The development expenses for the 2020 release of Call of Duty: Black Ops Cold War surpassed $700 million

Activision invested between $450 million and $700 million in the production of each Call of Duty installment released from 2015 to 2020.

According to court records viewed by Game File, Patrick Kelly, the current head of creative for Call of Duty at Activision, unveiled these amounts. These are considered among the highest development expenses a major gaming company has reported, including insights from leaks and analyst assessments.

The 2015 release, Black Ops 3, required over $450 million and achieved around 43 million copies sold. Meanwhile, 2019's Modern Warfare was costlier at $640 million but saw slightly lower sales of 41 million copies.

2020's Black Ops Cold War surpassed previous costs, reaching over $700 million, with 30 million units sold.

For context, Game File notes that Naughty Dog's The Last of Us Part 2 had a development cost of approximately $220 million, whereas CD Projekt RED's Cyberpunk 2077 cost nearly $330 million. These figures likely exclude marketing but cover expenses related to DLC and ongoing content post-launch.

The disclosures by Kelly occurred during a December court session relating to the 2022 shooting at Robb Elementary in Uvalde, Texas. Attorneys representing the victims implicated Activision as "the most prolific and effective marketer of assault weapons in the United States."

An Activision representative addressed the situation at the time, stating: "The Uvalde shooting was horrendous and heartbreaking in every way, and we express our deepest sympathies to the families and communities who remain impacted by this senseless act of violence. Millions of people around the world enjoy video games without turning to horrific acts."