Millennials take a lot of flak for killing things. But one thing they aren't killing is the video game industry.

Gaming companies are soaring to new highs in spite of a changing consumer. People -- especially young people -- are still buying gaming consoles, they're still adopting new technology and they're still opting in to expensive services. If you think gaming is dead, you're one of the dumbest on Wall Street.

Think about this: the most recent stats from September show that video game product sales grew 39% from the same time last year. Console sales alone climbed 52%. Looking into the holiday season, analysts see the top 5 games next quarter generating 20% more revenue than the top five did last year.

According to one source I spoke to, as long as there is money to be made in gaming -- and there is still plenty -- the industry won't take the backseat to other forms of entertainment. Those who say the advent of streaming services such as Netflix and Hulu will overtake gaming are comparing apples to oranges. Gaming is an interactive form of entertainment, while Netflix is passive. The two are in separate leagues, and gaming is no sitting duck.

It's a similar landscape for mobile gaming compared to more traditional console experiences. They're just plain different. We play games on our phones because we can't bring a PlayStation4 on the subway.

But part of why gaming companies like Activision Blizzard (ATVI - Get Report) , Take Two (TTWO - Get Report) and EA (EA - Get Report) are thriving is because they recognize that.

The successful gaming companies boast diversified product portfolios with properties in console, personal computer and mobile gaming. Their diversity can keep them afloat through any storm -- and any trend.

What's more, gaming companies are far from the firms that once relied on one new flagship release each year. In-game purchases to access a new avatar or level up, or accessories and services sales provide healthy revenue in between major releases.

With all that, gaming companies are positioned for a wild holiday season. If you still think that gaming, just like your old '76 Atari, are dead - you might be one of the dumbest on Wall Street.

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