MiHoYo developer of Genshin Impact has announced the creation of a Metaverse brand called HoYoverse.
Chinese studio miHoYo has revealed its plans for metaverse ambitions, it’s a new brand HoYoverse. Its main ambition is to produce more content and create one virtual world, which will unite the company’s products globally.miHoYo Co., Ltd, a Shanghai-based game developer company that was founded in 2012 by three students has launched its global metaverse called HoYoverse.
Cai Haoyu, CEO and co-founder of MiHoYo in a statement said that ” our mission in establishing HoYoverse is to create a vast and content-driven virtual world that integrates games, entertainment, which will provide players with a high level of freedom and immersion,” the announcement happened on February 14. While the studio hasn’t taken the name “metaverse,” it said that the new brand will deliver an “immersive virtual world experience to players worldwide through a variety of entertainment services.”
The metaverse is an idea of a permanent, online, 3D cosmos that integrates many virtual places. Consider it the internet’s future. Because of the metaverse, users will be able to cooperate, meet, game, and interact in these 3D worlds.
Although the metaverse does not yet exist in its totality, metaverse-like characteristics may be found on various platforms. At the present, video games are the closest thing to a metaverse experience. By organising in-game events and creating virtual economies, developers have expanded the concept of a game.
The metaverse will enable economics, digital identification, decentralised government, and other uses in addition to games and social media. Even today, user production and ownership of valuable goods and currencies contribute to the development of a unified metaverse. All of these characteristics give blockchain the ability to fuel this future technology.
Several metaverse technology components have already been established within current internet-enabled video games. Second Life, a virtual world platform launched in 2003, is generally referred to as the first metaverse since it combined several components of social networking into a permanent three-dimensional environment with the user represented as an avatar. Many massively multiplayer online games have social elements as a standard component. Clive Thompson, a technology writer, has stated that Minecraft’s dynamic, social-based gameplay is an advanced model of a metaverse. Similar claims were made about the game Roblox, which has subsequently used the word extensively in marketing. Other games that claim to be constructing a metaverse include Active Worlds, The Palace, and Fortnite.
MiHoyo, is the latest to get on the metaverse bandwagon, releasing a metaverse brand named HoYoverse. MiHoyo is most known for the globally renowned gacha game Genshin Impact and the RPG Honkai Impact 3rd, but she has also found success with anime-style interactive wallpapers like Lumi and the N0va Desktop software.
miHoYo was founded on February 13, 2012, by Cai Haoyu(CEO), Liu Wei, Luo Yuhao, who met each other while they were studying at Shanghai Jiao Tong University.
Currently, there are 4000 employees working at miHoYo, and it is recruiting 70 new employees for their new brand HoYoverse in the field of production, programming and marketing, most of these new employees would work from overseas branches which are located in Los Angeles(US), Singapore, Tokyo(Japan), Montreal(Canada), Seoul(South Korea).
Currently, the company has assets worth $249 million, its revenue in 2021 was 1,478.3 million US dollars which was almost three times more than that of the revenue in 2020 which was 564.31 million US dollars.
It is the third biggest gaming company in China while Tencent is at number one and NetEase at number two. In July, China’s Ministry of Commerce designated MiHoYo as an “important cultural export firm,” along with around 300 other “soft power” enterprises, while Genshin Impact was named to a list of “significant culture exports.”
Since 2018, China’s video gaming sector has been under pressure owing to the tightening of gaming title licenses, which has resulted in the closure of tens of thousands of businesses. However, Liu told local newspaper The Paper in 2019 that MiHoYo may profit from the crackdown because the firm is focusing on the quality of its games rather than the number.
The studio will continue to research advances in domains such as artificial intelligence, cloud computing, and pipeline building. It will assist miHoYo in producing more material in order to “meet the demands of gamers globally for a virtual world experience.” The reason behind their huge increase in revenue in 2021 was because of the game Genshin Impact which was launched in September 2020.
