一條滿身菱形花紋的龍從一個帶有圓點的蛋中孵出。它拋落外殼上斑斑點點的碎片,，從巢穴中爬出，拍動著一雙可愛的紫色小翅膀,，一臉好奇地在四周游走,。幾秒鐘后，三位來自外星的麻煩制造者突然出現(xiàn),，并肆意嘲諷這個源自神話的嬰兒,。“我愛龍寶寶,，特別是中等稀有的龍寶寶,。”長著三個手指的頭目陰森森地說道,。與此同時,，他和兩位同伙迅速地圍住了他們的獵物。

這個嬌小的龍寶寶突然發(fā)起猛攻,，噴出一股驚人的強力火焰,，將對手放倒在地?！芭?，好棒，小龍斯派羅贏了,！”他傲嬌地大喊,，并用他胖胖的，帶有爪子的雙腿在一個癱倒在地的外星人身上蹦上蹦下,。就在這時候,，一位戴著維京頭盔，身材高大的巫師不知從哪兒冒出來,，給了它一塊吃了一半的玉米熱狗,。“它幾乎沒有被觸碰過,?！彼f,。

在這一時點，我完全迷惑了,。（撰寫本文期間,，這種感覺出現(xiàn)了好幾次）。要是我年輕幾歲,，并且是一位游戲玩家,，我恐怕會認出屏幕上這些生物是來自《小龍斯派羅》(Skylanders)的角色。這款價值35億美元的“互動實體玩具游戲”是由視頻游戲巨頭動視暴雪開發(fā)的,。從多人戰(zhàn)斗系列《魔獸世界》到用來消磨時間的手游《糖果粉碎傳奇》,，這家南加州公司相繼發(fā)布了游戲史上最受歡迎的幾款游戲?！缎↓埶古闪_》發(fā)布于2001年,，在6年內(nèi)已經(jīng)售出了3億個玩具手辦和其他玩具。

對于我身上那個假想的玩家身份來說,，這個場景中唯一一個并非那么奇怪的部分是,，它并不是發(fā)生在一款游戲中。相反,，我剛剛觀看了《小龍斯派羅學院》第一季的頭兩分鐘,。去年10月份，這個電視衍生產(chǎn)品在Netflix首次亮相,。這個節(jié)目標志著動視暴雪翻開一個新篇章,。這家游戲巨頭正在嘗試著斬荊披棘，華麗轉(zhuǎn)型為一頭更加多樣化,，更加龐大的娛樂巨無霸,。

這家公司迄今為止的增長（僅僅依靠游戲一項），已經(jīng)躋身高分榮譽榜之列,。在上個財年,，動視暴雪創(chuàng)紀錄地斬獲66億美元營收，同比飆漲42%,。過去五年來,，其股價漲幅超過400%。首席執(zhí)行官鮑比·科蒂克現(xiàn)在是科技類上市公司中任職時間最長的一把手——同時也是薪酬最高的高管之一,?！都~約時報》最近報道稱，科蒂克是去年薪酬位列第十位的美國上市公司CEO,，總薪酬高達3310萬美元,，其中近2500萬美元是股票期權。（此外，科蒂克的約會對象也是科技圈內(nèi)響當當?shù)娜宋铩狥acebook首席運營官雪莉·桑德伯格,。）

今年,，擁有37年歷史的動視暴雪首次躋身《財富》500強榜單。在游戲行業(yè),，這是非常罕見的榮耀,。此前，只有兩家以視頻游戲為主營業(yè)務的公司曾經(jīng)登上《財富》500強榜單,，即電子藝界和行業(yè)先驅(qū)雅達利,。但這兩家公司都是匆匆過客：電子藝界僅在2010年躋身該榜單，而雅達利的榮耀也僅僅持續(xù)了兩年,，即1988年和1989年,。（經(jīng)過幾次所有權變更，雅達利宣告破產(chǎn),，它現(xiàn)在隸屬于一家法國媒體公司,。）此處的要點是：游戲或許屬于主流娛樂，但游戲公司大多是由熱門產(chǎn)品驅(qū)動的,；截至目前，還沒有一家游戲公司成功地擴展到視頻游戲之外的領域,。

動視暴雪希望成為第一家實現(xiàn)這一成就的游戲公司,。正在從該公司龐大的專有角色地下室走出的，不僅僅是以小龍為中心的電視節(jié)目,，還包括英勇的蘇格蘭狙擊手和一位名為“泰瑞爾”的墮落天使——當他出現(xiàn)時,，“地牢爬行”游戲《暗黑破壞神》的玩家們都會陷入癲狂。多部基于暢銷戰(zhàn)爭游戲《使命召喚》改編的電影正在開發(fā)中,。動視暴雪最近成立了一個消費品部門,，它肩負著基于該公司IP角色開發(fā)動漫書和服飾等消費品的重任。

最值得注意的是,，一個電子競技帝國初具雛形,。這是動視暴雪為挺進正在蓬勃發(fā)展的競技性視頻游戲世界所做的一個重大嘗試。這個原本屬于利基市場的領域,，正在迫近一個臨界點,。2017年，全球預計有3.85億人觀看電子競技賽事——主要是在線觀看,，但通過有線電視觀看直播的觀眾日益增多,。研究公司Newzoo提供的數(shù)據(jù)顯示，源自電子競技的收入今年將接近7億美元,；到2019年,，這個數(shù)字勢必會突破10億美元。

