miHoYo’s Gacha Games Face a Rough Start in 2025
In the realm of Gacha games, it’s hard to ignore the name miHoYo. The developer is known for hit titles such as Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero. miHoYo consistently ranks high in global revenue charts, not just in its home market (China) but worldwide as well.
However, even in the early months of 2025, the revenue for miHoYo’s games shows significant signs of decline. In fact, they have dropped out of the top 10 best-selling games in several countries. Let’s take a look at the revenue charts below:
It appears that Genshin Impact is struggling to maintain its position in the top 10 in China. Meanwhile, in Japan—one of the most lucrative gaming markets for miHoYo—the situation is even more dire. Honkai: Star Rail has slipped to 7th place, while Genshin Impact is “falling” behind, even lagging behind Blue Archive, another Gacha game that is less popular.
Why is miHoYo’s Revenue Decline a Cause for Concern?
Recently, miHoYo’s game titles have been going through a rough patch. While Honkai: Star Rail just released version 3.0, Genshin Impact remains more active, launching a new banner featuring Hu Tao—one of the most sought-after characters in the game.
Despite having plenty of appealing content, the revenue from these two major titles is surprisingly “flat,” raising alarms for miHoYo at the current time. Could it be that miHoYo’s once-hot momentum has cooled down? Will the upcoming updates in the near future allow this brand to recover and reclaim its position in the gaming industry?
