Top Video Game Publishers in 2024: What to Know About Them

As an avid gamer and industry observer, I‘m always fascinated by the evolving landscape of major video game publishers. Publishers provide the financial backing, expertise, and infrastructure to turn an indie game concept into a high budget AAA interactive experience. They enable developers to focus on creativity while handling the operational complexity of marketing, distribution, monetization and support.

In 2024, the video game industry is projected to generate over $200 billion in revenue according to Newzoo. Several publishers stand poised to claim a sizable chunk of that thanks to their popular franchises, vast resources and strategic investments. Here‘s an in-depth look at the leading game publishers to watch in 2024 based on their history, capabilities, and potential.

Microsoft – The New Behemoth After Absorbing Activision Blizzard

By acquiring Activision Blizzard for $68.7 billion, Microsoft has cemented itself as the dominant force in video game publishing worldwide. This brought major franchises like Call of Duty ($30 billion lifetime revenue), World of Warcraft, Overwatch and Candy Crush into the Microsoft gaming fold.

Activision Blizzard generated around $8.8 billion in revenue in 2021 across mobile, console and PC gaming segments according to Statista. Call of Duty alone accounts for 40% of Activision‘s annual revenue.

When combined with Microsoft‘s prior acquisitions of Bethesda Softworks ($3.5 billion), Minecraft creator Mojang ($2.5 billion) and others, they now publish at least 11 of the top 20 highest grossing video game franchises globally.

In addition, Microsoft‘s Xbox Game Pass has surpassed 25 million subscribers as of January 2022. This Netflix-style subscription service gives users access to over 100 titles for $9.99 a month. Game Pass bolsters Microsoft‘s player base and provides a new distribution channel for its growing catalog of owned IP.

Microsoft has invested heavily in cloud infrastructure through Azure to enable cloud gaming services. With control of so many blockbuster titles and IP assets combined with its cloud and Windows platform strengths, Microsoft has a dominant position in the gaming industry for years to come.

Sony & PlayStation – Continuing Their Focus on Cinematic Single-Player Experiences

Sony Interactive Entertainment remains one of the most respected names in gaming thanks to PlayStation console exclusives like God of War, The Last of Us, Ghost of Tsushima, Spiderman and Horizon Zero Dawn. These story-driven single player games have won widespread critical acclaim and loyalty among PlayStation fans.

PlayStation console sales have now eclipsed 577 million units lifetime as of March 2022 according to Statista. Sony reported $25 billion in revenue from its gaming division in FY2021.

To maintain its edge in first party games, Sony acquired Bungie, developers of Destiny and the original Halo, for $3.6 billion in January 2022. This signals Sony‘s bigger push into live service games. Sony also has 14 first party PlayStation Studios developing exclusive titles.

By contrast to Xbox Game Pass, Sony remains committed to the traditional console release model and does not support cloud gaming initiatives at present. It also lags behind competitors in mobile gaming. But for fans seeking narrative driven, cinematic gameplay, PlayStation remains the premier destination.

Tencent – The Chinese Giant Expanding Globally

China‘s largest tech and entertainment company Tencent has quietly become a video game powerhouse thanks to acquisitions, investments, and publishing partnerships.

In 2012, Tencent acquired League of Legends developer Riot Games, and in 2016 they purchased 84% of Clash of Clans maker Supercell for $8.6 billion. Tencent also owns 40% of Epic Games, makers of Fortnite, and has minority stakes in Activision, Ubisoft, and many more.

Total global annual revenue from Tencent games exceeded $30 billion in 2021 according to financial filings. That‘s after domestic Chinese regulators imposed new rules limiting gaming time for minors which impacted revenue last year.

Tencent has been aggressively expanding into Western markets, partnering with and acquiring small studios to publish casual and midcore mobile titles. The TiMi Studios subsidiary has had breakout hits with Arena of Valor and Honor of Kings in Europe.

With a market cap of over $400 billion, Tencent will continue flexing its financial muscle to snap up promising gaming startups and licenses globally while publishing more mobile titles in English language markets.

