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Take Two (TTWO) to Launch NBA 2K Playgrounds 2 on Oct 16

Zacks Equity Research
Updated

Take Two TTWO is set to expand its presence in the basketball video game market with the release of NBA 2K Playgrounds 2 on Oct 16. The game will be available on PlayStation5, Xbox One, Nintendo Switch and PC for $29.99.

NBA 2K Playgrounds 2 features exciting content like new playgrounds, moves and players to boost user interest in the game. Players can now showcase their skills on 10 new playgrounds from around the globe.

Additionally, the game contains over 100 signature moves from top basket ball players, including Michael Jordan, George Gervin and LeBron James. NBA 2K Playgrounds 2 also boasts 300 player characters with scope for additional 200 characters available in future updates.

The game has multiple player options with the most important one being the four-player online multiplayer mode.

Take-Two Interactive Software, Inc. Revenue (TTM)

Take-Two Interactive Software, Inc. Revenue (TTM) | Take-Two Interactive Software, Inc. Quote

Strength in NBA 2K Franchise Bodes Well

NBA 2K, one of Take Two’s popular franchises, continues to remain an important growth driver. Notably, NBA 2K18 is 2K’s highest-selling sports title to date, selling more than 10 million units as of the last reported quarter.

Additionally, NBA 2K Online remains the leading PC online sports game in China with more than 37 million registered users. Moreover, the 2K division recently announced the availability of NBA 2K19, which is expected to boost revenues.

Furthermore, the inaugural season of Take Two’s first e-sports league, which it started in partnership with the NBA, is on. The NBA 2K league games can be streamed on Amazon’s AMZN widely popular Twitch platform. This highlights the growing importance of e-sports for gaming companies.

2K bought the publishing rights for NBA 2K Playgrounds 2 as the game has solid potential. Notably, NBA Playgrounds has sold more than 500,000 copies across all the four platforms.

Moreover, given Take Two’s efforts to be a distinct basketball video game player, the addition of NBA 2K Playgrounds 2 to the NBA franchise is expected to be accretive to its top line.

Competition Rife

Take Two is expected to face significant competition with big releases ahead. These include Activision’s ATVI Call of Duty: Black Ops 4 and Electronic Arts’ EA Battlefield V, which also features the new battle royale (BR) game mode.

Additionally, EA recently released NBA LIVE 19, which will be a direct competitor to Take Two’s NBA franchise games. Moreover, EA’s award-winning portfolio of games is expected to pose significant threat.

Nevertheless, with the release of Red Dead Redemption 2 on Oct 26 and expected growth from NBA 2K, Take Two expects revenues to increase 38% year over year for fiscal 2019.

Take Two currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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