如今的電子競技聯(lián)盟所使用的某些游戲，正是動視暴雪制作的,。但它不再滿足于旁觀者的角色,。這個行業(yè)仍然很小，并且足夠分散,。有鑒于此,，一家像動視暴雪這種規(guī)模的公司完全有能力“強取豪奪”。去年,，這家游戲生產(chǎn)商收購了電子競技賽事開發(fā)商和分銷商職業(yè)游戲大聯(lián)盟,。科蒂克告訴《財富》,，“它就像視頻游戲領域的ESPN,。”

職業(yè)游戲大聯(lián)盟距離ESPN級別的統(tǒng)治力還有數(shù)光年之遠,。但要說有什么區(qū)別的話,，科蒂克的類比其實并沒有充分表達他的勃勃雄心：倘若ESPN不僅分銷橄欖球賽事，而且擁有全美橄欖球大聯(lián)盟,，同時還制作世界上的所有橄欖球,，這種說法可能更加準確。今年晚些時候,，動視暴雪將基于該公司最熱門的新游戲之一,，啟動《守望先鋒》聯(lián)盟。該聯(lián)盟基本上將控制所有的參賽戰(zhàn)隊和所有游戲的分銷權,。動視暴雪認為,，隨著電子競技觀眾的增長，這些機會,，連同贊助和廣告,，更不用說還有像T恤和帽子這樣的《守望先鋒》授權商品，將為公司帶來數(shù)十億美元的年收入,。作為一項彰顯潛在收益的基準,，該公司指出，NFL每年能夠從大約2.4億觀眾身上獲得120億美元的收入,，其中包括61億美元的媒體轉(zhuǎn)播權銷售所得,。科蒂克說,，“十年后,，電子競技領域的頂級玩家會像傳統(tǒng)體育賽事的明星那樣光芒萬丈?！?/p>

A diapered dragon hatches from a polka-dotted egg. Casting off the speckled shards of its shell, it toddles out of its nest and crawls around curiously, flapping a pair of adorably tiny purple wings. Seconds later, a trio of extraterrestrial troublemakers appear, taunting the mythological infant. “I looove baby dragons,” their three-fingered ringleader says menacingly as he and his cohorts encircle their prey. “Especially medium-rare ones.”

The diminutive dragon abruptly lashes out, disabling his opponents with a surprisingly forceful flame. “Oh yeah, Spyro wins!” he gloats, trampolining on one of the fallen aliens with his chubby, clawed legs. Out of nowhere, a tall wizard with a Viking helmet appears and offers him a half-eaten corn dog. “It’s barely touched,” he says.

At this point, I’m completely lost (a sensation that will recur several times while I’m reporting this story). But were I quite a few years younger—and a gamer—I would have recognized the creatures on my screen as characters from Skylanders, a $3.5 billion “toys-to-life” franchise created by videogame powerhouse Activision Blizzard (atvi, -1.89%). The Southern California company publishes several of the most popular titles in gaming history, from multiplayer combat series like World of Warcraft to smartphone time-suckers like Candy Crush Saga. The Skylanders franchise, which launched in 2011, has sold 300 million action figures and other toys in six years.

The only part of this scene that might have struck my hypothetical gamer self as remotely odd is that, well, none of it took place during a game. Rather, I’ve just watched the opening two minutes of the first season of Skylanders Academy, a TV spinoff that made its debut on Netflix (nflx, -4.65%) in October. That program signals a new chapter for Activision Blizzard, a gaming Goliath that is attempting to hack-and-slash its way into becoming a more diversified—and even more gargantuan—entertainment juggernaut.

The company’s growth to date, on games alone, already belongs on some sort of high scorer honor roll. In its last fiscal year, Activision Blizzard reported record revenue of $6.6 billion, up 42% from the year before. Over the past five years, its stock price has risen more than 400%. The leader behind that performance, CEO Bobby Kotick, is now the longest-serving head of any publicly traded tech company—and one of the highest paid. According to a recent New York Times report, Kotick was the 10th-best-compensated CEO in the U.S. last year, with a pay package of $33.1 million, nearly $25 million of it in stock. (Kotick is also dating one of the most powerful leaders in tech, Facebook COO Sheryl Sandberg.)

This year, Activision Blizzard earned a spot on the Fortune 500 list for the first time in the company’s 37-year history. In this industry, that’s very rare air. Only two other videogame-centric companies have ever made the Fortune 500: Electronic Arts (ea, -0.39%) and industry pioneer Atari. And neither had staying power: Electronic Arts graced the list just once, in 2010, while Atari lasted two years—1988 and 1989. (After several ownership changes and a bankruptcy, Atari is now part of a French media company.) The takeaway: Gaming may be mainstream entertainment, but game companies are hit-driven—and none has successfully expanded beyond videogames.

Activision Blizzard hopes to be the first. It’s not just dragon-centric TV shows that are being spun out of its massive vault of proprietary characters, which also includes heroic Scottish snipers and a fallen arch-angel named Tyrael (players of the “dungeon crawler” game Diablo go fanboy when he shows up). There are multiple movies under development, loosely based on the bestselling war-game franchise Call of Duty. There’s a newly launched consumer products division, tasked with developing everything from comic books to apparel based on Activision Blizzard’s intellectual property.

And most notably, there is an “e-sports” empire in the works—a major foray into the booming world of competitive videogaming. That genre, once merely a niche, is reaching a tipping point. About 385 million people worldwide are expected to view e-sports events in 2017—mostly online, but increasingly on cable television and at live competitions. Revenue from e?sports will approach $700 million this year, according to research firm Newzoo; by 2019 it should crack $1 billion.