Nintendo – Innovative Platform Holder & Beloved Franchises

No discussion of game publishers would be complete without mentioning the legendary Nintendo. Though Nintendo releases few new IP, their popular evergreen franchises like Mario, Zelda, Pokemon, Animal Crossing and Smash Bros continue selling hardware and delighting fans.

The Nintendo Switch has sold over 111 million units since 2017 as of December 2022 according to VGChartz. Nintendo‘s first party games account for 50% of total Switch software sales. Pokémon Sword/Shield, Animal Crossing: New Horizons and Mario Kart 8 Deluxe rank among the consoles top sellers.

As both a developer and publisher, Nintendo distributes games exclusively on its own platforms. This allows them to finely tune gameplay experiences around proprietary hardware like the Switch‘s handheld/TV hybrid model.

Nintendo has resisted popular industry trends such as mobile gaming expansion. But their beloved franchises, innovative hardware and focus on family friendly gameplay maintain a strong brand identity. Don‘t expect Nintendo to deviate too far from its successful formula anytime soon.

Electronic Arts (EA) – Veteran Publisher Pushing into Live Services & F2P

Boasting nearly 40 years of game publishing history, Electronic Arts (EA) is the largest third-party game publisher worldwide. Well known for sports franchises like FIFA, Madden NFL and UFC, EA also publishes blockbuster shooter and action franchises such as Battlefield, Need for Speed, Plants vs Zombies and Apex Legends.

EA reported net revenue of $5.63 billion for fiscal year 2022. Live services now generate over 75% of EA‘s net revenue according to company filings, up from just 38% in 2017. Examples include Ultimate Team collectible modes in sports titles and season passes in Apex Legends.

This demonstrates EA‘s successful pivot into games as a service business models and ongoing live operations. EA has also pushed into free-to-play titles like Apex Legends Mobile which saw the largest launch month ever for an EA mobile game.

EA Originals provides funding and publishing support for small independent developers to create titles like It Takes Two and Knockout City. And the EA Sports division remains dominant in licensed sports games despite increased competition.

With a varied catalog of mega franchises supplemented by indie projects and free-to-play efforts, EA remains well positioned against gaming industry shifts.

Ubisoft – Open World Action Games with Massive Scope

French publisher Ubisoft is best recognized for its open world action-adventure franchises like Assassin‘s Creed, Watch Dogs, Far Cry, Tom Clancy series, and Just Dance. Assassin‘s Creed Valhalla became the top selling entry in the popular stealth series with over 20 million copies sold.

Ubisoft generated over €2.1 billion in sales during the 2021-2022 fiscal year according to company filings. Recurring revenue from back catalog sales and player engagement grew to €371 million.

To boost player engagement, Ubisoft has invested in promoting cross-game connectivity through services like Ubisoft Connect and limited time crossover events between franchises.

Ubisoft has also doubled down on expanding into live service games. Tom Clancy‘s Rainbow Six Siege surpassed 85 million registered players in April 2022 seven years after launch. Ubisoft‘s massive open worlds provide plenty of opportunity for expanding ongoing multiplayer and seasonal content updates.

While recent scandals and frequent delays marred Ubisoft‘s reputation, fans continue flocking to explore the sprawling worlds they build.

Activision Blizzard – The Former Leader in Western Publishing

Before being acquired by Microsoft in January 2022, Activision Blizzard held the title of largest game publisher in the Americas and Europe. Their groundbreaking games as service models generated billions in recurring revenue from hit franchises.

Activision‘s Call of Duty series has earned over $30 billion lifetime, with Modern Warfare 2 (2022) selling over 1 million digital units worldwide in the first 10 days according to Activision. Call of Duty generated around 40% of Activision‘s $8 billion yearly revenue.

World of Warcraft from subsidiary Blizzard Entertainment pioneered the subscription-based MMORPG model resulting in over $11 billion lifetime revenue. Candy Crush Saga popularized mobile puzzle games with over 3 billion total downloads.

Activision Blizzard succeeded in monetizing free-to-play titles like Call of Duty Mobile along with premium releases. Under Microsoft‘s ownership, they seem poised to accelerate growth by tapping into Microsoft‘s infrastructure and reach.

