The video game industry has grown into a $200 billion global market, outpacing film, television, and music combined. With projections of 6% annual growth, titles like Call of Duty, Fortnite, EA Sports FC, and Grand Theft Auto dominate the landscape. These franchises continue to expand their reach and cultural significance.

Doug Creutz, senior media entertainment and gaming analyst at TD Cowen, has tracked the industry’s evolution for decades. One title, GTA V, stands out above the rest. Since its release in 2013, GTA V has sold over 200 million units and generated an estimated $10 billion in revenue, setting a new standard for video game success.

The Enduring Power of GTA V and Anticipation for GTA VI

Rockstar Games, a subsidiary of Take-Two Interactive, released GTA V over a decade ago. Despite rapid technological changes in gaming, the title remains a benchmark for the industry. Take-Two, led by CEO Strauss Zelnick, is also behind NBA 2K, Borderlands, and Red Dead Redemption. However, all eyes are on the upcoming GTA 6, set for release this fall.

The GTA 6 trailer, with over 245 million YouTube views, has sparked unprecedented anticipation. For many, the game holds legendary status. The delay—over 12 years—stems from Rockstar’s pursuit of perfection. Zelnick explains that while competitors may release titles annually, Rockstar focuses on building high-quality, immersive experiences that justify the wait.

Triple-A Studios, Mobile Expansion, and Monetization Models

Take-Two, a leading publisher of AAA titles, manages development teams ranging from 20 to thousands. Developing a blockbuster game comes with high costs, but the potential rewards are massive. GTA V continues to generate about $500 million annually through in-game revenue, though it lags behind Call of Duty, EA Sports FC, and Fortnite.

Zelnick anticipates GTA 6 Online will surpass its predecessor in both scale and success. Yet Take-Two’s strategy includes diversification. In 2022, the company acquired mobile gaming giant Zynga for $11 billion, a move eclipsed only by Microsoft’s acquisition of Activision. Mobile gaming now contributes 50% of Take-Two’s net bookings. The company aims to achieve the number one market share in the mobile sector.

From Indie Hits to Industry Layoffs

Roughly 3 billion people play video games globally, including 190 million in the U.S. The industry’s roots trace back to the 1960s, with milestones like the Atari 2600 and Nintendo Entertainment System shaping the future. During the 2020 pandemic, video game engagement surged, growing over 30% in that year alone. However, the post-lockdown period saw overinvestment and talent shortages, leading to more than 14,000 layoffs in 2024.

While large studios focus on massive productions, indie developers continue to innovate. At the Game Developers Conference in San Francisco, studios showcase fresh ideas and seek funding. Sharon Khan, lead producer at Vici Games, found success with Venba, a narrative game about an Indian immigrant mother. The game earned awards, doubled its production budget in sales, and resonated deeply with players.

Khan’s studio relied on trailers and grants from Microsoft, Sony, and Ontario Creates to fund production. Unlike AAA studios, indie developers often prioritize unique stories over mass appeal, taking creative risks with smaller budgets.

Despite rapid changes, generative tools remain controversial. Thirty percent of developers believe generative AI negatively impacts the industry, citing copyright concerns. Many developers refuse to use AI due to opaque training data and ethical issues.

As the industry grows, developers—from multinational publishers to small indie studios—continue to balance creativity, technology, and business strategy. Whether it’s the massive scale of GTA 6 or the intimate storytelling of Venba, games today do more than entertain. They connect people across cultures and generations.