Activision Blizzard makes some of the games played in today’s e?sports leagues. But it is no longer content to have a spectator role—and the industry is still small and fragmented enough that a company of its size can commandeer it. Last year the gamemaker acquired Major League Gaming (MLG), a creator and distributor of e?sports events. “It is like ESPN for videogames,” Kotick tells Fortune.

MLG is still light years away from ESPN-level domination. But if anything, Kotick’s analogy actually undersells his ambitions: It might be more accurate if ESPN not only distributed football games but also owned the National Football League—and made all the footballs in the world as well. Later this year, Activision Blizzard will launch the Overwatch League, based on one of the company’s hottest new titles. The league will essentially control all the competing teams and the distribution of all the games. Activision thinks that these opportunities, combined with sponsorships and advertising, not to mention Overwatch-branded merchandise like T-shirts and hats, could bring the company billions in annual revenue as the e?sports audience grows. As a benchmark for how big it could get, the company notes that the NFL generates $12 billion in revenues, including $6.1 billion in media rights sales, from an audience of about 240 million. “Ten years from now, the role models in e?sports [will] be like the stars in traditional sports,” Kotick says.

就目前而言，所有這些僅僅是美好的愿景,。就像該公司最近啟動的其他業(yè)務一樣,，職業(yè)游戲大聯(lián)盟尚未帶來新的運營利潤。即使它能夠迅速獲得成功,，其收入也僅僅是NFL營收的一小部分,。不過，現(xiàn)年54歲的科蒂克擁有輝煌的達陣得分經(jīng)歷,。在長達26年的CEO生涯中,，他成功地將動視暴雪從一家陷入財務絕境，瀕臨滅亡的企業(yè)改造為一家市值450億美元,，在全球擁有17家游戲制作工作室的行業(yè)巨獸,。動視暴雪積極收購其他游戲開發(fā)商，持續(xù)不斷地擴充其熱門游戲版圖,。

要想在游戲行業(yè)永立潮頭,，你需要不斷增長，不斷發(fā)布熱門游戲才行,。作為科蒂克的最新戰(zhàn)略,，尋找從他的游戲IP中榨取利潤的新途徑，是擴大動視暴雪主導地位的方式之一,。如果這個主意聽起來有點像迪士尼之道,，嗯，迪士尼專家也是這樣認為的,。“他所采取的方法正在引領動視暴雪走上一條類似于迪士尼在過去15年走過的道路,?！钡鲜磕崆笆紫\營官兼首席財務官，科蒂克的長期好友湯姆·斯塔格斯這樣說道,。事實上,，科蒂克聘請了一大批迪士尼老兵來幫助他實現(xiàn)這個愿景。

These are just aspirations for now. MLG, like the company’s other recent undertakings, hasn’t yet resulted in new operating profits. And even if it were an instant hit, its revenue would be a teeny fraction of the NFL’s. Still, Kotick, 54, has had his share of touchdowns. In 26 years as CEO, he has transformed Activision Blizzard from a financial mess nearing extinction into a behemoth with a $45 billion market cap and 17 gamemaking studios around the world, aggressively buying up other gamemakers and continually expanding its franchises.

Relevancy demands constant growth and constant hits, and Kotick’s latest strategy, finding new ways of milking profits from his IP, is one way of extending Activision Blizzard’s dominance. If the idea sounds Disneyesque—well, Disney (dis, -3.25%) experts would agree. “The approach he is taking leads them down a road similar to the one Disney has been on in the last 15 years or so,” says Tom Staggs, the former COO and CFO of Disney and a longtime friend of Kotick’s. Indeed, Kotick has hired a host of Disney veterans to help him execute his vision.

不過,，科蒂克的劇本還是有缺點的。長期以來,，動視暴雪一直因過分專注于現(xiàn)有的專有游戲,，不屑于投資開發(fā)新的創(chuàng)新產(chǎn)品而飽受批評。為你的專有游戲陣營注入新生命,，和拼命地從它們身上榨取利潤（進而吸干了它們的生氣,，趕走你的粉絲）之間,，是有一條細線的。正如雅達利聯(lián)合創(chuàng)始人諾蘭·布什內(nèi)爾所指出的那樣：“基于這些大型暢銷游戲的財務戰(zhàn)略,，可能會導致陳腐,，因為你想做落基山脈第247號巖石，而不是創(chuàng)新,。但娛樂的真諦恰恰在于給人以新奇感,。”

哪怕你只是粗略地搜索一下玩家博客,，你都會看到一些多姿多彩的抨擊科蒂克的言論,。（西班牙語環(huán)球電視臺Univision旗下的博客Kotaku曾經(jīng)稱他是“電子游戲領域中最招人恨的人物，”但該作者也表示,，他曾經(jīng)跟這位首席執(zhí)行官進行過一次“愉快的交談”,。）大部分仇恨來自科蒂克對投資回報率的專注。他曾經(jīng)在一場投資者會議上表示,，他致力于“剔除制作視頻游戲的樂趣,。”但沒有人對他的成功提出異議,。

