When the conversation turned to Grand Theft Auto VI's upcoming release - which analytics firm NewZoo projects could generate up to $5.2 billion in its debut week - Cohen quickly redirected the discussion.
"It doesn't matter at all," he said of physical game sales. "I want to go back and talk about eBay."
Earlier this month, Sony Group Corp. stated that starting in 2028, it will cease manufacturing physical copies of new PlayStation games.
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Consider also that Grand Theft Auto VI, set for release on November 19, 2026, is forecasted by analysts to bring in roughly $5.2 billion in its opening week.
While GameStop's roots lie in physical game sales, the company has been diversifying for years. The collectibles segment now drives nearly half of its revenue, reflecting a shift toward higher-margin items like trading cards and gaming memorabilia. This shift is part of a larger consumer move away from physical media in movies and music as well.
GameStop's pivot away from physical games mirrors a decade-long industry trend. Digital downloads and services like Xbox Game Pass have steadily reduced demand for physical game discs over the past decade. Meanwhile, GameStop has invested heavily in its collectibles business, which includes high-margin items like Pokémon cards, Funko Pop figures, and retro gaming memorabilia.
This strategy has helped stabilize revenue as traditional game sales decline. Cohen's focus on eBay would further leverage GameStop's existing infrastructure for handling physical goods, potentially creating a dominant platform for second-hand and collectible items.
Meanwhile, the resale market for collectibles and second-hand goods has boomed, making eBay an attractive target. Cohen's vision of a combined entity leveraging GameStop's retail network and eBay's online marketplace could create a new e-commerce powerhouse focused on physical goods that retain value.
Since 2021, under Cohen's direction, GameStop has been transforming from a dominant retailer of physical video games into a different kind of company. The firm closed hundreds of stores and invested in its e-commerce capabilities while expanding its collectibles lineup through partnerships with major brands. This restructuring has allowed GameStop to weather the decline of disc-based gaming and explore new growth avenues.
Cohen's pursuit of eBay represents a bold bet that the overlap between GameStop's retail footprint and eBay's massive user base can create a marketplace for collectibles and second-hand goods far larger than either company alone. Some analysts question whether a $56 billion deal can succeed given eBay's resistance, but Cohen remains undeterred, pointing to the $2.5 trillion global second-hand market as evidence of the potential.
Cohen said his ambition to pursue eBay was motivated by the trajectory of GameStop's collectibles business.
Cohen argued that merging GameStop and eBay could create a "$1 trillion business," citing strong overlap in how both companies handle physical items and collectibles.
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