Grand Theft Auto V sales have hit higher than $1 billion according to a statement from the game’s publisher, Take-Two Interactive Software, Inc. (NASDAQ:TTWO). The game went on sale for the first time on September 17. The publisher previously announced that GTA V sold more than $800 million worth of the game in its first 24 hours.
The record makes the video game the fastest selling in history. The previous holder of the record was 2011’s Call of Duty Modern Warfare 3. That title managed to pull in $1 billion in four days. The feat is even more impressive because it comes in a lull for console game sales as a new generation of Machines approach.
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GTA V release
Grand Theft Auto V is due to be released on at least four consoles and for PC. Only two of those releases have been made to date, for PS3 and Xbox 360. The next generation of gaming consoles, which are due to be released in November, will likely see an early release of the open world game.
The impending new generation of consoles has caused a rut in sales of games in recent months. The slow down was expected by everyone in the industry, and it makes the incredible success of GTA V even more surprising. Consumers who would normally conserve their money for new console releases are spending it to get their hands on GTA as soon as possible.
A new edition of the next Call of Duty, entitled Call of Duty: Ghosts, will be released alongside the new consoles from Sony Corporation (NYSE:SNE) (TYO:6758) and Microsoft Corporation (NASDAQ:MSFT). That release, which will also come on four consoles and PC, albeit simultaneously, might rival the speed at which GTA V hit $1 billion.
Christmas game sales
Despite the incredible success of certain companies in the games industry, profits are not incredibly high, and they’re not very safe. Take-Two Interactive Software, Inc. (NASDAQ:TTWO) shares are up by more than 50% so far this year, but the company is trading at more than 1300 times 2013 earnings.
For investors the games industry is fraught with danger. There are some moderately safe bets, like Activision Blizzard, Inc. (NASDAQ:ATVI), who mange large franchises, but gaming is such a young and unsure business investors should stay away unless they have a high risk tolerance.