25% is the retailer's margin ($15 at $60, $5 at $20).
20% is the licensing fee + cost of goods from Microsoft/Sony/Nintendo for making a retail game ($12, and from previous conversations with industry figures, this is static regardless what you're charging).
By comparison, it's a flat 30% with digital.
Edit: Since people are asking, COGS = Cost of Goods Sold.
Edit 2:
It's also worth noting this:
Source: https://ubistatic19-a.akamaihd.net/comsite_common/en-US/images/34ubisoft q3fy18 1202_tcm99-318978_tcm99-196733-32.pdf
20% is the licensing fee + cost of goods from Microsoft/Sony/Nintendo for making a retail game ($12, and from previous conversations with industry figures, this is static regardless what you're charging).
By comparison, it's a flat 30% with digital.
Edit: Since people are asking, COGS = Cost of Goods Sold.
Edit 2:
It's also worth noting this:
Unless it's changed, it should be noted that the licensing fee is a manufacturing charge, not a sales charge.
You have to pay them to even make the game (per unit), regardless of whether anybody ends up buying it or not.
Source: https://ubistatic19-a.akamaihd.net/comsite_common/en-US/images/34ubisoft q3fy18 1202_tcm99-318978_tcm99-196733-32.pdf
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