這位輟學大學生的開發(fā)者生涯,，起步于20世紀80年代初參與開發(fā)蘋果二代電腦的時候。年僅19歲時,，他創(chuàng)立了一家名為Arktronics的軟件公司,，其創(chuàng)業(yè)資金來自拉斯維加斯房地產(chǎn)開發(fā)商史蒂夫·永利——兩人是在德州的一個聚會上相識的。Arktronics最終破產(chǎn),，但在1990年,，時年27歲的科蒂克說服永利和另一位合作伙伴購買美國動視公司的控股權，后者是一家由4位前雅達利程序員開發(fā)的游戲公司,。在視頻游戲領域,，美國動視是一位先驅(qū)者——它是第一家并非游戲機開發(fā)商所有的游戲制作商，但它當時陷入了與專利侵權訴訟相關的破產(chǎn)程序中,。僅僅出資50萬美元,，科蒂克和他的團隊就斬獲了25%的股份。1991年,，這位行事果敢的創(chuàng)業(yè)者出任該公司CEO,。

科蒂克很快重組了這家公司。事實證明,，在這樣一個新游戲通常由初創(chuàng)企業(yè)創(chuàng)建的生態(tài)系統(tǒng)中,，科蒂克尤其擅長發(fā)現(xiàn)擁有好創(chuàng)意和可持續(xù)盈利能力的公司——然后一根骨頭不剩地將它們吞下（員工、IP和其他一切東西）,。在隨后的幾十年,，美國動視主要通過收購持續(xù)壯大,，其收購對象包括Raven Software和滑板游戲制作商Neversoft。2008年,，美國動視與法國媒體集團維旺迪的游戲部門合并,。暴雪是該資產(chǎn)組合中的多個工作室之一：它擁有無可挑剔的聲譽和一大批忠實粉絲。暴雪發(fā)布了多款熱門游戲,，其中最有代表性的當屬《魔獸世界》,。動視暴雪公司成立后，科蒂克繼續(xù)擔任CEO一職,。

像所有爭奪消費者眼球的公司一樣,，動視暴雪現(xiàn)在面臨比以往任何時候都更多的競爭對手?！斑@包括在Netflix觀看電視節(jié)目,、電影或其他內(nèi)容的人，”負責追蹤該公司的摩根士丹利分析師布萊恩·諾瓦克如是說道,。其他對手包括“休閑”游戲,。設計一款圖像密集的標準視頻游戲通常需要花費多年時間，以及數(shù)千萬美元的投入,，而開發(fā)手游則快得多,，便宜得多。動視暴雪不僅消解了這些威脅,，而且還茁壯成長,。（它近期最重要的一樁收購交易是，2016年吞并《糖果粉碎傳奇》的制作商國王數(shù)字娛樂公司,。）它現(xiàn)在還能夠提供許多在線游戲——允許更快,、更便宜的更新，最重要的是,，允許玩家進行游戲內(nèi)購買和升級,。

Still, Kotick’s playbook has downsides. Activision Blizzard has long been criticized for focusing on existing franchises instead of investing in new and innovative products. There is a fine line between breathing new life into your franchises and pumping them so hard for profits that you suck the life out of them—and drive away your fans. As Atari cofounder Nolan Bushnell points out, “The financial strategy for these big blockbusters can lead to things getting stale because you want to do Rocky No. 247 instead of innovate?…?But entertainment is ultimately about novelty.”

Do even a cursory search of gamer blogs and you’ll see some colorful vilifications of Kotick. (Univision-owned blog Kotaku once called him “the most hated man in videogames,” though the writer also said he had a “delightful chat” with the exec.) Much of the animosity comes from ROI-minded things that Kotick has told the investment community—he once said at a conference that his focus was taking “the fun out of making videogames.” But no one disputes his success.

The college dropout got his start as a developer for the Apple II in the early 1980s. At just 19, he founded a software company, Arktronics, with funding from Las Vegas developer Steve Wynn—the two had met at a party in Texas. Arktronics eventually went out of business, but in 1990, when Kotick was 27, he convinced Wynn and another partner to buy a controlling stake in Activision, a gaming company founded by four former Atari programmers. Activision was a pioneer—it was the first gamemaker that wasn’t owned by a console provider—but it was mired in bankruptcy proceedings related to a patent-infringement lawsuit. For $500,000, Kotick and his team snapped up a 25% stake. By 1991 the determined entrepreneur was the CEO.

Kotick quickly reorganized the company. In an ecosystem where new games are generally created by startups, Kotick proved adept at spotting companies with great ideas and sustainable profitability—and then gobbling them up—staff, IP, and all. Over the ensuing decades, Activision grew primarily through acquisitions, including those of Raven Software and skateboarding gamemaker Neversoft. In 2008, Activision merged with the gaming division of French media conglomerate Vivendi. Blizzard was one of the studios within that portfolio: It had an impeccable reputation for quality and a loyal following—among other titles, it published the popular Warcraft franchise. Activision Blizzard was formed, with Kotick still at the head.

Like all companies vying for consumers’ attention, Activision Blizzard now faces more rivals than ever. “That includes people watching shows on Netflix, movies, or anything else,” says Brian Nowak, a Morgan Stanley analyst who covers the company. Anything else includes “casual” mobile games played on smartphones. While it typically takes multiple years and tens of millions of dollars to design a graphics-heavy standard videogame, mobile games are fast and cheap. Activision Blizzard has managed not only to mitigate those threats, but also to thrive. (Its most significant recent acquisition was Candy Crush maker King Digital Entertainment, in 2016.) It can also now deliver many of its games online—allowing for faster, cheaper updates and, importantly, for in-game purchases and upgrades.

