In this article, we will discuss the 20 largest video game publishers by revenue in the world. This article will focus on recent industry trends and the largest publishers in the video gaming industry. If you want to skip our analysis, you can proceed to the section highlighting the 5 Largest Video Game Publishers by Revenue in the World.
An Analysis of the Video Gaming Industry
According to a report by Precedence Research, the global video game market was valued at $224.9 billion in 2022, the market is expected to grow at a compound annual growth rate (CAGR) of 10.5% and is forecasted to reach $610.6 billion by the end of 2032.
The video games market is expected to grow rapidly as the adoption of Augmented Reality and Virtual Reality (AR and VR) technologies offer unprecedented levels of engagement and realism to enhance the overall gaming experience. These innovations also attract a wider audience, including casual gamers and those who may not typically engage with traditional video games. Also, the rising preference for online gaming has massively fueled the demand for Free2Play (F2P) and multiplayer online (MMO) games, a trend that is expected to persist in the foreseeable future.
North America is home to some of the world's largest and most influential game publishers in the world. However, in 2022, the Asia Pacific region dominated the video gaming industry with a market share of over 54%, as its population offers a substantial consumer base for the gaming industry. In contrast, North America held a share of 24%. The Asia Pacific region is expected to sustain its position for the forecasted period as disposable incomes and urbanization increase in countries like China and India. China is one of the largest contributors to the growth of the market. The Chinese government has recognized the economic potential of the video gaming industry and has provided support and policies that encourage its growth. However, there have also been periods of regulatory scrutiny and restrictions.
Largest Publishers in the Video Gaming Industry
Some of the largest companies involved in publishing video games include Take-Two Interactive Software, Inc. (NASDAQ:TTWO), NetEase, Inc. (NASDAQ:NTES) and Microsoft Corporation (NASDAQ:MSFT).
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) is one of the largest video game publishing companies in the world. Take-Two Interactive Software, Inc. (NASDAQ:TTWO) operates through various subsidiaries including Rockstar Games, 2K, Zynga, and Private Division. On February 8, Take-Two Interactive Software, Inc. (NASDAQ:TTWO) announced revenue of $1.36 billion, for the three months ending on December 31, 2023. In-app purchases and popular games such as Grand Theft Auto V (GTA 5) and Grand Theft Auto Online, Red Dead Redemption series, and Toon Blast outperformed expectations. Commenting on the results, Strauss Zelnick, Chairman and CEO of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) said:
"We achieved solid third quarter results, including Net Bookings of $1.3 billion. Grand Theft Auto V and Grand Theft Auto Online, the Red Dead Redemption series, and Zynga’s in-app purchases, led by Toon Blast, exceeded our expectations, as we launched engaging new content, partnerships, and activations. This was partially offset by some softness in mobile advertising and sales for NBA 2K24."
Grand Theft Auto VI (GTA 6) is one of the most anticipated games by Take-Two Interactive Software, Inc.’s (NASDAQ:TTWO) subsidiary Rockstar Games. There has been a lot of talk about its release in early 2025. However, on March 29, Bloomberg reported that it is behind schedule and could be delayed until 2026. The reason behind the delays is that Rockstar Games is discontinuing remote work in April, and has made it compulsory to work from the office for all full-time employees, which may cause developers to leave their jobs. The launch of GTA 6 holds significant importance for Take-Two Interactive Software, Inc. (NASDAQ:TTWO) as the GTA’s predecessor has sold more than 195 million units and is the second-best-selling game of all time. Here are some comments from Take-Two Interactive Software, Inc.’s (NASDAQ:TTWO) Q3 2024 earnings call:
"Now moving on to our guidance for the fiscal fourth quarter. We project net bookings to range from $1.27 billion to $1.32 billion compared to $1.4 billion in the fourth quarter last year. Our release slate for the quarter includes WWE 2K24 as well as Penny’s Big Breakaway from Private Division. The largest contributor to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, our hypercasual mobile portfolio, Empire & Puzzles, WWE 2K24, Red Dead Redemption 2 and Red Dead Online, Words with Friends and Match Factory!. We project recurrent consumer spending to decrease by approximately 5%, which assumes flat results for Zynga and a decline for NBA 2K with Grand Theft Auto Online, virtual currency and GTA+ membership are expected to be up."
