by Sarah Jan 31,2025

Recent disclosures reveal that Activision's Call of Duty franchise has reached unprecedented heights in terms of development budgets. Three titles—Black Ops 3, Modern Warfare (2019), and Black Ops Cold War—boast budgets ranging from $450 million to a staggering $700 million. This represents the highest expenditure ever recorded for the franchise, with Black Ops Cold War leading the pack.
The escalating costs of AAA game development are undeniable. While indie games often thrive on smaller, crowd-funded budgets, the creation of blockbuster titles demands immense resources and time. While games like Red Dead Redemption 2, Cyberpunk 2077, and The Last of Us Part 2 are considered expensive, even their budgets pale in comparison to these newly revealed Call of Duty figures.
According to a December 23rd California court filing, Activision's Patrick Kelly (head of creative for the Call of Duty franchise) detailed the financial investment in each title. Black Ops Cold War, exceeding $700 million, stands out, surpassing even Star Citizen's substantial $644 million budget. This is particularly noteworthy considering Star Citizen's extensive 11-year crowdfunding campaign, while Black Ops Cold War was solely financed by Activision. The game's success is undeniable, with over 30 million copies sold. Modern Warfare (2019) follows closely, with a development cost exceeding $640 million and 41 million copies sold. Even Black Ops 3, the least expensive of the three at $450 million, significantly surpasses the $220 million development cost of The Last of Us Part 2.
Black Ops Cold War's $700 Million Budget: A New Benchmark
The Black Ops Cold War budget sets a new record in the video game industry, eclipsing even Star Citizen's considerable investment. This highlights the dramatic increase in development costs over the years. Consider the 1997 release of Final Fantasy VII, a technological marvel at the time, with a then-massive $40 million budget. Today, that figure seems minuscule compared to current AAA game development costs. Activision's recent disclosures serve as a clear indication of the ever-increasing financial demands within the video game industry, leaving one to speculate on the potential budgets for future installments like Black Ops 6.
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