不過,，一些旗艦游戲正在顯露老態(tài),。根據(jù)研究機構NPD集團提供的數(shù)據(jù),，2016年，擁有15年歷史的《使命召喚》仍然維系著最暢銷視頻游戲的地位,。但分析師表示,，新版本的銷量遠低于其前輩。這個版本的背景設在外層空間,，許多粉絲抨擊稱,，它顯得過于未來主義,。今年的《使命召喚》（這款游戲每年發(fā)布一個新版本）將回歸它的二戰(zhàn)根源。

科蒂克承認：“我們應該更加深入地思考這款走進太空的游戲究竟在多大程度上遠離了它的根源,?！钡劢z們的小暴動也凸顯了這門生意變幻無常的特性，以及用新方式延續(xù)經(jīng)久不衰品牌的重要性,。

5月中旬一個溫暖的午后,，我在加州爾灣的暴雪工作室遇見了科蒂克。就像許多硅谷公司一樣,，這家工作室的員工團隊大多數(shù)是年輕人,，以男性為主。但相較于充滿年輕面孔的Facebook總部,，你在這里能看到更多的紋身,，和染成紫色的頭發(fā)。工作氛圍也不像Facebook那樣歡快活潑,，令人愉悅,。事實證明，游戲開發(fā)人員和設計師對地牢般的光線情有獨鐘,。在這種背景下,，坐在自助餐廳一角的科蒂克顯得格外醒目。他身穿卡其褲,，棕色樂福鞋,，扣角領襯衫上套了一件毛衣背心，他看上去不像是一位技術大亨,，倒像是一位剛剛下班,，來探望一群酷愛編碼的孩子的律師。

科蒂克的聲音非常小,，近乎靜音,，我不得不探過身子才能聽到他的話。然而,，他的野心如雷貫耳,。“事實證明,，我們能夠娛樂世界上每個國家,，每個地方的人。這一直都是我所渴望的愿景,?！笨频倏苏f。

事實上,，雖然動視暴雪的絕大多數(shù)收入來自游戲,，但科蒂克最近聘用的一眾高管的譜系暗示,，他多么熱切地希望推動這家公司發(fā)展成為一家主流娛樂商。前ESPN和美國橄欖球聯(lián)賽電視網(wǎng)CEO史蒂夫·博恩斯坦出任動視暴雪電子競技部門董事長（前?？怂贵w育執(zhí)行副總裁皮特·弗拉斯蒂卡出任該部門CEO）,。前迪士尼高管蒂姆·基爾潘最近受聘掌舵該公司的消費品部門。（與“米老鼠之家”的另一個聯(lián)系是：科蒂克的女友桑德伯格目前擔任迪士尼公司董事,。）著名導演昆汀·塔倫蒂諾的長期制作搭檔史黛西·舒爾,，現(xiàn)在是動視暴雪新成立的電視和電影部門的聯(lián)席總裁。

科蒂克自信滿滿地認為,，他把賭注壓在了正確的人身上,；只有時間會告訴我們，他是否挑選了正確的游戲,。

在互聯(lián)網(wǎng)上的某個地方,，一個名叫萊利·揚斯的年輕女士正在吃一個雞肉三明治。數(shù)十人,，包括我自己,，正在實時觀看這個再世俗不過的動作。揚斯是一位嶄露頭角的“流媒體直播玩家”——一種以在線玩電子游戲謀生的職業(yè),。她選擇的論壇是Twitch,。這是亞馬遜旗下一個極其流行，供玩家直播游戲?qū)崙?zhàn)的網(wǎng)站,。

約有15萬名粉絲在線觀看揚斯做她的事情——她的工作是玩動視暴雪游戲《守望先鋒》——以及偶爾直播的午餐時刻,。今天的視頻流標題是“請關注我的新發(fā)型?！彼齽倓偧袅艘活^低肩長發(fā),，上面是深棕色，下面幾乎是金色,。

觀眾們?nèi)缂s而至,。這個繁忙網(wǎng)頁的主框是其電腦游戲場面的動態(tài)截圖。在左邊,，一個較小的正方形屏幕通過網(wǎng)絡攝像頭顯示坐在顯示器前的揚斯,。網(wǎng)頁右側(cè)持續(xù)滾動著數(shù)千名觀眾的評論和問題。觀眾們想知道她接下來打算拿出什么虛擬武器,，她的新發(fā)型花了多少錢,，等等。

這個視頻流將持續(xù)六個多小時,。（現(xiàn)年24歲,，來自密歇根州的揚斯后來告訴我,，她每天直播4到8個小時）,。相較之下,，我的注意力持續(xù)時間要短得多，但我觀看的時間長度足以讓我明白,，為什么《守望先鋒》這樣一款由多位玩家參與的第一人稱射擊游戲,，已經(jīng)成為暴雪迄今為止增長最快的游戲——自一年前推出以來，這款游戲業(yè)已創(chuàng)造了超過10億美元收入,，積聚了多達3000萬玩家,。我也終于明白，為什么科蒂克試圖以這款游戲作為杠桿,，撬動他的電子競技野心,。

揚斯扮演的角色穿過一座被白雪皚皚的山脈環(huán)繞的寺廟，開槍射擊一些移動得極其迅速,，以至于很難辨認的生物,。對于游戲中的揚斯，你所能看到的,，只是她用來殺死對手的那把充滿未來派風格的金黃色槍支的槍口,。在較小的屏幕上，我看到“現(xiàn)實生活中”的揚斯的臉龐——在大部分時間里,，她都聚精會神地瞇著雙眼,。

