Growth strategies of complementors: the case of the global video game industry

This thesis investigates the growth strategies of complementors within digital platforms, with a particular focus on the global video game industry. The primary objective is to empirically assess how technological transitions, represented by console generational cycles, shape publishers’ strategic choices. To this end, an original dataset covering the period 1993–2024 was developed by combining industry sources such as MobyGames and Giant Bomb, enabling a longitudinal analysis at the publisher–active year level. Three strategic dimensions are examined: external growth through mergers and acquisitions (M&A), internal growth via subsidiary creation, and international expansion. The empirical findings reveal that technological transitions act as catalysts for strategic activity, significantly increasing the likelihood of both M&A and subsidiary establishments. However, acquisitions emerge as the preferred strategy in times of uncertainty, as they allow for rapid access to critical resources and mitigation of bottlenecks. Subsidiaries, instead, serve as long-term investments aimed at consolidating capabilities and ensuring content quality. Conversely, international expansion does not appear to be correlated with generational shifts, suggesting that it is driven by structural market factors rather than transitional dynamics. This research contributes to the literature on digital platforms by highlighting the active role of complementors in shaping industry trajectories and by illustrating how environmental turbulence affects their growth strategies. Managerially, it suggests that complementors should pursue a balanced portfolio of strategies to combine adaptability with long-term capability development, while platform orchestrators must balance openness and control to sustain ecosystem innovation.