The top 10 game companies made $126 billion in revenue last year.
That’s according to a new report from Newzoo, shared by Venturebeat.
Chinese giant Tencent leads the way, with revenue of $32.2 billion. It is followed by Sony ($18.2 billion) and Apple ($15.3 billion).
Microsoft and Google rounded out the top five, with $12.9 billion and $11.0 billion in revenue, respectively.
Activision Blizzard and Nintendo are in eighth place with $8.1 billion.
Revenue changes from the prior year aren’t huge, with Newzoo saying acquisitions will likely be the biggest differentiator to drive growth.
To that end, what’s interesting is that if mergers had taken place earlier, the combined revenues of Microsoft and Activision Blizzard would have propelled the pair above Sony to take second place.
Additionally, if Take-Two already owned mobile publisher Zynga, it would have made the top 10.
Newzoo also noted Microsoft’s growth (9.6%) compared to Nintendo’s 1.9% and Sony’s decline (2.3%). He attributes this to the success of Game Pass, where Sony and Nintendo struggled after the pandemic boom of 2020.
Last month, we reported that Xbox had taken global market share with its Xbox Series X/S consoles.
Nintendo and Sony shared their financial reports this week, including struggling console sales.