????對于視頻游戲產業而言，今年是非常難熬的一年。根據研究機構NPD公司的數據，僅7月份，整個游戲產業的銷售額就比去年同期下降了20%，降至5.484億美元。與去年同期相比，硬件銷售額下降了32%，游戲制造商的總收入下降23%。

????我們很難從這些數字中看到一絲希望。正如無數的分析師所言，視頻游戲產業正面臨一場完美風暴。夏季幾乎總是會出現一定程度的放緩。其次，大多數開發商正在推出的要么是現有游戲的續集，要么僅對更小規模的市場受眾有吸引力。與此同時，微軟公司（Microsoft）的 Xbox 360、任天堂公司（Nintendo）的Wii 和索尼公司（Sony）的PlayStation 3等知名游戲機也日漸老邁。“當前的游戲機市場周期目前處于其第八個年頭，這種前所未有的局面正在讓游戲玩家心生疲憊，不僅鮮有新IP加入，大批玩家更是轉移到了免費的多人在線游戲領域，手持設備和任天堂Wii 的市場份額不斷被蠶食，”韋德布什證券公司（Wedbush）的分析師邁克爾?帕切特最近在一份研究報告中這樣寫道。

????盡管整個游戲產業顯然已經深陷困境，但有一家公司仍然一騎絕塵，持續獲得競爭對手根本無法匹及的業績：它就是動視暴雪公司（Activision Blizzard）。動視暴雪上個月宣布該公司第二季度獲得10.75億美元的收入，實現利潤1.85億美元。與這份傲人業績一道發布的還有一組令人印象深刻的統計數據，比如該公司在第二季度美國和英國獨立游戲發行商排行榜中都位列榜首。此外，今年上半年最暢銷的游戲機和手持游戲（以美元計算）亦是動視暴雪公司的產品。錦上添花的是，該公司的《暗黑破壞神3》（Diablo III）成為今年迄今為止最熱銷的PC游戲。

????動視暴雪并沒有陷入電子藝界（Electronic Arts）和仟游軟件科技（Take-Two Interactive）等競爭對手面臨的困境。比如，《俠盜獵車手》（Grand Theft Auto）系列游戲制造商仟游軟件科技公司宣布該公司在第二季度實現銷售額2.26億美元，虧損1.108億美元。對于任天堂公司來說，這同樣是一個令人憂慮的時期：它的收入下跌了近10%，跌至10.7億美元。由于Wii游戲機銷售下滑，這家歷史悠久的《馬里奧》（Mario）系列游戲制造商出現了2.17億美元的凈虧損。

????那么，動視暴雪公司究竟對在哪里？首先，這家公司深諳游戲制作之道。它的《使命的召喚》（Call of Duty）是世界上最受歡迎的游戲產品。在在線游戲方面，動視暴雪的《魔獸世界》（World of Warcraft）已經成為有史以來銷售速度最快的PC游戲。最新的游戲產品也表現出色。“在我們看來，《暗黑破壞神3》的成功證明，游戲玩家們非常賞識這家開發商及其提供的高品質游戲體驗，”帕切特在本月發布的一份研究報告中寫道。“根據我們的分析，游戲玩家再次顯示出了放棄平庸的目錄內容，花錢購買新款游戲產品的意愿。”

????即將上市的一系列游戲產品讓投資者們倍受鼓舞——這些投資者已經被萎靡不振的視頻游戲市場搞得疲憊不堪。今年11月份，動視暴雪公司將發布《使命的召喚》系列游戲的最新一款：《使命召喚：黑色行動2》（Call of Duty: Black Ops 2）。去年發布的《使命召喚：現代戰爭3》（Call of Duty: Modern Warfare 3）特別受歡迎，僅上市頭16天就創造了10億美元的銷售額。該公司預計，《黑色行動2》的市場表現要么將接近其前身的業績，要么將一舉超越。“結合《使命的召喚》系列游戲的整體銷售記錄來觀察，有充足的證據可以證明這款游戲的強勢表現還將延續下去，”動視暴雪子公司動視出版公司（Activision Publishing）CEO埃里克?赫什伯格在最近的一次財報電話會議上這樣說道。

