Pixel P&L: Take-Two Revenue Surges 31% Despite Second GTA 6 Delay

Welcome to another Pixel P&L edition. This issue takes 4 minutes to read. If you only have one, here are the 5 most important things:

• Take-Two posts record Q2 revenue despite delaying GTA 6 to November 2026.

• T1's historic sixth Worlds championship draws 6.7M viewers but overall tournament metrics decline.

• Rockstar faces more union protests after dismissing 30 workers allegedly for organizing efforts.

• Team Liquid partners with UNICEF on a youth development streaming campaign launching this week.

• The Esports Awards overhauls its judging system for its 10th anniversary. 

Let's get into it.

Take-Two Posts Record Quarter Despite GTA 6 Delay to November 2026

Take-Two Interactive reported second-quarter net bookings of $1.96 billion, up 33% year-over-year and the company's strongest Q2 performance on record. Net revenue rose 31% to $1.77 billion for the three months ending September 30, 2025.

The results were overshadowed by Grand Theft Auto 6's second postponement, now slated for November 19, 2026. CEO Strauss Zelnick said the delay allows Rockstar to deliver the "high level of polish players expect and deserve."

Mobile gaming drove 46% of revenue, outpacing Rockstar's 15% contribution. Recurrent consumer spending climbed 20%, representing 73% of total revenue. Successful launches of NBA 2K26 and Mafia: The Old Country offset Borderlands 4's underwhelming debut, which Zelnick attributed to PC optimization issues.

Take-Two raised its full-year net bookings guidance to between $6.4 billion and $6.5 billion, projecting 14% growth. The company expects fiscal 2027 to establish "a new baseline" with record bookings.

T1's Worlds Victory Draws 6.7 Million Viewers, Falls Short of 2024 Peak

T1 defeated KT Rolster 3-2 in the 2025 League of Legends World Championship final, securing a record sixth title for captain Faker and the organization. The dramatic comeback peaked at 6.7 million concurrent viewers, just below last year's record.

Despite the compelling final, overall tournament metrics declined from 2024. Peak viewership dropped 1.7%, while average concurrent viewers fell 13% and total watch time decreased 29%. The shortfall stemmed from a streamlined Play-In format with fewer matches and unfavorable time zones for Western audiences.

Korean streams led viewership with over 2 million peak viewers, setting a League of Legends esports record. Vietnamese audiences surpassed 1.2 million concurrent viewers, also a new high. English-language streams dipped 8.3%, while Spanish broadcasts plummeted 48.4%.

Platform-specific records emerged: YouTube hit 3.8 million peak viewers, up 11% year-over-year. CHZZK reached 544,604 viewers, while TikTok doubled its previous record to 433,434.

⚡️Quick Bytes

Rockstar Faces Union Protests After Dismissing 30 Workers

The Independent Workers' Union of Great Britain led protests outside Rockstar North and Take-Two offices in London and Edinburgh following the dismissal of approximately 30 UK and Canadian employees. The union claims workers were fired for organizing efforts, while Rockstar states it acted against individuals sharing confidential information in a public forum, reportedly the union's Discord channel. 

Team Liquid Partners with UNICEF on Youth Development Campaign

Team Liquid announced a partnership with UNICEF focused on sustainable development initiatives for young people. The collaboration, unveiled during the organization's London World Tour stop, includes a streaming campaign launching November 20th featuring Team Liquid creators and in-game integrations. Co-CEO Victor Goossens said gaming taught him about cultures and work ethic, adding the partnership aims to help children worldwide reach their potential. Team Liquid previously supported charity initiatives including Room to Read and LGBTQ+ projects.

Esports Awards Overhauls Judging System for 10th Anniversary Event

The Esports Awards 2025, scheduled November 19 in Las Vegas, introduces a dual-tier judging system combining expert panels with public voting. Professional categories like PC Player of the Year use 75% expert votes and 25% public input, while entertainment awards like Streamer of the Year rely solely on audience voting. The ceremony scrapped legacy journalism categories and expanded co-streaming rights across major platforms. A November 20 B2B forum will follow the awards presentation.

⚔️Side Quest

🤣Laugh:

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💡Did You Know

A 23-year-old Bengaluru entrepreneur runs "Paxi," a mobile Pokémon card shop operating from his Volvo's trunk. Vibhuv Reddy parks in different city locations weekly, selling cards ranging from ₹50 to ₹45,000. His stock often sells out within days, with one Instagram reel attracting 30,000+ likes. The venture capitalizes on India's booming collectible card market, projected to grow from $190 million in 2024 to $466 million by 2032. Reddy's inventory includes rare vintage cards from Pokémon's original 1996-1999 run, with his priciest item being a ₹45,000 Gangar VMAX card from the pandemic-era boom.

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