NetEase, Inc. (NASDAQ:NTES) is a Chinese internet and game publishing company. On February 29, NetEase, Inc. (NASDAQ:NTES) reported revenue of $3.68 billion, up 7% year-over-year, and gross profit of $2.4 billion, up 27% year over year, for the three months ending on December 31, 2023. Here are some comments from NetEase, Inc.'s (NASDAQ:NTES) Q4 2023 earnings call:
"For 2023, our net revenue from games and related BES were RMB81.6 billion, or 9% from 2022. Revenue accelerated even faster in Q4 to RMB20.9 billion, up 10% year-over-year. The additional growth was primarily due to increased revenue contribution from launch of new games, such as Justice Mobile, and sustainable development titles like Eggy Party. Revenues from mobile games continue to make up the lion's share of our game business, accounting to 77% of our total net revenue from online game operations in the fourth quarter, and 75% for the year. Youdao's net revenue for 2023 reached RMB5.4 billion, and were up 2% year-over-year in the fourth quarter, in the fourth quarter reaching RMB1.5 billion, primarily due to increased revenue contribution from Youdao's online marketing services."
On March 27, NetEase, Inc. (NASDAQ:NTES) announced the establishment of a new joint venture company called Stellar Gate Games with Sandsoft Games which is one of the largest video game publishing companies in Saudia Arabia. The joint venture aims to publish games specifically for the MENA (Middle East and North Africa) region.
Microsoft Corporation (NASDAQ:MSFT) the American software giant became one of the most influential gaming companies in October 2023 when it acquired Activision Blizzard, Inc. an American video game publisher known for games such as Call of Duty, World of Warcraft, Diablo, Hearthstone, Overwatch, and Candy Crush Saga. On January 30, Microsoft Corporation (NASDAQ:MSFT) reported that the revenue increased 18% to $62.0 billion, and Xbox content and services revenue increased 61%, driven by 55 points of net impact from Activision Blizzard’s acquisition, for the quarter that ended on December 31, 2023. Commenting on the gaming business Satya Nadella, Chairman and Chief Executive Officer of Microsoft Corporation (NASDAQ:MSFT) said:
“This quarter, we set all-time records for monthly active users on Xbox, PC, as well as mobile—where we now have over 200 million monthly active users alone, inclusive of Activision Blizzard King. With our acquisition, we’ve added hundreds of millions of gamers to our ecosystem, as we execute on our ambition to reach more gamers on more platforms. With cloud gaming, we continue to innovate to offer players more ways to experience the games they love, where, when, and how they want. Hours streamed increased 44% year-over-year. Great content is key to our growth, and across our portfolio, I’ve never been more excited about our lineup of upcoming games. Earlier this month, we shared exciting new first party titles coming this year to Xbox, PC, and Game Pass, including Indiana Jones. And we’ve also announced launching significant updates this calendar year to many of our most durable franchises, which bring in millions of players each month, including Call of Duty, Elder Scrolls Online, and Starfield.”
Microsoft Corporation (NASDAQ:MSFT) is developing hardware, content, and services to pioneer innovative gaming experiences that unite players across all devices and create a sense of community through gaming on Xbox and PC. Microsoft Corporation’s (NASDAQ:MSFT) exclusive game content is created by Xbox Game Studios and is available on Xbox Game Pass, a subscription-based platform with a gaming community that has access to over 400 Xbox and PC games. For the year ended on June 30, 2023, Microsoft Corporation (NASDAQ:MSFT) reported revenue of $15.46 billion from its gaming business.
The video game industry is experiencing a surge in growth driven by rising population and disposable incomes around the world. Consumer preferences are also shifting as technology continues to advance. With this context, let’s take a look at the list of the 20 largest video game publishers by revenue in the world.
20 Largest Video Game Publishers By Revenue In The World
A group of professional gamers in the middle of a tournament, demonstrating the high-energy of the competitive gaming scene.
Our Methodology
In this article, we have listed the 20 largest video game publishers by revenue in the world. To rank the largest companies, we went over several sources including industry reports, our own rankings, and multiple similar rankings. We sifted through the Yahoo Finance and Finviz stock screeners to find the most prominent and largest video game publishers. We then consulted the Fortune Global 500 list, which is an annual ranking of the world's largest corporations based on their fiscal year revenues.
