miHoYo, the developer behind the popular game Genshin Impact, has seen its valuation skyrocket to an impressive $23 billion.
miHoYo, a Chinese video game development company, has been a significant player in the gaming industry, primarily known for its blockbuster title, Genshin Impact. This open-world action role-playing game has captivated millions worldwide, contributing heavily to miHoYo’s rapid growth and substantial revenue streams from both mobile and console platforms.
Founded by three ambitious students from Shanghai Jiao Tong University, miHoYo has evolved from a small dorm-room project into a major player in the global gaming industry.
Apart from Genshin Impact, their portfolio includes the Honkai series—titles like Honkai Impact 3rd and the recent Honkai: Star Rail, which recently just marked its highest revenue in March 2024.
Recently, miHoYo’s valuation has soared to a staggering $23 billion, marking a significant jump and positioning it among the elite in the global tech industry. This increase catapults the company up 91 spots from last year when it was valued at just $7.2 billion, where now it has tripled in only one year.
As of April 9, 2024, the latest Hurun Global Unicorn Index ranks miHoYo as the 12th most valuable start-up. This list, updated annually, features companies founded in the 2000s and valued at over a billion dollars.
Notably, miHoYo is the only gaming company to make it into the top 15 of this list, which includes giants from various industries, such as ByteDance, SpaceX, and OpenAI. Its nearest gaming company competitor, Niantic, is positioned at 67th, garnering a valuation of $9 billion.
This leap in valuation is not just a testament to miHoYo’s success but also highlights the explosive potential within the gaming sector, making miHoYo the standard for gaming companies to follow in their footsteps with its continued success over the years.
As the gaming industry evolves, miHoYo’s journey from a modest start-up to a valuation giant is a robust indicator of the sector’s potential and the increasing financial interest in gaming technologies and IPs.