Video game studies in mainstream psychology are often limited to investigating the positive and negative effects of playing on mental health. These studies adhere to a reductionist perspective trying to make a direct link between violence, depression, or anxiety and playing video games. I argue that to fully understand the subjective experience of video gaming, there is a need to develop a theory of subjectivity that can explain why and how immersion happens in the experience of playing video games. To develop this theory, I compare the experience of playing video games to the experience of watching a movie and then, based on preexisting subjectivity theories in cinema, I try to develop a similar theory for gaming experience. Based on the empirical data collected from interviewing gamers and my theoretical insights, I provide a theory of subjectivity which explains the subjective experience of playing video games.