The game launched in September 2020 and within 2 months it generated revenue of nearly $400 million and became so much popular in just a few days after its launch. The reason behind the huge success of this game lies in its great and beautiful graphics, its challenging gameplay and also the characters of kawaii in the game.
The game will provide you with the freedom of how you want to play it, Unlike most other RPG games. The gamer will get never-ending and different types of content to play. You can play this game on many different platforms like Playstation, Android, IOS, PC, etc. Also, we have to give credit to miHoYo for their great marketing. The map size of this game is very big and this feature also adds to the reasons for their huge success.
“Our mission in establishing HoYoverse is to create a vast and content-driven virtual world that integrates games, entertainment, which will provide players with a high level of freedom and immersion. We will continue to focus on long-term operation strategies, consistent technical research, and innovation in a variety of fields, including artificial intelligence, cloud computing, and pipeline construction, to ensure that sufficient content is created to meet the expectation of players worldwide for a virtual world experience”. This statement by Haoyu Cai clearly indicates that this metaverse of miHoYo is going to be a brand that will provide players with a great experience in their gaming world.
HoYoverse’s only goal, according to their website, is to “build a massive and content-driven virtual world that mixes games, anime, and other various sorts of entertainment, giving users a high level of freedom and immersion.”
The newly formed HoYoverse also stated that it will grow tech research, content production, and game publishing at its offices worldwide. This is all in the hopes of creating an MCU-style world for the Genshin Impact series, which reveals some fairly lofty goals for the suddenly wealthier corporation.
All of their social media handles and websites have undergone a big alteration, with the miHoYo logo being replaced with the new HoYoverse logo. The Official Genshin Impact YouTube account has already reuploaded their Genshin Impact version 2.5 trailer, which now includes the HoYoverse brand logo at the beginning of the trailer.
HoYoverse has begun hiring teams and people globally for its abroad studios, demonstrating their dedication to global expansion. Other items operated by miHoYo include games such as Honkai Impact 3rd and Tears of Themis, as well as anime, comics, music, the N0va app, and virtual actress Lumi.
All of these brands are now part of the HoYoverse ecosystem. It is unknown how these projects will be brought together, but it is reasonable to assume that miHoYo intends to position itself not just as a game developer but also as the owner of numerous IPs. Some of the company’s brands’ email addresses have already been altered to @hoyoverse.com.
We are sure Chinese companies are getting better and better in the market of games of we can say they are enjoying a monopoly in the market with lots of improvement in graphics and mobile gaming China is playing a major role in mobile gaming Chinese brokerage firm Citic Securities wrote in a recent research report.
Citic forecast that the mobile game’s revenue of Chinese publishers could reach US$32.9 billion in 2025, which would be double that of 2021.key culture export company”, along with about 300 other “soft power” firms, and Genshin Impact was on a list of “key culture exports”.
Last year miHiYo got a new title by the Chinese ministry of commerce as “key culture export company”, along with 300 other “soft power” firms, and Genshin Impact was on a list of “key culture exports”.
Something very interesting is that the founders of MiHiYo’s three co-founders met while studying at Shanghai Jiao Tong University, are often called The Walt Disney Company as a business “role model”. “A lot of us watched Disney cartoons as kids and watched Disney films as adults after we had our own kids, and we will bring them to Disneyland,” co-founder Liu Wei said at the 2019 China Game Industry Annual Conference. “Disney is successful not only because it delivers products, but also American culture and values.”
Although China’s video gaming industry is under pressure because of the tightening of gaming title licences around 2018, which has caused a lot of firms to go out of business. However, Liu told local media The Paper in 2019 that MiHoYo may even benefit from the crackdown as the company is focused on the quality, not quantity, of its games.
So for sure we should give it a try and check if the company is able to fulfil the promises or not.
We will update you with the new information as soon as it comes out, so keep following Gamevro.