My sense is production companies / studios are a risky investment, but infrastructure (twitch.tv being the prime example) are more of a lucrative target for VCs

My sense is production companies / studios are a risky investment, but infrastructure (twitch.tv being the prime example) are more of a lucrative target for VCs. The studio risk is that the creative output of the individuals is the value you're investing in. Very few studios produce quality content in a machine like fashion, though there are exceptions (EA maybe? Lucas Arts in it's prime?). Zynga might be another example of a VC funded "gaming" company.