miHoYo
miHoYo is a developer and publisher of cross-platform live-service games.
Analyst Perspective
miHoYo is a Chinese video game developer and publisher focused on anime-styled, cross-platform live-service games. Its portfolio includes Genshin Impact, Honkai: Star Rail, Honkai Impact 3rd, Zenless Zone Zero, Tears of Themis and related launcher infrastructure. The company creates and operates its own intellectual property, distributes games across mobile and PC, and serves a global player base centred on RPG, action and narrative game audiences. The business is primarily monetised through free-to-play in-app purchases, especially gacha-driven spending on characters, weapons and virtual items, supported by ongoing content updates, events and retention loops. Its direct customers are consumers rather than enterprises, and value creation depends on sustained franchise engagement, live operations, and repeated monetisation across a small number of high-performing titles.
Analyst Signal Briefing
Updated: 20 Aug 2026miHoYo has successfully shifted to direct-to-consumer monetisation, with its US webstore revenue share reaching 57% by mid-2026 to mitigate the impact of new platform fees. Although Zenless Zone Zero surpassed $603.9 million in lifetime mobile revenue, a 51% second-year decline underlines volatility in the RPG sector, partially offset by a 217% revenue spike during its version 3.0 anniversary update. To diversify its portfolio, the developer has progressed Honkai: Nexus Anima into closed beta testing while continuing to focus on Japan, which remains its primary revenue source at 42% of lifetime spending.
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Key insights about miHoYo
Category Differentiation
miHoYo is a game developer and publisher, not an adtech, martech or enterprise software vendor. It should also be distinguished from its HoYoverse publishing brand, which is a consumer-facing label within the same ecosystem.
miHoYo: About
miHoYo operates as a consumer games studio and publisher that funds development of proprietary IP, launches free-to-play titles across multiple platforms, and then monetises player engagement over long content lifecycles. It creates value through original game worlds, character rosters, live-service operations, and cross-title ecosystem engagement, with revenue concentrated in high-spending digital users rather than upfront game sales.
How miHoYo Works & Monetises
Business model analysis and core revenue streams
The company primarily uses a free-to-play monetisation model built around in-app purchases and gacha mechanics. Players buy virtual currency and spend on probabilistic draws for characters, weapons or items, with additional revenue from battle passes, limited-time bundles, event-linked offers and cosmetic or progression-related purchases. Commercial performance is strengthened by live-service updates, frequent content drops, seasonal events and strong retention loops across flagship franchises.
Revenue Channels
Products & Services in Categories
Verified structural categorizations from the graph
Media Channel
Technology
miHoYo: Key Competitors & Alternatives
- Analyze Profile →
Game publisher with live services, subscriptions and in-game advertising.
Recent Signals (miHoYo)
July 2026 Top-Grossing Mobile Games
Monthly AppMagic estimates show major shifts in July 2026 in-app purchase (IAP) revenue across top mobile games. Honor of Kings returned to over $150M, Roblox surpassed $100M (its best since Dec 2025), and Gossip Harbor reached its highest chart position at just under $100M. PUBG Mobile and Pokémon Go each climbed to about $100M in IAPs, with Pokémon Go jumping from roughly $30M monthly since April to ~$100M driven by 10th‑anniversary events. The article lists ranked IAP earnings for games 11–20 (e.g., Konami’s eFootball at $68.7M) and notes other notable movers including titles from Playrix, Moon Active, Garena, Tencent, Mihoyo, and NetEase.
Read original sourceJuly 2026 Mobile Game Charts and Market Trends
PocketGamer’s July 2026 mobile games report (data from AppMagic) details downloads and revenue rankings for mobile games and publishers. Pokémon Go surged during its 10th anniversary and a free Go Fest, earning $141.5M and rising to fifth place. Tencent’s Honor of Kings remained the top-grossing title, while Roblox, Microfun’s Gossip Harbor and PUBG Mobile also posted strong results. Türkiye’s Smash Fest (Flow Games) achieved a breakout month with 10.2M installs and a large month-over-month increase. Across the industry, mobile games generated $6.8B in gross revenue and 4.5B new downloads in July 2026. The report highlights notable publisher movements (Tencent, Century Games, Playrix, HoYoverse) and regional instal spikes tied to events such as the World Cup.
Read original sourceMobile Games Earn $6.6B in July; Honor of Kings Leads
Sensor Tower data shows global mobile game consumer spending reached $6.6 billion in July 2026 across the App Store and Google Play, an almost 8% increase from June. Downloads hit 3.7 billion worldwide, up 2% month-over-month. Honor of Kings was the top grossing title in July, followed by Pokémon Go and Gossip Harbor, while Roblox was the most-downloaded game. Sensor Tower highlighted growing monetisation outside app stores: Monopoly Go generated $52.6m via its US webstore in June in addition to $90.1m from app-store IAPs, and miHoYo's US webstore share rose from 7% in H1 2024 to 57% in H1 2026. The report notes webstore revenue and ad monetisation can meaningfully change the competitive picture beyond app-store rankings.
Read original sourcemiHoYo: Frequently Asked Questions
What is miHoYo?
miHoYo is a Chinese video game developer and publisher known for cross-platform live-service titles such as Genshin Impact and Honkai: Star Rail.
Who uses miHoYo?
Its products are used by consumers, especially global gamers who play mobile and PC RPG, action and narrative titles.
How does miHoYo make money?
It mainly earns revenue from free-to-play in-app purchases, especially gacha-based spending on characters, weapons, items and related live-service content.
Company Facts
- Founded
- 2012
- Headquarters
- China
- Core Segment
- Publisher & Media Owner
- Company Size
- >5,000
- Official Link
- mihoyo.com