Grand Theft Auto creator and Crackdown mastermind David Jones points out the obvious: Games are pricey to make! New IPs have gotten so expensive that they're quickly approaching $US50 million plus! Here's the quote:

Crackdown wasn't that long ago and our development budget was something like USD 50 million, and even that to me now, I don't know if I could do anything for much less than that.

He's probably not alone. Think about it: Fifty million bucks to make a game. That used to be a lot for a Hollywood movie — even with big star salaries, special effects, deluxe trailers and all that crap.
I'd Struggle [Games Industry]

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