The Fall and Rise of Publishing (Ep. 2)

The video game industry has shifted from a 20th-century industrial model—reliant on physical manufacturing, retail shelf space, and publisher-controlled distribution—to a modern era defined by platform-based publishing. This transformation centers on the transition from aggregating supply to aggregating demand, a shift accelerated by the internet and the rise of digital marketplaces like Steam. By eliminating the physical package, platforms now facilitate direct exchanges between creators and consumers, fundamentally altering power dynamics and developer economics. While traditional publishers once held leverage through financing and distribution control, modern platform-based publishers, such as Riot, Epic, and Tencent, now dominate by leveraging massive, engaged user bases. This evolution has empowered independent developers and enabled new monetization strategies like free-to-play and subscription services, ultimately reshaping how games are marketed, discovered, and played in the digital age.