Business Model Evolution and Value Dynamics in the Video Game Industry: A Systematic Review

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Alessandro Annarelli, Biagio D’Alessio

Alessandro Annarelli (PhD) is Tenure Track Assistant Professor of Business and Project Management at Sapienza University of Roma (Italy). He carries out his research activities in the field of Management focusing on Innovation Management, Operations and Service Management. He authored about 17 scientific papers also published in leading research journals and he is author of the international book “The Road to Servitization” published by Springer.
Biagio D’Alessio (MSc) holds a Master’s Degree in Management Engineering, Business Intelligence and Analytics from Sapienza University of Rome (Italy). His research activity focuses on the economic and managerial transformations of the video game industry, with particular attention to business model evolution, servitization, and value creation within digital ecosystems. He currently works as a Junior Procure­ment Officer in his family-owned company, where he develops competencies in supply management and process optimization.

ABSTRACT
This systematic literature review investigates the managerial transformation of the video game industry over the past two decades. Drawing on 50 peer-reviewed papers retrieved from the Scopus database, the study examines business models, monetization logics, organizational dynamics, platformization processes, technological infrastructures, and Servitization practices. The findings reveal a progressive shift from product-oriented configurations toward hybrid product-service ecosystems, entailing profound implications for value creation and value capture. Business models and monetization strategies emerge as the most extensively explored domains, followed by organizational and technological dimensions and users’ social practices. The review further analyzes the impact of blockchain, cryptocurrencies, and the metaverse, emphasizing the strategic role of Servitization in sustaining competitive advantage. Future research directions highlight regulatory challenges, the sustainability of hybrid models, and the evolving interactions among firms, platforms, and player communities. Overall, the study provides an integrated managerial perspective on value dynamics within a rapidly evolving creative industry.

KEYWORDS
Business model innovation; servitization; digital transformation; value creation; value capture