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The paper examines the video game industry in the perspective of being the paradigm of innovation in digital media and content. In particular, it analyses the response to two main factors that have impacted this industry over the last decade. First, it tracks the evolution of its global market and its emerging geography with the rise of Asia. Second, within this global landscape the paper explores how the changes derived from mobile and on-line gaming enabled major transformations of this industry. From here, some conclusions on the lessons from the evolution of this sector for the whole media and content industries are presented.