Pixel P&L: Game Awards Draws 171 Million Livestreams, Up 11% Year-Over-Year

Welcome to another Pixel P&L edition. This issue takes 5 minutes to read. If you only have one, here are the 5 most important things:

• The Game Awards smashed records with 171 million livestreams, proving gaming's flagship event continues its relentless growth.

• Warner Bros. Discovery rejects Paramount's $108B takeover, doubling down on its Netflix merger instead.

• FIFA returns to gaming through Netflix in 2026, marking a stunning mobile-first strategy after the EA split.

• US hardware sales hit their worst November since 1995, with only 1.6 million units sold despite Black Friday.

• Steam Replay reveals players engaged with just 0.56 new releases in 2025.

Let's get into it.

Game Awards Viewership Climbs to 171 Million Livestreams

The Game Awards extended its streak of audience growth, drawing 171 million global livestreams during its December 11 broadcast, an 11% increase from last year's 154 million viewers.

The gaming industry's flagship awards ceremony, now in its eleventh year, has grown substantially from its 1.9 million streams in 2014. Peak concurrent viewership across Western platforms including YouTube and Twitch reached 4.4 million, up 9% year-over-year, according to StreamCharts data.

The 2025 edition marked the first time a subscription streaming service carried the event, with Amazon Prime Video broadcasting the show alongside traditional digital platforms. However, Prime Video metrics were not included in the overall viewership total.

YouTube dominated with 2.4 million peak concurrent streams across all channels, while Twitch recorded 1.8 million concurrent viewers. Co-streaming contributed significantly, with 16,500 Twitch creators broadcasting the show, a 50% increase from 2024's 11,000 co-streamers.

Chinese platforms including Bilibili and Huya helped drive international reach.

Warner Bros. Discovery Rejects Paramount's $108 Billion Takeover Bid

Warner Bros. Discovery's board unanimously rejected Paramount Skydance's $108.4 billion acquisition offer, advising shareholders the proposal undervalues the media conglomerate and poses significant risks.

The board reaffirmed its commitment to a previously announced $82.7 billion merger with Netflix, calling those terms "superior" and "extraordinary by any measure." Warner Bros. Discovery criticized Paramount Skydance for misleading shareholders about financial backing from the Ellison family, stating the proposed transaction lacks a "full backstop."

Board chairman Samuel A. Di Piazza Jr. said the hostile tender offer fails to address concerns communicated during reviews of six prior Paramount proposals. The rejection follows Netflix's agreement to acquire Warner Bros. Discovery's theatrical film operations, television studios, and HBO brand earlier this month.

Netflix co-CEO Ted Sarandos defended the merger, emphasizing the companies' complementary strengths and commitment to theatrical releases with traditional windows. The streaming giant's deal includes Warner Bros. Discovery's gaming division.

Paramount Skydance launched its hostile takeover attempt shortly after the Netflix merger announcement.

⚡️Quick Bytes

Netflix Secures FIFA Gaming Rights for 2026 Mobile Title

FIFA will return to video games in 2026 through Netflix, marking the football body's first release since splitting with Electronic Arts in 2023. The mobile-first title, developed by Delphi Interactive, will launch ahead of the 2026 World Cup exclusively for Netflix subscribers on iOS, Android and select TVs. The announcement represents a significant departure from EA's console-focused FIFA franchise, which attracted 150 million players before rebranding as EA Sports FC. FIFA president Gianni Infantino called the partnership "a great historic step," while fans expressed mixed reactions to the mobile platform strategy.

Ubisoft's Rainbow Six Mobile Launches Globally February 23

Ubisoft will release Rainbow Six Mobile worldwide on February 23, bringing the tactical shooter franchise to iOS and Android devices as a free-to-play title. The 5v5 multiplayer game features three modes (Bomb, Bomb Rush, and Team Deathmatch) across seven maps, including Rainbow Six Siege favorites like Bank and Border, plus two mobile-exclusive locations. Players can select from over 20 operators for ranked matches and quick play. The title is currently available in Poland, France, Canada, and Latin America, with seasonal content updates planned post-launch.

US Video Game Hardware Sales Record Worst November Since Tracking Began

US video game hardware sales posted the weakest November since tracking began in 1995, with only 1.6 million units sold last month, according to Circana data. Hardware spending dropped 27% year-over-year to $695 million, the lowest November total since 2005, despite typically strong Black Friday and holiday demand. Average hardware prices reached an all-time high of $439, up 11% from 2024. PlayStation 5 led console sales, followed by Nintendo Switch 2 and Xbox Series X/S. Circana analyst Mat Piscatella warned manufacturers likely cannot lower prices amid rising component costs and tariffs.

⚔️Side Quest

🤣Laugh:

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📚 Read: Gaming's most influential women reflect on a decade since Gamergate, revealing marginal progress from 22% to 25% female representation. Industry leaders including Brenda Romero, Jennifer Hale, and Maria Sayans share experiences with persistent challenges like inadequate maternity support, leadership barriers, online harassment, and the fragility of DEI gains amid recent political rollbacks and economic pressures.

💡Did You Know

Steam's 2025 Replay reveals the average player engaged with just 0.56 new releases throughout the year. Despite thousands of games launching annually, players spent only 14% of their gaming time on same-year titles, a pattern consistent since 2022 (ranging between 9-17% annually). With users playing a median of four total games, this translates to barely half a new game per person. The statistic highlights how established live service titles and catalog games dominate player attention, creating fundamental marketplace challenges where even successful new releases struggle to break through existing gaming habits and ecosystems that lock players into long-running multiplayer experiences.

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