For those who doubt the $50 Million number consider that Metal Gear Solid 4 has a development team of 200 people and will have been in development for 2.5 to 3 years before being released; if you assume $100,000 for all expenses (including software, benefits and office space) per year for every employee you end up with a budget of $50 Million to $60 Million without including marketing costs.
My estimate is (certainly) rough, and MGS may be in the $30 to $40 Million range (without marketing) but Reggie's estimate is not unreaistic for some games this generation.







