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Microsoft ranked as the biggest game publisher for December 2024 by consumer spending across PlayStation, Xbox, and Steam. Ampere Analysis estimated that Microsoft-published games, including Activision Blizzard titles, generated $465 million and a 16.4% share of spending during that month. That is a real, significant result—but it does not prove Microsoft is the biggest video-game company overall, the most profitable publisher, or the current 2026 leader.
What Ampere actually measured
Ampere Analysis published its ranking on January 29, 2025. It measured consumer spending during December 2024 on PlayStation, Xbox, and Steam, counting games published by Microsoft, including Activision Blizzard. Microsoft’s estimated total was $465 million, equal to 16.4% of spending in that defined market. Electronic Arts ranked second and Take-Two Interactive third.
“Consumer spending” is not the same as Microsoft’s revenue. Money spent by players can be reduced by platform commissions, taxes, refunds, regional pricing, payment costs, subscriptions and other accounting adjustments before a publisher recognizes revenue. The result also excludes markets and metrics not covered by the ranking, such as console shipments, profit, annual revenue, units sold and complete mobile-market spending.
See Ampere’s announcement for the stated methodology and ranking.
#1 Best Overall
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Why Microsoft came first
Call of Duty: Black Ops 6 supplied the main momentum
Call of Duty: Black Ops 6 launched in October 2024 and remained a major premium and live-service product through the holiday season. The franchise combines full-game sales, downloadable content, battle passes and in-game purchases across a large installed player base. Ampere-related reporting said Call of Duty HQ had 38 million monthly active users in November 2024.
That scale matters because a strong annual release can lift a publisher’s spending for an entire month, particularly when it is available on several platforms. Black Ops 6 was sold on both Xbox and PlayStation, allowing Microsoft to monetize the much larger cross-platform audience rather than limiting sales to Xbox owners.
The Activision Blizzard acquisition changed Microsoft’s footprint
Microsoft completed its approximately $68.7 billion acquisition of Activision Blizzard in October 2023. The deal added Call of Duty, World of Warcraft, Candy Crush, Diablo, Overwatch and Warcraft to Microsoft Gaming, alongside Activision, Blizzard and King’s publishing operations.
Before the acquisition, Microsoft already owned Xbox Game Studios, Bethesda/ZeniMax and Minecraft developer Mojang. Activision Blizzard added a particularly powerful annual console franchise and a large mobile business, making Microsoft’s publishing portfolio much broader than its Xbox hardware business.
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Rank #2
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The PlayStation paradox
Microsoft’s first-place result is not an Xbox-only victory. Ampere’s measurement included PlayStation, Xbox and Steam, and industry reporting attributed roughly 64% of December spending on Microsoft-published games to PlayStation. That percentage should be treated as an Ampere figure reported by a secondary outlet, not as Microsoft-reported revenue.
The strategic lesson is straightforward: Microsoft can earn from games played on rival hardware. Sony may collect a storefront share, but Microsoft gains access to PlayStation’s large audience. A successful game on PlayStation can therefore strengthen Microsoft’s publishing business even if the customer never buys an Xbox.
Did Microsoft win the console war?
No. A publisher-spending ranking does not measure hardware sales, installed base, console shipments or platform loyalty.
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- Platform operator: Microsoft runs Xbox, Windows gaming, Game Pass and cloud services.
- Publisher: Microsoft sells games through Xbox, PC, Steam, PlayStation, mobile and other channels, depending on the title.
- IP owner: Microsoft now controls a much larger portfolio through Bethesda and Activision Blizzard.
Microsoft’s fiscal 2025 reporting illustrates the distinction: gaming revenue increased by $2 billion, or 9%, and Xbox content and services revenue rose 16%, while Xbox hardware revenue declined. Activision Blizzard and Game Pass were identified as contributors to content and services growth. These figures are reported in Microsoft’s broad gaming category, not as a clean publisher-only total. The annual report is at Microsoft Investor Relations.
Is Microsoft the biggest game company overall?
The Ampere result does not establish that. “Biggest” can mean several different things:
Rank #3
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- QUICK RESUME — Seamlessly switch between multiple games and resume exactly where you left off. No more waiting through title screens and loading bars.
- FOUR GENERATIONS OF DIGITAL GAMES — Play thousands of digital games from XBOX Series X|S, XBOX One, XBOX 360, and Original XBOX with backward compatibility. Many titles are enhanced for better visuals and performance. Smart Delivery ensures you always get the best version for your console.
| Question | What the available evidence shows |
|---|---|
| Biggest publisher by measured December 2024 spending | Microsoft, with $465 million and a 16.4% share across PlayStation, Xbox and Steam, according to Ampere. |
| Biggest company by annual gaming revenue | Not established by this ranking. Companies report gaming categories differently. |
| Most profitable publisher | Not established. Ampere measured spending, not operating profit. |
| Biggest mobile publisher | Not established. Mobile, China and international markets require broader comparisons. |
| Largest console platform | Not measured. Hardware, software, subscriptions and installed base are separate questions. |
Microsoft’s own 2023 acquisition messaging said the combined business would become the world’s number-three gaming company by revenue, behind Tencent and Sony, once the transaction closed. That company-level comparison is not equivalent to Ampere’s one-month publisher ranking.
