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The history of videogames began in the 1950s and 1960s as computer scientists began designing simple games and simulations on minicomputers and mainframes. Spacewar! was developed by MIT student hobbyists in 1962 as one of the first such games on a video display. The first consumer video game hardware was released in the early 1970s. The first home video game console is the Magnavox Odyssey, and the first arcade video games are Computer Space and Pong. After its home console conversions, numerous companies sprang up to capture Pong‘s success in both the arcade and the home by cloning the game, causing a series of boom and bust cycles due to oversaturation and lack of innovation