miHoYo, Developer of Genshin Impact, Enters Top 15 Private Companies with $23 Billion Valuation


The Hurun Research Institute’s sixth annual Global Unicorn Index has unveiled its latest rankings, highlighting private companies and startups valued at $1 billion or more. Among the notable entries, miHoYo, the creative force behind the immensely popular Genshin Impact, has surged to prominence, claiming the title of the most valuable game developer on the list. According to the report, which focuses on companies founded after 2000 and not yet publicly listed, miHoYo boasts a staggering valuation of $23 billion, securing the 12th position in the ranking.

Hurun Top 15 Unicorns (1)


This meteoric rise marks a significant leap for miHoYo, as it climbed an impressive 91 positions from the previous year when its market capitalization stood at $7.2 billion. The company’s ascent underscores the shifting landscape of the gaming industry, where mobile and gacha games, once dismissed as inferior, have emerged as major players in generating revenue and capturing a global audience.

Genshin Impact, in particular, stands as a testament to this evolution, defying initial skepticism to become a worldwide sensation. With its captivating gameplay and immersive world, the game has propelled miHoYo to unparalleled success, solidifying its position as a powerhouse in the gaming market.

Notably, miHoYo’s valuation surpasses that of Niantic, developer of Pokemon Go, by a significant margin, with the latter valued at $9 billion and occupying the 67th spot on the list. This stark difference underscores miHoYo’s dominance and the transformative impact of its flagship titles.

Looking ahead, miHoYo shows no signs of slowing down, with ambitious plans for future projects such as Zenless Zone Zero, an upcoming action-RPG slated for release on PC and PS5. As the company continues to innovate and captivate audiences worldwide, its trajectory suggests further success and a potential rise in the ranks of the Global Unicorn Index in the years to come.

Out of the companies featured in the index, a notable 27 are classified by the Institute is part of the gaming industry. Note that while some firms, like ByteDance, may have gaming-related divisions or own certain titles but gaming isn’t their primary focus. Here are the list:

1.  miHoYo (12th) — $23 billion;
2. Niantic (67th) — $9 billion;
3. Dream11 (83rd) — $8 billion;
4. Haegin (83rd) — $8 billion;
5. Animoca Brands (135th) — $5.9 billion;
6. Moon Active (157th) — $5 billion;
7. Scopely (172th) — $4.9 billion;
8. Sorare (193rd) — $4.3 billion;
9. Duoyi (243rd) — $3.8 billion;
10. Rec Room (270th) — $3.5 billion;
11. Improbable (287th) — $3.4 billion;
12. Lilith (314th) — $3.1 billion;
13. Sky Mavis (320th) — $3 billion;
14. Wildlife Studios (320th) — $3 billion;
15. Dream Games (385th) — $2.8 billion;
16. Games 24X7 (422th) — $2.5 billion;
17. Mobile Premier League (482th) — $2.3 billion;
18. VNG (495th) — $2.2 billion;
19. Boke (537th) — $2 billion;
20. Thatgamecompany (634th) — $1.9 billion;
21. Voodoo (634th) — $1.9 billion;
22. Kuro Games (680th) — $1.7 billion;
23. Vspn (680th) — $1.7 billion;
24. 1047 Games (759th) — $1.5 billion;
25. Tripledot (846th) — $1.4 billion;
26. Mythical Games (911th) — $1.3 billion;
27. Playco (1118th) — $1 billion.

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