Developers: miHoYo
Publishers: miHoYo, Cognosphere / HoYoverse
Platforms: Android, iOS, PlayStation 4, PlayStation 5, Xbox Series X/S, Microsoft Windows
Released: September 28, 2020
Genshin Impact is an open-world action RPG created by miHoYo and available through HoYoverse around the world. Launched in 2020, the game quickly became one of the largest free-to-play releases of all time in gaming history, incorporating anime-inspired art direction, real-time elemental combat, exploration, character collection, and gacha monetization from within the fantasy universe of Teyvat.
According to figures provided by miHoYo’s leadership, making Genshin Impact cost about $100 million. The more unusual part is its ongoing cost: the game was expected to require around $200 million per year for continued development and updates. By this model of analysis, Genshin Impact is likely to exceed the $1.1 billion mark in total development and live-service expenses by 2026. Making it out to be one of the strongest candidates for that most expensive game ever made.
Within weeks, it became a big moneymaker. The game is said to have made over $100 million in just two weeks, meaning it brought back its original marketing and development costs with almost no delay. By its fourth big birthday, its
mobile revenue had hit $6.3 billion at App Store and Google Play: an average annual mobile income of roughly $1.6 billion since its release.
Overall reception has been quite favorable. Reviewers praised the game’s exploration, combat system, art direction, soundtrack, and the density of its open-world design. IGN described Teyvat as a world with everything in it to do, with exploring always leading to puzzles, bosses, collectibles, hidden chests, and side activities. But you're going to see lots of criticism of the game in regard to gacha monetization, the resin system, the final grinding period, censorship issues, and making people feel like spending money on characters and items is an obligation.
With its massive budget and high annual update costs for the game that have been worth billions and billions in revenue to date, we'd argue that Genshin Impact represents one of the defining characteristics of modern game economics. This game shows just how an open-world live-service RPG can transform continuous content creation into a billion-dollar development pipeline.