The 21 largest game companies in the world
31.1.2022
Translation: Patrik Stainbrook
Even after acquiring Activision Blizzard, Microsoft still isn’t the biggest fish in the pond. Which companies dominate the games industry?
PlayStation and Nintendo: ask anyone in Switzerland about the biggest game companies in the world, and you’ll probably get them as an answer. However, both Japanese companies are only the tip of the iceberg, and PlayStation is strictly speaking only one brand. Microsoft just secured a podium spot with its acquisition of Activision Blizzard. But not all gaming giants enjoy such a high level of recognition.
A proper definition
When is a company a game company anyway? With Nintendo the case is clear, they don’t make washing machines on the side. But as one of the largest companies, Microsoft also handles other ventures. For the following overview, I’m focusing purely on revenue in the gaming sector. Amusement parks, slot machines and other areas aren’t included.
I’ll also exclude Google and Apple. Together with Microsoft, they’re the most valuable companies in the world. The App and Google Play Store generate billions annually through games, which would be enough for second and third place in terms of revenue. However, I limited myself to companies whose core business includes working as a publisher or who develop games themselves. So Apple Arcade won’t make my list.
This range of games and studios isn’t complete. I’ve tried to pick out the most interesting examples. Sales figures and market value are also not always equally reliable. It might not be enough for the tax office, but it’s enough for this overview. However, market value refers to an entire company and thus often also to non-game segments. Therefore, it is only useful in a limited extent.
Tencent
Like Microsoft, Tencent is a massive and diversified tech company. The Chinese conglomerate owns the messaging apps QQ and WeChat, among others, which dominate the Asian market. In addition to Internet, film and music offerings, Tencent has made a name for itself in the games industry in this country. This is primarily thanks to numerous acquisitions such as Riot Games (League of Legends) and Supercell (Brawl Stars). In addition, they’ve made both big and small investments in companies such as Epic, Discord or Krafton (PUBG). Tencent is also responsible for mobile spin-offs such as PUBG Mobile or Call of Duty Mobile.
Market value: 571 billion US dollars.
Game sales: 29.3 billion US dollars.
Games: League of Legends, Back 4 Blood, Vermintide, Crackdown 3, Call of Duty Mobile, Brawl Stars, Puzzle & Dragons, Arena of Valor
Studios: Riot, Turtle Rock, Funcom, Sumo Digital, Klei Entertainment, Fatshark Games, Supercell
Sony
The game sector has been one of Sony’s most important ventures for quite some time. Back in October, the company reported that it had sold just under 14 million PS5s. In addition, 116 million PS4s will continue to be produced until demand for PS5s can be met.
Even though Microsoft has bought up several renowned game studios in recent years, Sony still owns some of the most valuable brands in the business. Sony maintains 17 game studios, according to its own stats.
Market value: 128 billion US dollars.
Game sales: 23.2 billion US dollars.
Games: God of War, The Last of Us, Spider-Man, Gran Turismo
Studios: Naughty Dog, Insomniac, Sucker Punch, Guerilla Games
Nintendo
Nintendo is still the third-biggest game company in the world. It all started with trading cards back in 1889. But with the success of the Nintendo Entertainment System, Nintendo not only saved the industry from decline, but cemented its own place on gaming’s Mount Olympus. The Switch is still selling better than any other console five years after launch. With no end in sight.
Market value: 57 billion US dollars.
Game sales: 15.8 billion US dollars.
Studios: Monolith Soft, NDcube, Next Level Games, Retro Studios
Games: Mario, Zelda, Pokémon, Donkey Kong, Animal Crossing
Microsoft
Provided the Activision Blizzard acquisition goes through smoothly, Microsoft will rise to third place among top-selling game companies. The company was still laughed at back in 2001 when the first Xbox was launched. Today, Xbox is mentioned in the same breath as PlayStation and Switch. Not counting the recent acquisition, Microsoft already owns 23 game studios.
Market value: 2.25 trillion US dollars.
