Video Games 1972: The first commercially successful video arcade game, Pong was released. Nolan Bushnell leaves Nutting Associates to move his coin-op engineering and design firm with Ted Dabney in to a full-fledged company. New corporation was named Atari. Magnavox unveils the Odyssey, the first video game home console.
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Video Games 1972: Magnavox Odyssey
It took several years and numerous false starts, but in 1970, Baer showed the game to Magnavox, which signed a licensing agreement the following year. Then, on January 27, 1972, Magnavox launched Baer’s “brown box” technology as the Odyssey video game console—the world’s first home video game system. Priced at $100, the Odyssey utilized simple black-and-white graphics, enhanced by plastic overlays for the television screen. Source