industry topics.
Take-Two has had a highly strategic focus on recurring consumer spending (monetizing after release) for quite some time, it's a very meaningful part of our business. We're not the most efficient organization, but we try to be and that includes cutting down costs where possible.
Bringing more resources in-house has been key for us. NBA and WWE are both stable and growing.
WWE has a lot of opportunity to grow even further, but it takes time, it's on the right track.
We don't have a preference between acquisitions and working with outside partners. What we look for in acquisitions is IP, tech, value and it's generally hard to find all three.
We've had quite a bit of success with NBA2K Online in China with the Tencent partnership. We're happy about that. It's the biggest market in the world and it only represents 8% of our business for the time being, so there's a lot of opportunity for growth as it's relatively untapped. Most of the market there is free-to-play which is not a core part of our business.
We're very intrigued and excited by VR, but it's really not about us but more about consumers want.
The folks at Nintendo are making a great effort to support third-party developers, we're very optimistic on the Switch though we are not announcing anything specific today.
The Holiday season has been great for Take-Two, we're really happy so far. In terms of eSports, for us the biggest benefit is that it helps market our titles.
The Nintendo Switch will be available in March 2017. There will be a live streamed reveal on January 12 and subsequent private hands-on event on January 13 in New York City.