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kitler53 said:

first party: the console manufaturer owns the IP and the studio

second party: the console manufaturer owns the ip but contracts an external studio

third party: the console manufaturer own neither the ip or the studio.


I disagree with the Second and Third party definition. Heavy Rain isn't owned by Sony, yet Quantic Dream is a Second Party Developer.

Sony owns the Demon's Souls IP, but From Software is a third party developer.

 

I think Second Party just means a developer who publishes a game exclusively on one console, no matter who owns the IP.