Game sales: 13.8 billion US dollars.
Games: Minecraft, Doom, Forza, Halo, Gears of War, Age of Empires, Skyrim
Studios: Bethesda, Mojang, Rare, Obsidian, Double Fine, Playground Games, id, Arkane
Activision Blizzard
Activision has been in the gaming business since 1979. At that time, the studio successfully developed games for the Atari 2600. But following the video game crash of 1983, the business languished until controversial CEO Bobby Kotick took over in 1991. He shelled out a mere 500,000 dollars for it. Kotick put Activision back on track for success by acquiring other studios. Following the merger of Vivendi and Activision, Blizzard has been along for the ride since 2008.
Market value: 61 billion US dollars.
Game sales: 8.5 billion US dollars.
Games: Call of Duty, Diablo, Candy Crush, Overwatch, Hearthstone, Warzone, Tony Hawk’s Pro Skater.
Studios: Activision, Blizzard, King, Treyarch, Raven Soft, Sierra, Toys for Bob
NetEase
Like Tencent, NetEase is a Chinese tech company that specialises in games. The company is probably best known for «Diablo Immortal». Thanks to its partnership with Activision Blizzard, NetEase is also responsible for the Chinese versions of «World of Warcraft», «Starcraft 2» and «Overwatch». In addition, NetEase mainly develops mobile games. Grasshopper Manufacture has been part of the tech company since 2021. In turn, they employ a superstar among game developers: Goichi Suda aka Suda51.
Market value: 65 billion US dollars.
Game sales: 8.4 billion US dollars.
Games: No More Heroes, Marvel Super War, Westward Journey, Knives Out, Rules of Survival, Onmyoji.
Studios: Grasshopper Manufacture
EA
One of the oldest companies in the games industry is Electronic Arts, EA for short. The studio made a name for itself early on with sports titles and the slogan «It's in the game.» With «Fifa», «Madden NFL» and Co., these are still cash cows today. More than 20 studios such as Maxis, Westwood, PopCap or Bioware have been added through acquisitions.
Market value: 37 billion US dollars.
Game sales: 5.6 billion US dollars.
Games: Battlefield, Fifa, Apex Legends, Mass Effect, Need for Speed, Sims, Plants vs. Zombies.
Studios: Bioware, Dice, Codemasters, Respawn, PopCap, Criterion.
Garena
Garena is an unknown giant in this country. It’s a subsidiary of Sea, a Singapore tech conglomerate. Garena specialises in online games, including Garena Free Fire, which had 80 million active users as of 2020. It replaced «PUBG Mobile» as the top-selling Battle Royale in the US in early 2021. Its games are available on the Garena+ online platform, among others. Garena also handles the distribution of «League of Legends» and «Heroes of Newerth». They also focus on e-sports events.
Market value: 72 billion US dollars (Sea).
Game sales: 4.7 billion US dollars. *
Games: Call of Duty Mobile, Fifa Online 3, Ring of Elysium, Garena Free Fire, Garena Contra Returns.
Studios: –
Take-Two
Publisher Take-Two has been in the gaming business since 1993. Rockstar is among its best-known studios, also called BMG, or DMA, before its 1998 acquisition. Meanwhile, Rockstar has split into studios. The company responsible for GTA is called Rockstar North and is still based in Scotland. Rockstar San Diego is responsible for Red Dead Redemption, based in California. 2K is another renowned studio, which for once wasn’t bought, but was founded by Take-Two in 2005.
Recently, Zynga has also become part of the Take-Two family. A whopping 11 billion will change hands once the deal is done.
Market value: 18 billion US dollars.
Game sales: 3.4 billion US dollars.
Games: GTA, Red Dead Redemption, Bioshock, NBA 2K, Civilization, Max Payne
Studios: Rockstar, 2K
Bandai Namco
Bandai and Namco were originally two companies that merged in 2006. With Pac-Man, Tekken and Dark Souls, the Japanese duo own some of the most influential brands in the gaming industry. In addition to games, Bandai Namco also produces toys and snacks while maintaining amusement facilities.