對于外行來說，這種體驗就像是盯著一幅埃舍爾藝術繪畫的數(shù)字版本,。但對于數(shù)百萬粉絲來說,，這個網(wǎng)站，以及其他類似網(wǎng)站,，能夠提供長達數(shù)小時全情參與的娛樂時光,。動視暴雪在全球擁有大約4.5億月活躍用戶。去年,，這些用戶總共花費了430億個小時打游戲,。值得注意的是，在同一時間段內(nèi)觀看游戲的時間達到30億個小時,，創(chuàng)下新紀錄,。

綽號“海鷗”的布蘭登·拉尼德是最知名的《守望先鋒》流媒體直播玩家之一。他說,，“當人們詢問我的職業(yè)時,，我會說我是打視頻游戲的。他們認為這是件很酷的事情,?！崩岬陆忉屨f，游戲玩家通常面臨兩條職業(yè)路徑：其一是流媒體直播——它可以讓那些擁有眾多追隨者的玩家分享廣告利潤。其二是參加職業(yè)競賽,，贏得贊助費和獎金,。

Still, some flagship titles are showing their age. Call of Duty, a franchise in its 15th year, maintained its position as the bestselling videogame in 2016, according to research firm NPD Group. But analysts say that edition sold less than its predecessors. Set in outer space, the installment was criticized by fans of the franchise for being too futuristic. This year’s Call of Duty title (a new version is published each year) will go back to the game’s World War II roots.

“We should have done more work thinking about how much of a departure from the franchise going to space would be,” admits Kotick. But the mini-uprising also underscores the fickle nature of the business—and the importance of extending durable brands in new ways.

It’s a warm afternoon in mid-May when I meet Kotick at Blizzard’s studio in Irvine, Calif. As at many Silicon Valley companies, the studio’s workforce is mostly young and largely male. But there are a lot more tattoos and purple hair than you’d find at, say, Facebook’s fresh-faced HQ. It isn’t as bright and cheerful here, either—game developers and designers, it turns out, have a penchant for dungeon-like lighting. Seated in a corner of the cafeteria, Kotick stands out. In khakis, brown loafers, and a button-down shirt under a sweater vest, he looks less like a tech mogul and more like an off-duty attorney visiting his coding-crazy kid at work.

Kotick’s voice is so low and muted that I have to lean in to hear him (my recording would barely pick up his answers). His ambition, however, speaks loudly. “The fact that we can entertain people in every country, everywhere in the world—that was always an aspiration I had,” says Kotick.

Indeed, while games provide the vast majority of Activision Blizzard’s revenue, the pedigrees of Kotick’s recent hires hint at how eagerly he wants to establish the company as a mainstream entertainer. Steve Bornstein, a former CEO of ESPN and cable’s NFL Network, is the chair of Kotick’s e?sports division (former Fox Sports EVP Pete Vlastelica, meanwhile, is its CEO). A former Disney exec, Tim Kilpin, was recently hired to run the company’s consumer products division. (One more Mouse House connection: Sandberg, Kotick’s girlfriend, serves on Disney’s board of directors.) And Stacey Sher, the long-time producing partner of Quentin Tarantino, is now copresident of Activision Blizzard’s fledgling TV and film business.

Kotick feels confident he’s placed bets on the right people; time will tell if he’s picked the right game.

Somewhere on the Internet, a young woman named Riley Youngs is eating a chicken sandwich, and scores of people—myself included—are watching the mundane act in real time. Youngs is a budding “streamer,” someone who plays videogames online for a living. Her forum of choice is Twitch, a wildly popular, Amazon-owned website that showcases gamers who broadcast themselves.

About 150,000 fans have watched Youngs do her thing online—her thing being playing Activision Blizzard’s Overwatch, along with the occasional live-streamed lunch break. Today’s video stream is titled “LOOK AT MA NEW FOKIN HAIRCUT,” which refers to her below-the-shoulder-length locks, dark brown on top and almost blond underneath.

Viewers follow along. In the main box on the busy web page is a dynamic screenshot of the game on her computer. To the left, a smaller square shows Youngs via webcam as she sits at her monitor. And to the right runs a constant feed of comments and questions from her thousands of viewers—inquiring minds who want to know what virtual weapon she’s going to pick up next and how much she paid for her new hairdo.

This stream will last more than six hours. (Youngs, a 24-year-old from Michigan, later tells me she streams for four to eight hours a day). I have a much shorter attention span, but I watch long enough to see why Overwatch, a multiplayer, first-person-shooter title, has become Blizzard’s fastest-growing game to date, generating more than $1 billion in revenue and amassing 30 million players since its introduction just a year ago—and why it’s the game to which Kotick is harnessing his e?sports ambitions.

Youngs’ character runs through some kind of high-elevation temple, encircled by snowcapped mountains, shooting at creatures that are moving so fast it’s hard to make them out. All you see of her in-game self is the tip of the futuristic, golden firearm with which she kills off opponents. On the smaller screen, I see the face of “in real life” Youngs, mostly scrunched in a concentrated squint.

For the uninitiated, the experience is like staring into a digital version of an M.C. Escher print. But for millions, the site—and others like it—presents hours of engaged entertainment. Activision Blizzard has about 450 million monthly users globally, who spent a collective 43 billion hours playing its games last year. Notably, a record 3 billion hours were spent viewing its games in that same time span.

“When people ask me what I do, I say I play videogames,” says Brandon “Seagull” Larned, one of the best-known Overwatch streamers. “They think it’s pretty cool.” Larned explains that there are two career paths for gamers. The first is streaming, which allows players with considerable followings to share in profit from advertising. The second involves endorsements and prizes for competing in pro tournaments.

