According to reports from multiple outlets, including the South China Morning Post, Genshin Impact, the free-roaming gacha title from developers MiHoYo has surpassed $4bn in lifetime revenue.
This new landmark makes Genshin Impact one of the most successful mobile games of all time, and within two years of launch if this trajectory continues it could stand to become a mainstay of the mobile gaming industry as a whole.
Genshin Impact is not the only major success story from the Chinese mobile gaming market of course. With the MOBA title Honor of Kings seeing huge success in the mobile space. However, it certainly shows that despite a difficult few years for the Chinese economy and video game industry, the market is not likely to recede in prominence any time soon.
What might this mean for the Chinese mobile gaming industry? For one, it likely confirms that mobile is still the way to go for Chinese games companies. It also affirms that the largest companies such as MiHoYo are able to weather the storm that’s affected the games industry due to licensing freezes and opaque regulations more effectively than smaller studios. Ironically, in cracking down on tech monopolies, Chinese authorities may have only ensured that the largest developers and studios remain on top for the foreseeable future.
Tencent, one of the major forces in China’s video game industry is in-fact predicted to make a come-back in 2023. One advantage that video games have over other industries in China is that they are not reliant on in-person work or participation, offering an opportunity for companies to now capitalise on a break in the licensing freeze.
The rise and fall of China’s video game industry was one of the Big Stories of 2022, however it seems that reports of its demise may have been greatly exaggerated. However, it remains to be seen whether, even if this is a mere stumbling block, that other nation’s industries will now be catching up.