????但是，也有許多地方可能會出問題。分析人士驚訝地發現，《魔獸世界》系列游戲的訂購用戶已經減少了100萬，他們因此擔心這家公司將如何應對這款老游戲銷量下滑的問題。如同視頻游戲產業的其他公司一樣，動視暴雪公司也必須依賴現有游戲的續集產品來推動營收，進而減少了能夠帶來新的長期生意的原創游戲的發展空間。更重要的是，已成驚弓之鳥的投資者似乎已經喪失了對整個視頻游戲產業的熱情。但至少就當下而言，動視暴雪公司似乎依然是這一領域難以擊敗的王者。

????譯者：任文科

????It's been a tough year for the video game industry. In July alone, according to research firm NPD, total game industry sales reached $548.4 million, down 20% compared to July 2011. Hardware sales dropped 32%, and game makers saw overall revenue decline 23% year-over-year.

????It was hard to find a glimmer of hope in the numbers. As countless analysts have said, the industry is facing a perfect storm. Summer months almost always tend to be a bit slower. Secondly, most developers are launching games that are either sequels or appeal to a smaller subset of the market. Game consoles -- Microsoft's (MSFT) Xbox 360, Nintendo's (NTDOY) Wii and the Sony (SNE) PlayStation 3 -- are getting long in the tooth, meanwhile. "The current console cycle, currently in its unprecedented eighth year, is generating fatigue among gamers, with little new IP, mass migration to free online multiplayer gaming, and continued market share losses for the handhelds and Nintendo Wii," Wedbush analyst Michael Pachter wrote recently in a research note.

????Despite the industry's obvious troubles, one company continues to achieve results that competitors can't quite match: Activision Blizzard (ATVI). The company announced last month that it generated $1.075 billion in revenue during the second quarter and a $185 million profit. That success accompanied a host of impressive statistics, including news of its standing as the top independent game publisher in the U.S. and U.K. during the second quarter. It also sold the top-selling console and handheld game, in terms of dollars, for the first half of the year. To top things off, its Diablo III is the top-selling PC game so far this year.

????The woes of rivals like Electronic Arts (EA) and Take-Two Interactive (TTWO) haven't hurt. During the second quarter, for example, Take-Two Interactive, maker of the popular Grand Theft Auto franchise, announced sales of $226 million. The company lost $110.8 million. It was a similarly troubling period for Nintendo, which saw its revenue drop by nearly 10% to $1.07 billion.The venerable Mario maker posted a net loss of $217 million due to slumping Wii sales.

????What is Activision Blizzard doing right? For one thing, the company knows how to make games. Its Call of Duty franchise is the world's most popular console title. On the online-gaming front, Blizzard's World of Warcraft has become the fastest-selling PC game of all time. Newer titles have also fared well. "In our view, the success of [Diablo III] is a testament to gamer appreciation for the developer and franchise, as well as for high-quality gameplay experiences," Pachter wrote in a research note this month. "In-line with our thesis, gamers have once again shown a willingness to forego mediocre catalog content and spend on premier new releases."

????A slate of upcoming titles has cheered investors made weary by a market down on video games in general. This November, the company will be launching the latest installment in its Call of Duty franchise, Call of Duty: Black Ops 2. Last year's Call of Duty: Modern Warfare 3 was especially popular, generating $1 billion in sales in just its first 16 days of availability. Black Ops 2 is expected to either come close to matching or beat out its predecessor altogether. "When taken in combination with the record engagement of the Call of Duty franchise overall, there is strong evidence of tremendous continued engagement with the franchise," Activision Publishing CEO Eric Hirshberg said on a recent earnings call.

????Plenty could go wrong. Analysts were surprised to see that World of Warcraft subscriptions had slipped by 1 million users, raising concerns about how the company will manage that aging title's decline. And, like the rest of the industry, the firm has had to rely on sequels to boost earnings, leaving less room for original franchises which can generate new long-term business. Most of all, squeamish investors seem to have gone cold on video games over all. But, for the time being, Activision Blizzard still appears to be the one to beat.