miHoYo’s ambitions extend beyond Genshin Impact. The Shanghai-based company is aiming to build its own virtual universe with a user base of around 1 billion players.
In Shanghai Two sessions were held, Liu Wei, representative of the Shanghai Municipal People’s Congress, founder and president of miHoYo, said as a scientific innovation company and technology, hangx game will follow the national store strategy and invest more heavily in development.
Liu Wei also reiterated that his vision is to create a virtual world that 1 billion people want to live in by 2030. Before that, in February 2021, Cai Haoyu, founder and CEO of the company. miHoYo, publicly proposed this vision for the first time.
Chairman Liu Wei (far right) attends the conference in Shanghai.
To achieve the goal, in addition to increasing investment in cultural and technological innovation, such as increasing the cultural attributes of products, increasing investment in animation rendering, artificial intelligence and cloud game, miHoYo will also be more involved in the global deal.
Regarding the layout, Liu Wei said that as a global company, miHoYo currently has a relatively high proportion of international business, accounting for nearly 50%. In December last year, Guangming Daily and Economic Daily jointly announced the 14th list of China’s top 30 cultural enterprises. When introducing miHoYo, it was revealed that by the end of 2021, it will have more than 4,000 employees worldwide and overseas sales account for more than 50% of total sales.
The company has many offices around the world.
Liu Wei also said the company has offices in Los Angeles, Montreal, Singapore, Seoul, Tokyo and other parts of the world, and also affirmed that “domestic and international challenges are huge, still learning. ask and correct”. The learning and adjustment process began in the second half of last year. In November 2022, the studio released an internal notice announcing the dissolution of Project SH, the game project led by Cai Haoyu himself, saying that “everyone has a feeling that the project has always had little success. and more failures, things are not going as planned.”
miHoYo will continue to invest more in cultural and technological innovation, as well as AI and cloud games. One of the company’s biggest and most ambitious goals is to build a virtual world. miHoYo will continue its global expansion, revealing its metaverse ambitions by launching the HoYoverse brand last year. One of its main goals is to create “virtual world experiences for players around the world through a variety of entertainment services”.
Genshin Impact remains miHoYo’s biggest hit to date with over $4 billion in mobile revenue. The Shanghai-based company wants to diversify its portfolio by investing in other products that have the potential to become a part of the virtual world.