少數(shù)頂級流媒體直播玩家和電子競技參賽者能夠獲得七位數(shù)薪水,；大多數(shù)玩家沒有這個福分,。盡管拉尼德沒有透露他的收入，但他表示,，他從華盛頓州的一個計算機科學項目退學,，因為一位職業(yè)玩家“有太多的錢可賺”。以“不可思議的源氏玩法”（不要問,，我也不懂）著稱的拉尼德,，可能很快就將迎來一個更大的職業(yè)機會——這位24歲的年輕人是《守望先鋒》聯(lián)盟席位的有力競爭者。

目前,，觀看游戲與觀看高爾夫沒有什么不同——如果你打高爾夫球,，你就會看高爾夫球。但科蒂克希望讓電子競技變得更加主流,，更具粘性,。他正在嘗試的方法之一是，建立基于城市的戰(zhàn)隊——這是職業(yè)電子競技領域的一個首創(chuàng),。就像綠灣包裝工隊一樣,，《守望先鋒》戰(zhàn)隊將與城市掛鉤。（動視暴雪還沒有透露將在哪些地點建立多少支戰(zhàn)隊,。）當然,，與NFL、NBA,、MLB或NHL不同,，《守望先鋒》僅僅面世一年之久。摩根士丹利分析師諾瓦克表示,，“如果我是一位潛在的贊助商,，我非常有信心洛杉磯國王冰球隊將在未來五年繼續(xù)存在。但我怎么知道《守望聯(lián)盟》能夠存活這么長時間呢,？”不過,，動視暴雪認為，盡管它是一個新事物,，《守望聯(lián)盟》仍然擁有一些優(yōu)勢,。追隨一款新近推出的游戲，有助于這個聯(lián)盟從零做起,。一些更加成熟的游戲,，比如《使命召喚》或《魔獸世界》，已經(jīng)被現(xiàn)有的幾支電子競技戰(zhàn)隊和聯(lián)盟占據(jù)了。

同時,，動視暴雪不需要應對多年來一直牢牢掌控傳統(tǒng)體育賽事轉(zhuǎn)播權的傳統(tǒng)電視網(wǎng)絡,。前福克斯體育執(zhí)行副總裁,，現(xiàn)在執(zhí)掌MLG的弗拉斯蒂卡指出，“電子競技是第一項數(shù)字原生態(tài)運動,。我們不受付費電視生態(tài)系統(tǒng)的束縛,。坦率地說，正是這個生態(tài)系統(tǒng),，導致體育節(jié)目遠離年輕人,，因為他們根本就不看電視?！迸c此同時,，轉(zhuǎn)型為“視頻游戲領域的ESPN”這一愿望有助于動視暴雪推動電子競技更容易受到大眾認可?！坝螒虮旧碚谘葑?yōu)橐豁棑碛懈鼜V泛吸引力的觀賞性體育項目,，我們正在目睹這一進程?！笨频倏苏f,。

對于這種演變，真正的ESPN當然不會視而不見,。這家隸屬于迪士尼公司的體育媒體去年在其官網(wǎng)推出了一個專門的電子競技頻道,。ESPN全球業(yè)務和內(nèi)容策略執(zhí)行副總裁瑪麗·多諾霍表示，觀眾數(shù)量“并不是很龐大”,，但“粉絲們充滿熱情,，全情參與，運動員和團隊都很有吸引力,?！彼a充說，“在我們熟知的人口群體——即年輕人——當中,，這項競技極其受歡迎,。”

雖然這個人口群體利潤豐厚,，但科蒂克的計劃（包括《守望先鋒》聯(lián)盟）可以使動視暴雪超越它,。就像大多數(shù)玩家一樣，電子競技職業(yè)人士的絕大多數(shù)都是男性,。但像揚斯這樣的玩家提醒人們,，他們在視頻游戲中的能力并不依賴于肌肉量或塊頭。其他體育聯(lián)盟的營銷和擴張通常導致觀眾的性別比例更加平等。比如,，NFL表示,，女性現(xiàn)在約占其粉絲群體的一半。

隨著《守望先鋒》聯(lián)盟加速運轉(zhuǎn),，科蒂克顯然懷抱著這種理想,。他說，“我認為這是第一款大約一半角色為女性的大型游戲,。這是一個公平的競技場,。” 事實上,，《守望先鋒》擁有相同數(shù)量的男女英雄,，外加三個“omnic” （意為機器人）角色和一位其實是大猩猩的男科學家。

然而,，在現(xiàn)實生活中,，動視暴雪的領導者還沒有反映出這樣的平等。在九位董事會成員中,，僅有一位是女性,；一個由8位高管組成的“高級企業(yè)管理”團隊更是連一位女性都沒有。值得注意的是,，作為該公司為數(shù)不多的幾位女性高管之一,，新近聘用的史黛西·舒爾肩負著引領動視暴雪的IP進入電影和電視節(jié)目之重任，而電影和電視恰恰是更容易跨越性別鴻溝的媒體,。舒爾表示,，“你必須得控制你的腳本和電影?！彼龘沃谱魅说碾娪鞍ā肚闅w新澤西》和《八惡人》,。

去年，舒爾在洛杉磯一個寓所組建了一個“作家室”,。在長達一個月的時間里,，六位精心挑選的創(chuàng)意人士每天坐在這里集思廣益，碰撞改編火花,。有三個項目正處于不同的編劇階段,。當然，它們都是《使命召喚》系列的變體——在這款由戰(zhàn)爭驅(qū)動的專有游戲中,，男性角色占據(jù)絕對主導地位,。事實證明，在動視暴雪的DNA中,，睪丸激素的含量高得可怕,。

