TTWO pretty much invested their future in GTAIV; it was essentially the reason for speculators to trade in the stock. It's pretty rough once that one big catalyst has been played out and there is nothing of similar impact in the near future to fill the void.
TTWO share prices peaked less than a month after GTAIV was released and have slowly dropped since, undoubtedly reflecting the obvious realization that the game wasn't going to sell 35 million copies to a 35 million installed hardware base.
In retrospect, was there any real sense in spending 100 million on a game for a 35 million user base? Assuming they were banking on the game being extremely profitable.
Maybe GTAIV will still manage to pick up a decent attach rate for new console owners this holiday season, but it definitely won't be any higher than the initial attach rate.
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