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The video game industry tends to shift year by year, especially in years when new consoles release. With a growing demand for games across the world, and growing profitability in the industry, it’s no surprise that video game publishers are bringing in enormous annual revenue. The full financial reports for 2018 are not yet all available. However, we do have access to data up to Q3 of 2018 (September), and we can compare how the various publishers were doing approaching the end of the year. Given that the year saw numerous record-breaking game releases with titles like God of War, it’s no surprise that publishers are also bringing in record profits.
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The following listing is ranked by total revenue generated by game sales. In some cases, these figures are estimated as best as possible in cases where publishers have other areas of revenue, such as Microsoft. For other Top 10 listings here at VGR, check out our listing for the Top 10 biggest video game maps.
Biggest Video Game Companies #10 Bandai Namco
Bandai Namco published a total of 32 games in 2018. While plenty were relatively smaller releases, or didn’t see release outside of Japan, the publisher had several hits. Foremost among those was, of course, Super Smash Bros. Ultimate. However, as that game released in December, its success actually doesn’t factor into the most recent figures yet. In all likelihood, Bandai Namco will see a boost in profits to some degree in their next financial report. Instead, titles like Dragon Ball FighterZ, Dark Souls: Remastered, and Soul Calibur 6 factored into the publisher’s total revenue of $2,067 million as of September 2018.
Biggest Video Game Companies #9 Nintendo
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2018 was a big year for Nintendo. The company published numerous games for the Nintendo Switch, contributing to total game revenue of around $2,177 million, up 2% from 2017. Key titles contributing to this revenue were likely Donkey Kong Country: Tropical Freeze, Kirby: Star Allies, Mario Tennis Aces, and of course, Pokémon Let’s Go. 2018 also saw the release of the Nintendo Labo, which was especially successful in Japan, where it actually outsold God of War.
Biggest Video Game Companies #8 EA
EA recently revised their 2018 projected earnings due to the disappointing launch of Battlefield 5, but as this listing takes into account only up to their Q3 revenue, this isn’t factored in here. Suffice to say that their place on the list may shift a bit in the coming months. EA published 21 different games in 2018, and much of their $4,005 million revenue is likely due to the persistent profitability of major EA Sports titles like FIFA 19 and Madden NFL 19. It remains to be seen exactly what impact the launch of Battlefield 5, Apex Legends, and Anthem will have on the game’s revenue.
Biggest Video Game Companies #7 Activision Blizzard
Activision Blizzard recently received widespread criticism for laying off almost 800 staff, despite record annual revenue. The publisher also recently terminated their distribution contract for Destiny 2, returning the game rights to Bungie. However, the available and comparable figures only go up to September 2018 at present. At that point, the publisher had total revenue of around $4,761 million; actually 2% lower than their 2017 revenue at the same point. This figure came before the release of Call of Duty: Black Ops 4, of course, and the publisher released very few other games in 2018. As such, it’s likely that their next figure could be notably different.
Biggest Video Game Companies #6 Google
Although many gamers might not think of Google as being a major game publisher, the company actually had a total estimated revenue of $4,367 million from games alone by Q3 of 2018. This revenue is likely to be drawn mostly from mobile games releasing through Google Play. While they might not receive much press attention, mobile titles can earn enormous profits. Google, like Apple, take a percentage of all game purchases on their platform.
Biggest Video Game Companies #5 NetEase
A major Chinese tech company, NetEase provides all sorts of online services and is one of the biggest video game companies in the world. The company also operates the Chinese localisations for numerous Blizzard games, including Overwatch. The company also invested heavily in Bungie in 2018, taking a seat on its board of directors. By Q3 of 2018, NetEase reported around $4,483 million of game revenue, drawn from a portfolio of mostly PC and mobile games.
Biggest Video Game Companies #4 Microsoft
As a video game publisher, Microsoft controls a wide variety of game studios; 343 Industries, Obsidian Entertainment, Mojang, Rare, and many others, for example. Just in terms of game revenue, Microsoft made an estimated $6,225 million by Q3 of 2018. Of course, Microsoft draws in revenue from many different sources on almost every platform. However, some of its biggest releases of 2018 were Sea of Thieves, Forza Horizon 4, and State of Decay 2.
