There was a time when Call of Duty: Black Ops II was the game to beat in the multiplayer realm. These days, though, Battle Royale reigns supreme, with the combined popularity of PlayerUnknown's Battlegrounds and Fortnite's free-to-play Battle Royale mode outstripping just about everything else out there. When investors look at Activision's docket of games and the stuff topping the charts, then, they start to connect dots and ask questions.

Speaking to Activision, investment firm Oppenheimer put forth the question of whether the publishing giant is paying attention to the popularity of those 'battle royale' games.

"Activision is keenly aware of how other game publishers have benefited from releasing titles the popular 'battle royale' genre," wrote the Wall Street Journal. "Management reminded investors that the company is a faster follower, Oppenheimer says."

There seems to be a strong suggestion there that Activision has something battle royale-like in the works. Looking at Activision's line-up, Call of Duty and Destiny seem to be the only games that would even begin to fit that mold, and while Destiny 2 could see an expansion with such a mode, Activision has Treyarch finishing up a wholly new Call of Duty game, and that seems like a much more likely home for a big free-for-all game.

Plus, then Activision would have the bragging rights, if you can call them that, of making the first all-first-person battle royale game. Its also possible that Treyarch is working on something distinct from 'battle royale' but close enough to capitalize on the genre's popularity.

This is by no means an announcement, nor a confirmation from Activision that such a thing is happening, but the "faster follower" language in the report is definitely loaded language meant to calm investors who want the company to jump on what looks to them like an extremely profitable bandwagon.

We'll find out more as we get closer to the October 12 release date for Call of Duty: Black Ops 4 on PC, PlayStation 4, and Xbox One.