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I'm very confident that he is talking about Destiny. Bungie has a very large team, they obviously are using a lot of high tech stuff and Activision has stated that they are investing a lot into Destiny. I don't think Destiny will have trouble breaking 10 million between 4 consoles.

The reason why I believe he is talking about Destiny is because he said new IP, he also said it was revealed at E3, if you look at the games revealed at E3 this year, you might think Titanfall or Destiny, or possibly a few others, but those are the most notable imo. I don't believe it's Titanfall because they have a relatively small team, and they are using the source engine, so they don't really have that much invested.