不過,，科蒂克的策略表明，他愿意改變這一代碼,，進而將動視暴雪打造成為一家規(guī)模更大,，增長更快的娛樂公司。在今年2月份發(fā)布的最新年度報告中,，動視暴雪表示,，與2016年相比，今年的游戲發(fā)布日程相對輕松,。（比如,，今年不會新發(fā)布一款《小龍斯派羅》的“完整游戲機”版本。）隱含的訊息是,，現(xiàn)在到了該公司利用其有利地位投資新領域的時候了,。如果動視暴雪不這樣做,，它很可能會重蹈先行者的覆轍,。事實證明，無論他們創(chuàng)造了多少爆款游戲,，這些曾經(jīng)輝煌一時視頻游戲公司最終都淪為曇花一現(xiàn)的過氣明星,。（財富中文網(wǎng)）

原文刊載于2017年6月15日出刊的《財富》雜志。

譯者：Kevin

A few high-end streamers and e?sports competitors make seven-figure salaries; most do not. While Larned doesn’t disclose his income, he does say he quit a computer science program at Washington State because “there was too much money to be made” as a professional gamer. Larned, known for his “dazzling Genji play” (don’t ask), may soon have an even bigger career opportunity—the 24-year-old is a contender for the Overwatch League.

At the moment, viewership for gaming is not unlike golf—if you play golf, you’ll watch golf. But Kotick hopes to make e?sports more mainstream, more sticky. One way he’s doing that: instituting teams that are city-based—a first in professional e?sports. Just like Green Bay’s Packers, Overwatch teams will be tied to cities. (Activision Blizzard hasn’t yet said how many teams will exist and in which locations.) Of course, unlike the NFL—or the NBA, the MLB, or the NHL—Overwatch has been around for only a year. “If I’m [a potential sponsor], I have a pretty good confidence that the L.A. Kings [hockey team] will be around in five years,” says Morgan Stanley’s Nowak. “But how do I know that Overwatch will?” Still, Activision Blizzard thinks Overwatch has advantages, despite its “noob” status (gamer-speak for new). Going with a recently launched title lets the league start from scratch—more established titles like Call of Duty or World of Warcraft are already played by several existing e?sports teams and leagues.

Meanwhile, Activision Blizzard doesn’t have to deal with the legacy TV networks that have tied up traditional sports rights for years. “E?sports is the first digital native sport,” says Vlastelica, the Fox Sports veteran who heads MLG. “We’re not encumbered by the paid-TV ecosystem that keeps the content out of the hands of young people who, frankly, don’t watch TV.” At the same time, the hope is that transforming itself into the “ESPN of videogames” will help Activision Blizzard make e?sports more recognizable to the masses. “What we’re seeing is the evolution of the games themselves to becoming more broadly appealing as a spectator sport,” says Kotick.

That evolution is not lost on the real, Disney-owned ESPN, which launched a dedicated e?sports vertical on its website last year. The audience is “not enormous,” says Marie Donoghue, EVP of global business and content strategy at ESPN, but “the fans are passionate and engaged, the athletes and teams are compelling.” She adds, “It’s also incredibly popular among a demographic we know well—young men.”

As lucrative as that demographic is, Kotick’s plans—including the Overwatch League—could enable Activision Blizzard to reach beyond it. The vast majority of e?sports pros, like the majority of gamers, are men. But players like Youngs are reminders that capability in videogames doesn’t rely on muscle mass or size. And the marketing and expansion of other sports leagues has generally led to more gender parity in their audiences—the NFL, for example, says that women now account for almost half its fan base.

It’s clear that Kotick has this ideal in mind as the Overwatch League gears up. “I think it’s the first game on a broad scale where about half the characters [are] women,” he says. “This is a level playing field.” Indeed, Overwatch features equal numbers of men and women heroes plus three “omnic” (that means robotic) characters and a male scientist who happens to be a gorilla.

Activision Blizzard’s real-life leaders don’t yet reflect such parity. Only one out of nine board members is female, and there’s not one woman on its eight-person “senior corporate management” team. It’s notable that one of the company’s few leading women—the newish hire, Stacey Sher—is tasked with bringing Activision Blizzard’s IP to movies and TV shows, media that more easily cross gender lines. “You have to have control of your script and your movies,” says Sher, whose production credits include Garden State and The Hateful Eight.

Last year Sher put together a “writers room” in a house in Los Angeles, where six handpicked creatives sat every day for a month to brainstorm adaptation ideas; they now have three projects in various stages of screenwriting. Of course, they’re all variations on the Call of Duty series—a war-driven franchise where male characters dominate. Turns out there’s a daunting amount of testosterone in Activision Blizzard’s DNA.

Still, Kotick’s strategy suggests that he’s willing to alter that code to make Activision Blizzard a bigger, faster-growing entertainment company. In February, in its latest annual report, Activision Blizzard said it will have a light slate of game releases this year when compared with 2016. (There won’t be a new “full console” Skylanders game, for instance.) The implicit message: It’s time for the company to invest in new areas, from its position of strength. If it doesn’t, it risks going the way of its predecessors, companies that became one-hit wonders, metaphorically speaking, no matter how many games they created.

A version of this article appears in the June 15, 2017 issue of Fortune with the headline "A Giant Enters a New Arena."