The article examines the problem of modernization and the formation of new cultural institutions of the 21st century on the materials of the formation of media games on the Internet. The actual practice of expanding the game fields deserves attention from researchers for various reasons. First, the game is interesting in itself as a cultural phenomenon that had arisen in the history of humanity before culture itself, then entered into it and became an integral part of social practices. Second, during revolutionary technological changes in the field of the information interaction of people and the emergence of the so-called digital environment, games known to humanity turn from a class of physical and mental exercises into imagination games based on the technical power of computer devices and network communications. The nomenclature of games is expanding, their genre diversity is growing, the design is being fortified; games content is differentiated and deepened, their mythology is being formed. Thus, the “digital” space of our time is in the stage of continuous shaping. Its architectonics predetermines the formation on the Internet of the institution of the game as a newly-formed one, among the formation factors of which the decisive ones stand out – media and mythogenesis. Media determines a qualitatively different state of historically known game formats, while mythogenesis contributes to the accelerated institutionalization of the media games in the social practices. The study of the problems is based on the results of the work of the researchers on the social significance of the game in the “digital” space of the 21st century and the content analysis of the media games by their types. In this study, the formation of media games as the cultural intitution of the “digital” sphere is established. The functioning of the new formation takes place in the conditions and conventions of unlimited time and space.