Why Did Genshin Impact‘s Developer miHoYo Change Its Name to HoYoverse?
At the start of 2022, Chinese game studio miHoYo – creator of the record-smashing free-to-play RPG Genshin Impact – rebranded itself under the new name HoYoverse. For gamers who‘ve followed the company‘s journey, this marks an exciting new chapter.
So why did this hit studio decide to rename now, and what does it mean? As an industry commentator myself, I‘ve done some digging into the reasons behind this move. Read on for the inside scoop!
Seeking Global Growth By Broadening Beyond Games
Firstly, the rebrand to HoYoverse signals miHoYo‘s ambitions to expand far beyond developing video games which skyrocketed its success.
| Game Title | Downloads | Lifetime Revenue |
|---|---|---|
| Genshin Impact | >52 million | >$3 billion |
| Honkai Impact 3rd | >10 million | >$2 billion |
Riding high off Genshin‘s phenomenon-level appeal (see stats above), the newly christened HoYoverse sets its sights on becoming an all-encompassing "technology-powered entertainment company."
This means leveraging its gaming IP and tech expertise to deliver innovative virtual interactions spanning digital realms, concerts, communities and beyond. Having already hosted ambitious virtual concerts for its titles, the studio certainly has the capabilities to make this a reality.
Navigating Turbulence in Chinese Gaming Regulations
Industry insiders also speculate that struggler restrictions enforced upon Chinese game firms in 2021 may have nudged miHoYo towards this decisive restructure.
As China imposed strict curbs including:
- Cutting gaming time for minors
- Freezing new title approvals
- Censoring effeminate aesthetics and other content
…these policies threw leading developers like miHoYo (and key moneymaker Genshin) into uncertainty.
By repositioning as HoYoverse with entertainment services beyond just gaming, the company could shield itself by diversifying its offerings. This may allow it to circumvent clampdowns targeting the game sector specifically.
Savvy strategic move!
Establishing a Global Hub in Singapore
Tied to its shift beyond China, HoYoverse has set up a new international base in Singapore to anchor its global expansion.
Why Singapore? For starters, its lower corporate taxes, stable pro-business policies, English fluency and geographic location help attract foreign firms wanting to access wider Asian markets.
As a major global gaming hub, Singapore also puts HoYoverse close to key partners and talent pools to draw from. Coupled with grant incentives for innovative firms and strong IP protections, it‘s an ideal springboard for growth!
With core operations and staff based locally, HoYoverse can coordinate global rollouts of goods and services faster from SIngapore.
What Does This Rebrand Mean for Players?
For most fans playing Genshin Impact or Honkai Impact 3rd, HoYoverse‘s new name shouldn‘t directly change anything.
As players, we can expect the games themselves to continue as usual, with the same developers supporting them. So our daily gaming routine remains intact!
That said, the rebrand does signal some very exciting possibilities of even more ambitious virtual worlds and technologically advanced experiences to come from the studio.
Backed by HoYoverse‘s tech firepower and Singapore access, I foresee their next title could easily surpass Genshin‘s astronomical hype with metaverse integration, cloud-streamed graphics and interactive real-world events.
As a fan myself, I‘m hyped to witness what cutting-edge innovation they can achieve given unlimited resources focused on entertainment versus just gaming! This will raise the bar for what‘s possible in live service games.
The beginning of HoYoverse marks a bold new frontier – and for players, that heralds a ton of fun ahead!
