Grand Theft Auto V will launch on Tuesday (Sept. 17). Videogame maker Take-Two Interactive Software said the latest game from its hit action-game franchise will be released worldwide for Microsoft Xbox and Sony PlayStation3 game consoles. The title was pushed back from its previously announced release window of spring 2013.

The delay was to allow Take-Two's Rockstar Games studio, which develops Grand Theft Auto games, additional development time, the video game company said.

The action-adventure game lets players complete criminal missions in urban settings. The franchise's last title Grand Theft Auto IV"has sold over 25 million units since its release in 2008.

Grand Theft Auto V is set in a fictional city inspired by present-day Southern California.

The new title of the massively popular franchise has the potential to rake in close to $1 billion in retail sales and sell 15 to 20 million units, according to analysts.

The video game industry has been struggling to cope with flagging sales over the last year. Analysts say consumers are holding back from buying hardware and software as they wait for next-generation consoles, Sony's PlayStation 4, releasing on Nov. 29, and Microsoft's Xbox One, releasing on Nov. 22.

Presented by Adam Justice

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