New Delhi, April 17:  "Grand Theft Auto" maker Take-Two Interactive Software, known for their popular GTA series, has recently announced layoffs that could affect 5 percent, which is approximately 600 employees of its workforce in an effort to reduce costs. These layoffs, a part of the 2024 layoffs wave, underscore the challenges facing even the most established companies from different industries.

The GTA maker Take-Two's move comes as a response to financial pressures and is aimed at streamlining operations. GTA maker Take-Two is not only cutting jobs but also putting a halt on several projects that were in development. Marvel Layoffs 2024: Walt Disney Company-Owned Marvel Studios Lays Off 15 Employees in Lower-Level Production and Development Divisions.

As per a report of Business Today, Take-Two Interactive Software announces job cuts and will drop some projects to cut costs. The specifics of these changes highlight the company might be focusing on efficiency and sustainability. While the exact number of affected employees has not been detailed, but it seems like Take-Two is taking steps to restructure its business model. The halting of projects that were under development also suggests a refocusing of resources.

Take-Two Interactive Software's layoffs are part of a trend where companies in the gaming industry have been reevaluating their projects and workforce for cost-cutting measures through restructuring efforts. Take-Two's decision to reduce its workforce is similar to the recent layoffs in the gaming industry, which include Electronic Arts (EA), Sony Corporation from Japan and Riot Games, owned by Tencent. Tesla Layoffs: Elon Musk-Run EV Company Cuts 20% Employees of Some Departments Amid Financial Struggles, Says Report.

Several factors are expected to influence this decision, including uncertainty regarding consumer habits of spending following the pandemic period. It is anticipated to be a proactive strategy to respond to market alterations. Take-Two is working on the upcoming release of the popular "Grand Theft Auto" series. According to a report of Times Now, there may be a delay in the release of the game, which was initially planned for 2025 and it is now rumoured to be delayed until 2026.

(The above story first appeared on LatestLY on Apr 17, 2024 11:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website