When the video game Call of Duty: Modern Warfare 3 was released on November 8, 2011, it earned $400 million within
24 hours in North America and the United Kingdom (Activision
2011). After 16 days, its revenues had passed $1 billion (Waugh
2011). This compelling success is a manifestation of the enormous growth that the video game industry has experienced; over a 25-year period, it has grown annually by between 9% and
15% (Zackariasson and Wilson 2010). In turn, the economic value of video games has shifted, from a niche industry to a blockbuster business. Today, more Americans play video games than go to the movies (NPD Group 2009), and in 2012, global revenues were an estimated $67 billion for console and portable hardware and software, as
24 hours in North America and the United Kingdom (Activision
2011). After 16 days, its revenues had passed $1 billion (Waugh
2011). This compelling success is a manifestation of the enormous growth that the video game industry has experienced; over a 25-year period, it has grown annually by between 9% and
15% (Zackariasson and Wilson 2010). In turn, the economic value of video games has shifted, from a niche industry to a blockbuster business. Today, more Americans play video games than go to the movies (NPD Group 2009), and in 2012, global revenues were an estimated $67 billion for console and portable hardware and software, as