by Victoria Feb 02,2025

Recent disclosures reveal that Activision's Call of Duty franchise has reached unprecedented heights in development costs, with budgets for three titles soaring to staggering levels. Black Ops Cold War, for instance, reportedly exceeded $700 million, surpassing even the massive budget of Star Citizen. Other titles, such as Modern Warfare (2019) and Black Ops 3, also boasted significant budgets, reaching over $640 million and $450 million respectively. These figures represent the highest ever recorded for the Call of Duty franchise.
The sheer scale of these budgets underscores the escalating financial demands within the AAA video game industry. While indie games often thrive on comparatively modest budgets secured through crowdfunding, the creation of blockbuster titles like Call of Duty requires years of development and immense financial investment. While games such as Red Dead Redemption 2, Cyberpunk 2077, and The Last of Us Part 2 are considered expensive, their budgets pale in comparison to the newly revealed Call of Duty figures.
Activision's head of creative for Call of Duty, Patrick Kelly, revealed these figures in a California court filing on December 23rd. The report highlights the substantial investment in Black Ops Cold War, which, despite its hefty price tag, sold over 30 million copies. Modern Warfare (2019), with its $640 million budget, achieved even greater sales, exceeding 41 million copies. Even Black Ops 3, the "least expensive" of the three at $450 million, significantly outpaces the $220 million development cost of The Last of Us Part 2.
Black Ops Cold War's $700 Million Budget: A New Benchmark
The budget for Black Ops Cold War sets a new record in the video game industry, eclipsing even Star Citizen's $644 million development cost. This is particularly noteworthy considering that Black Ops Cold War's funding came solely from Activision, unlike Star Citizen's eleven-year, crowdfunded development.
The escalating trend in game development budgets is undeniable. Comparing the $40 million budget of Final Fantasy VII in 1997 (then considered enormous) to today's AAA game costs provides a stark illustration of this dramatic increase. Activision's recent disclosures serve as compelling evidence of this rising cost trend within the video game industry, leaving us to speculate on the potentially even larger budgets for future installments like Black Ops 6.
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