Tencent remains an essential comparator because its business spans Chinese and international games, mobile, PC, studios and investments. Tencent reported RMB77.4 billion in international-games revenue for 2025, a category that is not its entire gaming business. Its results are available through the company’s 2025 results release.
How Microsoft compares with EA and Take-Two
Ampere placed EA second and Take-Two third in the December ranking. Secondary coverage reported EA at $366 million in consumer spending against Microsoft’s $465 million, but that figure is not a substitute for EA’s reported annual financial results.
EA’s fiscal 2026 filing covers company-wide revenue and bookings from EA Sports FC, Madden, Apex Legends, Battlefield, The Sims and other products. Those figures are not directly interchangeable with Ampere’s one-month, cross-store consumer-spending estimate. The filing is available from the U.S. Securities and Exchange Commission.
What Microsoft’s financial reports do—and do not—prove
Microsoft’s fiscal 2025 disclosures establish that its gaming business grew and that content and services performed better while hardware declined. They do not establish that Microsoft led every publisher for a full year, generated the highest gaming profit, sold the most units or had the largest player base.
Rank #4
- What's in the box: Xbox Series S 512GB console, 1 Wireless Controller, High Speed HDMI cable.
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- Gaming Resolution: 1440p; Performance Target: Up to 120 FPS; HDMI Features: Auto Low Latency Mode, HDMI Variable Refresh Rate, AMD FreeSync.
Microsoft groups several activities under gaming, potentially including first-party sales, third-party distribution, Game Pass, downloadable content, subscriptions, hardware, accessories and related services. Comparing that broad category directly with EA’s publisher figures or Tencent’s game categories creates an accounting mismatch unless the methodology is made explicit.
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Why the December result may not repeat every month
December is a holiday month, and the ranking followed a major Call of Duty release. A different month could produce a different leader depending on:
- the timing of the next Call of Duty and other blockbuster launches;
- new releases from EA, Take-Two, Sony, Nintendo or Tencent;
- live-service events and expansions;
- holiday discounts and gift-card spending;
- subscription and downloadable-content accounting;
- mobile performance and markets not included in Ampere’s platform scope.
Ampere’s ranking should therefore be read as a snapshot, not a twelve-month forecast. Because the published result concerns December 2024, it should not be presented as proof of Microsoft’s current August or September 2026 ranking without newer data.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The regulatory significance of the acquisition
The Activision Blizzard deal combined a console and PC platform owner, a subscription provider, a cloud infrastructure company, a mobile publisher and owners of valuable franchises. Competition authorities scrutinized that combination, particularly its implications for cloud gaming.
The UK Competition and Markets Authority initially blocked the transaction over cloud-gaming concerns and later approved a restructured deal after Microsoft transferred cloud-streaming rights for Activision Blizzard games outside the European Economic Area to Ubisoft for a long period. The CMA’s decision is documented at gov.uk.
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Accurate version
Microsoft was the biggest publisher in Ampere’s December 2024 ranking by consumer spending across PlayStation, Xbox and Steam, with Activision Blizzard included.
Misleading versions
- Microsoft is permanently the world’s biggest publisher.
- Microsoft beat Sony and Tencent under every industry measure.
- Microsoft earned $465 million in publisher revenue.
- Xbox won the console market.
- The result proves Microsoft will rank first in 2026.
What this means for Xbox users
Microsoft is increasingly separating Xbox hardware from Microsoft Gaming’s broader publishing and services business. Its games can reach Xbox, Windows, Steam, PlayStation, mobile and cloud users, depending on the title.
That strategy increases the addressable audience and can improve spending on live services, but it also reduces the traditional reason to buy an Xbox solely for exclusive games. It can create more dependence on rival storefronts and their fees while making Microsoft’s content business less dependent on console hardware.
For consumers, the practical choice is conditional:
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Quick Recap
- Game Pass: best suited to frequent players who value a rotating catalog across Xbox or PC; verify current plans and pricing at the official page.
- Xbox hardware: most compelling when its services, backward compatibility, library or ecosystem matter more than access to individual multiplatform games; see Xbox’s console page.
- Cloud Gaming: useful for supported devices and regions, but dependent on latency, bandwidth, data caps and controller access; see the official service page.
- PC or Steam: a sensible route for readers who already own a gaming PC, although availability varies by title and storefront; Steam is at store.steampowered.com.
- PlayStation: owning a PlayStation may already provide access to major Microsoft-owned multiplatform releases, but availability is title-specific; see PlayStation’s official site.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