Biggest Video Game Companies #3 Apple
Like Google, Apple makes huge profits every year from mobile game publishing through the App Store. In fact, by Q3 of 2018 the company made an estimated $6,918 million from game revenue alone; notably more than Google. This suggests that the App Store sees much more use as a gaming platform for mobile gaming than does Google Play.
Biggest Video Game Companies #2 Sony
Ahead of its competitor Microsoft by a significant margin, Sony made an estimated $9,859 million in game revenue by Q3 2018. Given that some of the biggest releases of the year were PlayStation exclusive titles published by Sony Interactive Entertainment, this should come as no surprise. Sony benefited from the enormous success of God of War and Detroit: Become Human, for example, as well as Spider-Man.
Biggest Video Game Companies #1 Tencent
It should come as no surprise that Tencent takes the top spot on this list with ease. They boast total game revenue of $15,092 million, more than 50% higher than that of Sony. As the largest video game company in the world, Tencent dominates the Chinese gaming industry. WeGame, Tencent’s online gaming platform, has more than 200 million users (Steam has around 125 million by comparison). The company also hosts a variety of Chinese localisations, including for the Call of Duty franchise, PUBG, Fortnite, and more, while they wholly own League of Legends.
The video gaming industry is one of the most competitive businesses in the world. Heavy-hitters like Sony and Microsoft are backed by decades of profit making in other electronics and computers. Other companies are on the list on the strength of strong sales for historically popular games. The newer players – mostly companies outside the US – are players in the mobile gaming divisions.
The entire industry made over $40 billion in revenue in 2018 according to Forbes Online. The top five game companies made most of that profit. The smaller companies struggle, and even some top publishers are laying off employees. There may be some changes in the bottom five on this list year to year, but the top five are probably there to stay.
Gung Ho Online
2018 Revenue: $1.6 billion
Best-selling game: Puzzles and Dragons
Founded: 1998
Source: Gung Ho Entertainment
This company has built its fortune in the online gaming market. It started business as a developer of an online auction site as a subsidiary of Japanese cell phone company Softbank. In 2000, the company switched to online gaming services, hosting servers in Japan for a MMOG. In 2013, it released an in-house developed mobile game, Puzzles & Dragons, which accounts for the majority of its revenue. It has also acquired other game publishers since it purchased back shares from Softbank.
Did You Know?
Puzzles & Dragons is the second-highest earning mobile game ever.
Ubisoft
2018 Revenue: $1.9 billion USD
Best-selling game: Assassins’ Creed
Founded: 1986
Source: Gage Skidmore [CC BY SA 2.0] via Flickr
Ubi Soft was originally a family-owned, mail order hardware and software business run from the suburbs of Paris. It was a family business whose members soon recognized the growing interest in PC games. Ubi Soft developed some titles in-house that were successful in Europe but did not translate well overseas. Eventually, the company purchased rights to distribute other titles, which enabled them to buy Red Storm Games, the maker of a popular game based on the Tom Clancy novels.
Aside from the Assassin’s Creed series, Ubisoft is known for the Far Cry series and Just Dance.
Did You Know?
Electronic Arts bought, and later sold, shares in Ubisoft.
King
2018 Revenue: $1.9 billion
Best-selling game: Candy Crush saga
Founded: 2003
Source: Iswjy1mcb [CC By SA 4.0] via Wikimedia Commons
King initially developed games that users could play within their web browser, eliminating the need to download and/or install software. That model didn’t prove successful initially. However, the company found success producing games for use on social media platforms like Facebook.
Within social media gaming, King would make money via so-called “micro-transactions” and through in-game advertising. This caused revenue growth of over $1 billion within two years.
Did You Know?
One of the co-founders of King sold his ownership stake years before the company became one of the top earners.
Namco Bandai
2018 Revenue: $2.20 billion
Best-selling game: Tekken series
Founded: 2005
Source: Bandai Namco [Public Domain] via Wikimedia Commons
Namco was already a well-known arcade game company. Bandai, a toy maker and TV show producer, has some of the world’s best-known brands, like Power Rangers. In 2005, the gaming divisions of the two companies merged.
The merged Namco Bandai Studios has some of the longest running and most popular console fighting games, such as Tekken and Soul Caliber. It also has released a number of games based on Bandai-owned IP like Dragonball and Gundam.
Did You Know?
The Bandai Namco manufacturing division is the largest toy company in the world based on revenue.
