MiHoYo’s mobile game Honkai: Star Rail has become the biggest mobile release so far in 2023. The game company, known for their successful launch of Genshin Impact, is seeking to challenge market giant Tencent for the top spot in China.

The Financial Times evaluates the game’s success

The Financial Times recently analyzed Honkai: Star Rail’s performance, which will determine whether or not MiHoYo can position itself alongside Tencent and NetEase, who hold 50% and 20% market shares, respectively, according to Goldman Sachs Research. The competition in China’s gaming scene has become increasingly fierce over the years as game developers focus on creating games targeted towards international audiences while adhering to rules and regulations set by the government. This has allowed game companies like MiHoYo to make significant inroads in the market. In contrast, large publishers from North America, Europe, and Japan typically achieve a less than 10% market share.

Can MiHoYo challenge the market leaders?

The Chinese gaming industry is highly competitive since China is the world’s largest mobile market. Even though it might be too soon to determine if Honkai: Star Rail will help MiHoYo overtake Tencent as the market leader, the game has already been breaking records. Within two days of its release last month, it garnered over 20 million downloads. It also became the USA’s third highest-grossing game in April, even though the game was launched in late April. Honkai: Star Rail is the newest addition to an already-established game franchise. MiHoYo’s increased profile from Genshin Impact’s success could help support Honkai: Star Rail’s massive entry into the Chinese market.

We already listed MiHoYo, NetEase, and Tencent as three of the top 50 mobile game creators of 2022.