Take-Two Interactive – High Quality Portfolio Led by Rockstar & 2K

Powered by its Rockstar Games and 2K labels, Take-Two Interactive publishes some of the most acclaimed AAA titles in the industry. Flagship franchise Grand Theft Auto V has sold over 170 million copies lifetime, earning around $6 billion.

NBA 2K22 sold over 10 million copies, while other hit series include Red Dead Redemption, BioShock, Borderlands, Civilization and WWE 2K. Take-Two divisions also publish popular mobile titles like Dragon City.

For the 2022 fiscal year ending March 2022, Take-Two reported net bookings of $3.41 billion. According to company statements, Take-Two allocated over $89 million to support marketing for its independent development partners in 2022.

Take-Two has continued expanding its portfolio via acquisitions like social games giant Zynga for $12.7 billion in 2022. With enviable IP and strong financials, Take-Two remains a formidable force.

Bandai Namco – Leading Japanese Publisher Spreading Anime & Arcade IP Worldwide

Bandai Namco has risen to become the leading video game publisher in Japan based on market share. They publish many popular anime tie-in titles from beloved franchises like Dragon Ball, Naruto, One Piece, Sword Art Online and Demon Slayer.

Flagship fighting series like Tekken, Soulcalibur and anime-inspired smash hits like My Hero One‘s Justice keep Bandai Namco competitive worldwide. They also distribute legacy arcade IP like Pac-Man globally.

Bandai Namco generated around 800 billion yen ($6.2 billion) in sales across toys, video games, arcades and amusement parks in FY2022 according to financial reports.

The company has invested heavily in location-based VR titles for arcades and amusement venues. Combined with a recognizable brand and roster of anime crossovers, Bandai Namco is well positioned to capitalize on gaming‘s global surge.

The Explosive Growth of Indie Game Publishing

While the major publishers compete over blockbuster franchises and chart-topping hits, a parallel revolution has flourished among independent game publishers.

These indie publishers scour the market for unique titles from small studios and help elevate them through funding, marketing and publishing support. Some notable indie game publishers include:

• Devolver Digital – Known for energetic marketing and publishing irreverent hits like Hotline Miami, Fall Guys, Serious Sam, Loop Hero and Cult of the Lamb.
• Annapurna Interactive – Focused on emotional narrative-driven indie games like What Remains of Edith Finch, Twelve Minutes, Stray and Outer Wilds.
• Raw Fury – Supports unique indies like Bad North, Sable, Dandara: Trials of Fear, and Call of the Sea.

According to a GDC State of the Industry survey, there were over 275 companies that identify as video game publishers in 2021. The indie publishing boom has accelerated access and exposure for developers operating at a smaller scale.

Deals with indie publishers often offer more favorable royalty rates and prioritize creative freedom over IP control. For developers seeking their first breakout hit, indie publishing partners can provide a viable path to market.

The Future of Video Game Publishing

Based on recent industry moves and emerging technologies on the horizon, here are a few predictions for how the video game publishing landscape may evolve moving forward:

• More consolidation and mergers – Larger publishers will continue acquiring major developers and IP while smaller publishers combine forces. This consolidation aims to strengthen IP catalogs and gain market share.
• Tech giants competing for share – Amazon, Google, Netflix, Apple and others are investing billions into gaming content and cloud infrastructure to compete with traditional game publishers.
• Global expansion accelerates – Publishers like Tencent, NetEase and Embracer Group are making acquisitions worldwide to increase footholds in Western markets and expand into mobile publishing.
• Subscription services proliferate – Following Xbox Game Pass, expect more publishers to launch their own subscription services focused on back catalogs and cloud gaming access.
• Blockchain and NFTs transform ownership – Blockchain-based self-publishing opens new ways for developers to monetize. Publishers must adapt revenue models to shifting trends like play-to-earn gaming and NFTs.

While unknowns remain around new technologies and competitors, established publishers must continue building robust IP portfolios and distribution channels to maintain dominance as gaming grows.

exciting time to be following the game industry as these major publishers compete for our playtime! Their decisions will shape both the blockbuster hits of the future as well as the next indie darlings waiting to be discovered.