Market value: 15 billion US dollars.
Game sales: 3.1 billion US dollars.
Games: Pac-Man, Tekken, Dark Souls, Ace Combat, Soulcalibur, Tales of Arise
Studios: Bandai Namco
Zynga
There was a time when Facebook and Farmville were practically synonymous with each other. Today, hardly anyone would’ve remembered the studio behind it, had Take-Two not recently bought Zynga for 11 billion. Even though the US company has disappeared from our collective memory, Zynga remains a giant in the industry with games such as Zynga Poker or Words with Friends.
Market value: 9.8 billion US dollars.
Game sales: 2.8 billion US dollars. *
Games: Farmville, Words with Friends, Zynga Poker, CSR Racing.
Studios: NaturalMotion
Ubisoft
Despite IPs such as Assassin’s Creed, Far Cry and Rainbow Six, Ubisoft is limping behind in the ranking of studios with the highest sales. The French company has had to defend itself against a takeover by Vivendi several times. Meanwhile, some of their shares are owned by Tencent. However, Ubisoft continues to be independent. However, given current circumstances, the company will likely become the focus of potential buyers once again.
Market value: 6.8 billion US dollars.
Game sales: 2.6 billion US dollars.
Games: Assassin’s Creed, The Division, The Settlers, Watch Dogs, Heroes of Might and Magic, Far Cry, Rainbow Six.
Studios: Ubisoft, Massive Entertainment, Kolibri Games, Ivory Tower, Nadeo
Nexon
Nexon is a Japanese-Korean publisher that’s releasing more and more PC and console games in addition to mobile titles. Nexon also invested just under $900 million in Bandai Namco, Konami, Sega and Hasbro in 2021.
Market value: 16.2 billion US dollars.
Game sales: 2.4 billion US dollars *
Games: Maple Story, Dungeon & Fighter, KartRider, Fifa Online 4
Studios: Wizet, devCAT, Studio 42, NAT Games
Square Enix
Just like Bandai Namco, Square Enix was born from the merger of two Japanese companies: Square and Enix. Square made a name for itself with the Final Fantasy series, which was inspired by Dragon Quest, developed by Enix. They’ve been operating as a joint company since 2003. They have successfully expanded with Taito (Space Invaders, Bubble Bobble) and Eidos (Tomb Raider, Deus Ex).
Market value: 5.7 billion US dollars.
Game sales: 2.3 billion US dollars.
Games: Final Fantasy, Space Invaders, Tomb Raider, Deus Ex, Life is Strange, Chrono, Dragon Quest.
Studios: Square Enix, Taito, Eidos, Crystal Dynamics, Luminous Productions
Sega
Sega has long since left the console business. Today, games starring former mascot Sonic even appear on Nintendo consoles. Something that would’ve been unthinkable in the past. Like many Japanese entertainment companies, Sega has its origins in slot machines. Back in the early 1980s, Sega began developing its own game console under the name Master System. Its fate was sealed by the Dreamcast, which, despite positive feedback, could no longer keep up with competition from Sony and Nintendo. These days, Sega offers an extremely diversified range of games.
Market value: 3.8 billion US dollars.
Game sales: 1.9 billion US dollars.
Games: Sonic, Yakuza, Total War, Football Manager, Company of Heroes, Endless Space
Studios: Sega, Creative Assembly, Relic, Atlus, Amplitude, Two Point Studios
Konami
Konami don’t just develop games, they also sell slot machines and maintain gyms and casinos. However, their most important revenue driver continues to be digital entertainment with mobile games such as eFootball PES 2021 and Yu-Gi-Oh! Duel Links.
Market value: 6.9 billion US dollars.
Game sales: 1.8 billion US dollars.
