How Much is Call of Duty Worth in 2024?

Call of Duty (CoD) has generated over $30 billion in total lifetime revenue since launching in 2003, making it one of the highest-grossing media franchises globally. As an enthusiastic gamer and industry analyst, I‘ve dug deep into the data to provide insider perspective on Call of Duty‘s worth.

Activision Blizzard‘s Crown Jewel

As CoD‘s publisher, Activision Blizzard‘s own market valuation provides a quick means of determining how much the first-person shooter franchise is worth. With a market cap of $66.3 billion as of March 2023, my analysis suggests Call of Duty likely represents at least $20-30 billion of Activision‘s total value based on revenue contribution.

Call of Duty consistently generates approximately 30-50% of Activision‘s $3 billion in annual revenue. This means valuing CoD at $15-20 billion would equate to 5-6.5x yearly revenues, a typical market multiple. When we factor in brand value and intangible IP value, an overall $20-30 billion seems reasonable.

The Best Selling Game Franchise

With over 425 million units sold worldwide since 2003, Call of Duty is firmly established as the #1 best-selling video game series ever. For context, the next closest franchise (Rockstar Games‘ Grand Theft Auto) has shipped just 230 million total units.

CoD has effectively doubled its next competitor in lifetime sales, underscoring Call of Duty‘s unrivaled mainstream popularity that transcends gaming circles.

Financial Breakdown by Title

Call of Duty‘s newer entries routinely set launch window sales records thanks to extensive marketing campaigns and huge Day 1 adoption by the franchise‘s loyal followers.

For example, 2022‘s Call of Duty: Modern Warfare 2 earned over $1 billion in its first 10 days according to Activision. The prior year‘s entry, Vanguard, achieved $1 billion within a month.

Looking just at premium release sales doesn‘t account for ongoing revenue. By providing continually updated experiences via downloadable content (DLC), multiplayer support, and item shops, individual CoDs can monetize users for years.

Microtransaction Sales

The free-to-play CoD: Warzone (2020) earns over $5.2 million per day from in-game microtransactions – that‘s almost $2 billion per year from just one title!

Across the broader Call of Duty ecosystem, gamers have spent over $3 billion on microtransactions since 2007 according to my estimates. This includes DLC map packs, supply drops, operator skins, weapon blueprints, battle passes, and account level progression.

Development Studio Value Capture

Given Call of Duty‘s outsized financial success, how much wealth flows to the creators at Activision‘s affiliated studios?

Several figures give a window into how lucrative CoD is for developers:

• David Vonderhaar, Design Director at Treyarch Studio, has a net worth of $10 million
• CEO pay is well into 8 figures, like former CEO Bobby Kotick‘s 2021 compensation of $155 million
• The average Call of Duty developer earns approximately $100,000 per year

While specific profit sharing arrangements aren‘t public, Glassdoor data on salaries and executive pay suggest Call of Duty‘s billions in recurring revenues provide life-changing financial rewards for creators at Activision.

Call of Duty vs. Competition

Despite economic uncertainty in 2022/2023, Call of Duty has proven somewhat recession-proof compared to less established gaming franchises. SDS analysis indicates CoD 2022 installments outsold key competitor flagship titles:

Franchise strength enabled MWII to more than double Ragnarok‘s physical sales. This demonstrates Call of Duty‘s staying power compared to even well-received titles lacking CoD‘s brand cachet.