THQ CEO Brian Farrell is restating his commitment to producing"fewer, better bets" as the publisher continues its efforts to cut $220 million in annual costs by 2010.
Speaking to the Los Angeles Times
, Farrell described the video games market as "a good business" -- but admitted, "It’s just not as big as it used to be."
"Our strategy is to focus on bigger titles," he said. "The formula is to make great games and market them effectively. High review scores lead to high sales and high profits. We think we have a plan in place to do that and return the company back to profitability."
"Budgets are bigger now, so we just can't make as many bets as we used to," he added. "It's a matter of where you place those bets."
With recent losses of $192 million
, THQ has been forced to close studios and lay off 600 staffers. However, Farrell has dismissed
analyst suggestions that the company may face bankruptcy – although he was less forthright on the question of a potential buyout of the company.
"We think we can create the most value by executing on our plan," he told the LA Times, while senior vice president of marketing Bob Aniello added: "THQ may be late, but being late has been part of its DNA, and it has always survived. It's too early to count them out."