For companies that are publicly traded, we got their trailing twelve-month revenue from YCharts. Relevant data for some of the foreign publicly traded companies was not available at YCharts. For such corporations, we got their trailing twelve-month revenue from Yahoo Finance and converted foreign revenues to USD based on exchange rates on April 5. For private companies, we got the fiscal year revenue data from their annual reports, Fortune Global 500 rankings, or major media reports, subject to availability of data. We have listed the 20 largest video game publishers by revenue in the world below in ascending order of revenues.
20 Largest Video Game Publishers By Revenue in the World
20. Happinet Corporation (TYO:7552)
Latest Twelve Month Revenue: $2.03 billion
Happinet Corporation (TYO:7552) ranks 20 on our list of largest video game publishers by revenue in the world. Some of the popular games published by Happinet Corporation (TYO:7552) include Teenage Mutant Ninja Turtles, Brigandine, Gnosia, and Junk Planet. For the financial year 2022, Happinet Corporation (TYO:7552) reported a revenue of $2.03 billion.
19. Konami Holdings Corporation (TYO:9766)
Latest Twelve Month Revenue: $2.42 billion
Konami Holdings Corporation (TYO:9766) is a Japanese entertainment and video game publishing conglomerate. Konami Holdings Corporation (TYO:9766) is known for its video game franchises such as Metal Gear, Silent Hill, and Pro Evolution Soccer. Konami Holdings Corporation’s (TYO:9766) revenue for the twelve months ending December 31, 2023, was $2.42 billion.
18. 37 Interactive Entertainment (SHE:002555)
Latest Twelve Month Revenue: $2.43 billion
37 Interactive Entertainment (SHE:002555) is one of the largest video game publishers and developers in China. The company is also diversified in a variety of sectors including, metaverse, film, television, animation, and music production. 37 Interactive Entertainment (SHE:002555) has several game development studios, including 37Online, 37Mobile, and 37Games. 37Online has over 700 million users and has released more than 600 games. For the year 2022, 37 Interactive Entertainment (SHE:002555) reported a revenue of $2.43 billion.
17. Square Enix Holdings Co., Ltd. (TYO:9684)
Latest Twelve Month Revenue: $2.85 billion
Square Enix Holdings Co., Ltd. (TYO:9684) is one of the largest video game developer and publisher. Square Enix Holdings Co., Ltd. (TYO:9684) is known for iconic franchises such as Final Fantasy, Dragon Quest, and Kingdom Hearts. Square Enix Holdings Co., Ltd.’s (TYO:9684) revenue for the twelve months ending January 1, 2024, was $2.85 billion.
Playtika Holding Corp. (NASDAQ:PLTK) is an Israeli mobile video game publishing company known for its social casino games. Playtika Holding Corp.’s (NASDAQ:PLTK) revenue for the twelve months ending January 1, 2024, was $2.56 billion. Some of the most popular video games published by Playtika Holding Corp. (NASDAQ:PLTK) include WSOP Poker, Bingo Blitz, and Animals & Coins Adventure.
15. Nexon Co., Ltd. (TYO:3659)
Latest Twelve Month Revenue: $3.03 billion
Nexon Co., Ltd. (TYO:3659) is a South Korean-Japanese multinational video game developer and publisher known for its popular online games such as MapleStory and Dungeon & Fighter. Nexon Co., Ltd.’s (TYO:3659) revenue for the twelve months ending September 30, 2023, was $3.03 billion. Nexon Co., Ltd. (TYO:3659) ranks 15 on our list of largest video game publishers by revenue.
14. Sega Sammy Holdings Inc. (TYO:6460)
Latest Twelve Month Revenue: $3.33 billion
Sega Sammy Holdings Inc. (TYO:6460) is a Japanese multinational video game publishing and entertainment company. Some of the popular games published by Sega Sammy Holdings Inc. (TYO:6460) include Sonic the Hedgehog, Sakura Wars, Super Monkey Ball, Yakuza, Megami Tensei, Persona, and Etrian Odyssey. Sega Sammy Holdings Inc.’s (TYO:6460) revenue for the twelve months ending December 31, 2023, was $3.33 billion.
