We expect sequels to Spider-Man and Shrek to generate another $80 million or so, and expect the James Bond game to generate another $100 – 150 million. Distribution should account for another $400 million, bringing overall revenues (excluding Guitar Hero and new franchises) to around $1.540 – 1.590 billion.

We expect the three Dreamworks games, Madagascar 2, Kung Fu Panda and Monsters vs. Aliens to generate at least $100 million more than this year's Bee Movie game, and believe that the two new superhero games (titles unannounced) could generate another $100 – 150 million. Thus, without Guitar Hero, Activision should be in a position to deliver $1.740 – 1.840 billion in revenue.