If you're not sure what to make of "Fortnite," the videogaming phenomenon that Fortnite Items has become shorthand for battle-royale gambling, perhaps it would help to consider it such as Netflix.That's since while Netflix (NFLX) has grown into one of the principal ways people consume video, according to a Monday note by analysts at Wedbush, it's essentially moved them from one tool for doing this to another.

"The development of Netflix did not kill off tv viewership, but functioned to enlarge overall ingestion of filmed content while shooting some modest share from broadcast television viewing," they wrote. "Similarly, we believe that Fortnite has increased the overall gaming audience, while partially cannibalizing engagement in other matches."

The battle royale genre, which has boomed in the U.S. over the last several months, has led videogame industry investors to wonder what effect games like "Fortnite"--free to play in-game purchases--might have on conventional names purchased as one-offs or via subscription.

In the bearish case, it's massive upheaval. In the favorable, it is attracting more players in--and giving big-name publishers a new potential revenue stream.

"In our view, the free-to-play Fortnite has attracted as many as an estimated 40 million new gamers to the shooter genre," Wedbush composed, noting estimated April industry sales up 50% year-over-year to over $330 million. "If we're right, a few of these new players will be attracted to the high quality experiences provided by [such firms as Electronic Arts (EA), Activision Blizzard (ATVI) and Take-Two Entertainment (TTWO) and people should see a lift in purchases of games and consoles in the coming years.

A recent poll conducted for BTIG discovered that over a fifth of "Fortnite" players were not previously gamers; another 5 percent played or even less.

Investors appear optimistic. A basket of games console videogame stocks monitored by Stifel recently traded approximately 26 times forward 12-month EPS estimate, representing a 50% premium to the S&P 500.

"Videogame publishers are definitely facing near-term competition from Fortnite," BTIG's Brandon Ross wrote in late April. " But, Fortnite's victory reminds us, and even epitomizes the enormous opportunities for publishers brought by connectivity, especially since they continue to transition to the matches as a support (GaaS) model. And, the learnings from Fortnite's victory may actually help the significant publishers in the GaaS transition and also to unlock new expansion opportunities."