13. Embracer Group AB (publ) (OTC:EBCRY)
Latest Twelve Month Revenue: $4.03 billion
Embracer Group AB (publ) (OTC:EBCRY) is one of the largest video publishing companies in the world known for its subsidiaries including THQ Nordic, 4A Games, and Gearbox. Some of the popular games by Embracer Group AB (publ) (OTC:EBCRY) include Darksiders, Genesis, Satisfactory, Wreckfest, Little Big Workshop, and Shenmue III. Embracer Group AB’s (publ) (OTC:EBCRY) revenue for the twelve months ending December 31, 2023, was $4.03 billion.
12. CyberAgent, Inc. (TYO:4751)
Latest Twelve Month Revenue: $4.76 billion
CyberAgent, Inc. (TYO:4751) is a Japanese internet services company operating various online businesses including online advertising, gaming, and media. CyberAgent, Inc. (TYO:4751) is also one of the largest video gaming publishing companies in the world. CyberAgent, Inc.’s (TYO:4751) revenue for the year ended on September 30, 2023, was $4.76 billion of which $1.18 billion was generated by its gaming division.
11. Take-Two Interactive Software, Inc. (NASDAQ:TTWO)
Latest Twelve Month Revenue: $5.39 billion
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) is one of the largest American video game publishing companies in the world. Take-Two Interactive Software, Inc. (NASDAQ:TTWO) is known for publishing popular games such as Grand Theft Auto, Red Dead Redemption, and the NBA 2K series. Take-Two Interactive Software, Inc.’s (NASDAQ:TTWO) revenue for the twelve months ending December 31, 2023, was $5.39 billion, reflecting an 11.64% increase year-over-year.
10. Epic Games
Estimated Revenue in 2022: $6 billion
Epic Games is one of the largest private video game publishing companies in the world. Epic Games is known for iconic titles such as Fortnite, Alan Wake, Rocket League, and Dauntless. Apart from publishing numerous games, Epic Games lets game developers from around the world publish games using their platform. According to Forbes, Epic Games generated an estimated revenue of $6 billion in the year 2022.
9. Entain plc (LSE:ENT)
Latest Twelve Month Revenue: $6.06 billion
Entain plc (LSE:ENT), is one of the largest gaming publishers and sports betting groups. Entain plc (LSE:ENT) has published over 10,000 games on its worldwide gaming platforms, some of the most popular games include Ladbrokes, Coral, PartyPoker, Gala Bingo, Foxy Bingo, Eurobet, and Gamebookers. For the year ended on 31 December 2023, Entain plc (LSE:ENT) reported a net gaming revenue of $6.06 billion.
8. Bandai Namco Holdings Inc. (TYO:7832)
Latest Twelve Month Revenue: $7.25 billion
Bandai Namco Holdings Inc. (TYO:7832) is a Japanese multinational video publishing and entertainment company. Bandai Namco Holdings Inc. (TYO:7832) is known for its gaming franchises such as Pac-Man, Tekken, and Dragon Ball. Bandai Namco Holdings Inc.’s (TYO:7832) revenue for the twelve months ending December 31, 2023, was $7.25 billion.
Electronic Arts Inc. (NASDAQ:EA) is an American video game publishing company that is one of the largest in the world. Electronic Arts Inc. (NASDAQ:EA) is known for its popular gaming franchises such as FIFA, Madden NFL, and The Sims. Electronic Arts Inc.’s (NASDAQ:EA) revenue for the twelve months ending December 31, 2023, was $7.65 billion, up 3.8% year-over-year.
6. Nintendo Co., Ltd. (TYO:7974)
Latest Twelve Month Revenue: $8.67 billion
Nintendo Co., Ltd. (TYO:7974) is a Japanese multinational consumer electronics and video game publishing company. Nintendo Co., Ltd. (TYO:7974) is known for iconic games such as The Legend of Zelda and Super Mario. Nintendo Co., Ltd.’s (TYO:7974) revenue for the twelve months ending December 31, 2023, was $8.67 billion, indicating a 10.74% increase year-over-year.