Newzoo, has recently revealed their list of the top 25 companies from the gaming industry that brought in the most revenue in 2016. They compile this list based on quarterly and annual financial reports that publicly listed companies file. If a company doesn't list specific revenue numbers for the gaming division of their company - Sony and Microsoft - then their revenue is expertly estimated. It's also important to note that these numbers reflect the 2016 calendar year and not the fiscal year which for some companies, is still in progress. Hardware sales are also not being factored into this list.

The following is each company's rank from highest to lowest:

1. Tencent

2. Sony

3. Activision Blizzard

4. Microsoft

5. Apple

6. Electronic Arts

7. NetEase

8. Google

9. Bandai Namco

10. Nintendo

11. Square Enix

12. Warner Bros.

13. Ubisoft

14. Take-Two Interactive

15. Nexon

16. Mixi

17. Konami

18. GungHo Entertainment

19. Disney

20. DeNA

21. Sega

22. NCSoft

23. Facebook

24. Zynga

25. Colopl

Tencent topping the list really isn't much of a surprise. If you aren't familiar with Tencent, they are a Chinese investment holdings company that owns League of Legends developer Riot. They also purchased mobile games developer Supercell in 2016, which creates titles like Clash Royale and Clash of Clans.

Sony's spot in the second spot on this list isn't much of a shock, either. Currently, the PS4 has sold over 55 million units and the Sony brand has much more universal appeal when compared to Microsoft's Xbox, which doesn't have a mass market in Japan.

For Nintendo, it's almost a surprise that they still placed in the top ten when considering how their past year went. With the Wii U all but dead and the company shifting their consumers focus to what was then still known as the NX, it was obvious that their revenue would be a bit lower this year.

All in all, it's an interesting list to view even if most of the businesses and their placement isn't much of a surprise. If you want to see expanded numbers from each company and view a quarter by quarter breakdown of earnings, then you can head over to Newzoo and read the listing.