The gaming industry may have experienced a down year in 2009, but the global market remains a strong one. In May, DFC Intelligence estimated that the total market achieved revenues of $60.4 billion, a figure that spans console, PC, portable, and online games, from boxed products and subscription fees to microtransactions.

　　The gaming pie continues to grow. Given those heady revenues, it comes as no surprise that the companies that make those games are quite valuable. Avista Parners investment banker Paul Heydon detailed the value of the global game industry as part of a session at the Edinburgh Interactive conference in the UK this week. According to Heydon, the total market capitalization of all public game companies stands between $100 billion to $105 billion.

　　Market capitalization, which is commonly used by investors to determine the value of a company, is the sum value of a company's outstanding shares, and so it fluctuates significantly with stock price.

　　Heydon's figures indicated that current-generation console and handheld leader Nintendo is the most valuable public gaming company, with a market capitalization of $34.9 billion. However, from there, Heydon's figures took on less differentiation, with the investment banker noting that "PC/Console" companies excluding Nintendo combined for a market cap of $33.2 billion.

　　The online game arena, which includes companies who specialize in massively multiplayer gaming and social/casual titles, is valued at $23.4 billion, according to Heydon, while mobile game companies are worth $8.26 billion. Turning to the fractional portions of Heydon's chart, retail companies' values clocked in at $3.11 billion, followed by payment services ($1.37 billion), distribution/accessories ($311 million), and outsourcing ($255 million).