Electronic Arts
2018 Revenue: $3.49 billion
Best-selling game: FIFA 18
Founded: 1982
Source: King of Hearts [CC BY SA 3.0] via Wikipedia
Electronic Arts may be one of the most widely recognized brands in gaming culture. Former Apple employee Trip Hawkins started the company with financing and began producing a variety of games for the growing home computer market. It was a few years after the company began that EA began working on a pro football simulator that would spawn one of its more popular games, Madden NFL.
EA’s sports games are what made the company a success. However, EA acquired a number of studios over time, producing or co-producing popular games from other subgenres.
Did You Know?
Former UCLA basketball star Ed O’Bannon sued EA for using his likeness without permission. EA settled with O’Bannon, but stopped making college sports games because of the suit.
Activision Blizzard
2018 Revenue: $3.5 billion
Best-selling game: Overwatch, WoW
Founded: 2008
Source: Activision Blizzard [Public Domain] via Wikimedia Commons
Activision and Blizzard were separately to of the most successful game publishers and developers of the 1990s, with Activision being one of the oldest companies in the business. During a downturn in the home gaming industry, Activision was purchased by a tech CEO and regained market share.
Blizzard was a pioneer in the online, multiplayer strategy games like Warcraft. The French company Vivendi purchased Blizzard, and Activision later acquired Vivendi’s gaming division, which included Blizzard.
Did You Know?
Activision was responsible for many of the earliest popular console games, including Pitfall first sold for the Atari 2600 in 1982.
Nintendo Company
2018 Revenue: $4.2 billion
Best-selling game: the Mario series
Founded: 1886
Source: Evan-Amos [Public Domain] via Wikimedia Commons
Nintendo was in the gaming business long before computers were invented, making playing cards, and later on, toys and arcade games. It entered the console game industry in the 1970s when it distributed the Odyssey console in Japan. In 1981, it developed and released Donkey Kong, the game that spawned the signature character Mario.
Nintendo is perhaps better known for the consoles and gaming devices it has created rather than its games. The company produced a console in 1977 before launching the Famicom, NES and Game Boy systems later.
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Did You Know?
The French Culture Minister knighted Shigeru Miyamoto, the creator of Donkey Kong, in 2006.
Microsoft (Xbox Games)
2018 Revenue: $7.79 billion
Best-selling game: Halo, Minecraft
Founded: 2002
Source: Pexels [CC0]
Bill Gates’ company had always had an in-house game division that produced and published games with the MS-DOS operating system and for Windows. The company created a separate division for games in 2000 when it entered the console gaming arena and announced the Xbox.
Xbox Games develops and publishes games for the PC and for the console as well as publishing mobile and web browser games. It has also acquired Mojang, the developer and publisher of Minecraft.
Did You Know?
The Microsoft game Minesweeper has been included with every version of Windows (in some form) since 1992.
Tencent Games
2018 Revenue: $8.3 billion
Best-selling game: Arena of Valor
Founded: 2003
Source: Public Domain
Tencent Games is a division of Tencent Holdings, a Chinese holding company with a variety of business interests, including online gaming. From the beginning, the gaming company focused on online and social media gaming to meet the interests of the growing Chinese mobile communications market. Its parent company has invested in a variety of game publishers and hosts.
Today the company continues to focus on online and mobile gaming and has its own streaming platform. It’s the largest valued game company.
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Did You Know?
Tencent’s purchase of 40% of the company that makes Fortnite may make the company the largest in the world by revenue soon.
Sony Computer Entertainment (SCE)
2018 Revenue: $10.5 billion
Best-selling game: The Last of US, Gran Turismo
Founded: 2003
Source: Solomon 203 [CC BY SA 4.0] via Wikimedia Commons
A division of electronics and entertainment conglomerate Sony, SCE began in 1993 when Sony announced the production of the Playstation game console. Since then, SCE has become the largest video game company in the world based on annual revenue.
SCE oversees the production of the hardware and peripherals for Playstation games. It is also the parent company of Sony Interactive Entertainment Worldwide (SIE), the company that oversees the production of Sony games. Many of the studios under SIE were acquired by takeover.
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Did You Know?
Sony’s revenue comes from its hardware, as it only placed two games (Marvel’s Spider Man and God of War) in the top ten list in 2018.