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289w ago - Today CEO John Riccitiello of Electronic Arts announced that it is set to cut 1500 jobs, and in addition to that they will be cutting back on new IP by 50 per cent through the next fiscal year.

According to MCVUK.com, this is part of their effort to reduce market risks during a tough economic period.

To quote: The result has been a string of new franchises such as Dead Space, Mirror's Edge, Spore, Zubo, Brutal Legend and Henry Hatsworth. The critical and commercial success of these new ventures has been mixed to say the least, though there have been notable successes.

However, question marks now hang over every non-established EA series.

"Electronic Arts has a core slate of games label and sports franchises that we will iterate on a either annual or bi-annual basis," Riccitiello stated.

"And I think you know what those major titles are - all of them are selling or have sold in their most recent edition 2m units or more."

"After that, we've got The Sims and Hasbro, and frankly anything that doesn't measure up to looking like it can pencil out to be in very high profit contributor and high unit seller got cut from our title slate from this point going forward."

"In rough numbers, mid-60s would have been the way to think about last year [FY2008]. [We'll release] approximately 50 this year and something in the high 30s next year. So when you consolidate this thing, it's about a 50 per cent cut over two years."

EA's fiscal year 2009 ends on March 30th, 2010.

EA Slashes 1500 Jobs, Cuts Back on New IP by Half in 2010

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