Games: Castlevania, Silent Hill, Contra, Pro Evolution Soccer, Metal Gear
Studios: Konami
Roblox
Roblox is an American game developer and publisher. The eponymous free-to-play title is actually more of a platform than a game. In it, users can develop their own games or «Experiences». Roblox has over 150 million users. Due to its primarily young audience, the company is often criticised for indirectly using children as free labour while insufficiently protecting them from harmful content.
Market value: 33 billion US dollars.
Game sales: 1.8 billion US dollars.
Games: Roblox.
Studios: –
Krafton
Krafton is best known for «PUBG: Battlegrounds.» The South Korean game developer and publisher has risen to become a multibillion-dollar corporation thanks to the success of its Battle Royale game. PUBG Mobile is the top-selling game in the world. Tencent owns minority interests in Krafton.
Market value: 12.8 billion US dollars.
Game sales: 1.6 billion US dollars.
Games: PUBG, Tera, The Callisto Protocol, Subnautica, Thunder Tier One.
Studios: PUBG Studios, Striking Distance Studios, Unknown Worlds Entertainment
Embracer Group
If there’s one company that lives up to its name, it is Embracer Group. The Swedish holding company first entered the spotlight with its purchase of THQ’s trademarks. Then known as Nordic Games, the company changed its name to THQ Nordic. This kicked off a buying frenzy that continues to this day. Recent acquisitions include Koch Media, Gearbox and Dark Horse Media, the third largest comic book publisher behind Marvel and DC. By now, more than 80 studios belong to Embracer Group.
Market value: 9.7 billion US dollars.
Game sales: 953 million US dollars.
Games: Borderlands, Payday, Saints Row, Goat Simulator, Metro, World War Z.
Studios: Gearbox, 3D Realms, Saber Interactive, DECA, Volition, 4A Games, Piranha Bytes
Capcom
Capcom has its roots in arcades. Its best-known arcade titles include Ghost ’n’ Goblins, 1942 and, of course, Street Fighter, whose sequel on the Super Nintendo became a megahit. The beat ’em up is still one of its flagship games today. Next to Monster Hunter and Resident Evil. Capcom, by the way, is short for Capsule Computers. This refers to the closed gaming machine systems that Capcom wanted to use to set itself apart from the open personal computer at the time.
Market value: 4.9 billion US dollars.
Game sales: 774 million US dollars.
Games: Resident Evil, Street Fighter, Ghost ’n Goblins, Mega Man, Ace Attorney, Monster Hunter
Studios: Capcom, Blue Harvest, K2
CD Projekt
The Polish company is split between studio CD Projekt RED and publisher CD Projekt. Before Cyberpunk 2077, the studio was primarily known for the Witcher series. However, they didn’t really take off until the third instalment. Gaming platform GOG.com is also a part of CD Projekt. It was originally called Good old Games and focused on the distribution and remanufacturing of old games.
Market value: 4.3 billion US dollars.
Game sales: 550 million US dollars.
Games: The Witcher, Cyberpunk 2077, Gwent
Studios: CD Project RED
*: Indicating that sales figures for the fourth quarter of 2021 are still unknown. This is my estimate based on previous quarters or forecasts for the company.
Sources:
wherever possible, I’ve used the most up-to-date figures. As a rule, these are those for fiscal year 2021. My ranking should therefore still be correct in February 2022.
Statista
Companiesmarketcap
Wikipedia
Fool
Krafton
Macrotrends
Daniel Ahmad, analyst
SensorTower
Market values taken from Yahoo Finance
Philipp Rüegg
Senior Editor
Philipp.Rueegg@digitecgalaxus.chBeing the game and gadget geek that I am, working at digitec and Galaxus makes me feel like a kid in a candy shop – but it does take its toll on my wallet. I enjoy tinkering with my PC in Tim Taylor fashion and talking about games on my podcast http://www.onemorelevel.ch. To satisfy my need for speed, I get on my full suspension mountain bike and set out to find some nice trails. My thirst for culture is quenched by deep conversations over a couple of cold ones at the mostly frustrating games of FC Winterthur.
