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Hit Game Genshin Impact Helps Chinese Studio Double Its Sales

  • Shanghai-based MiHoYo boosted headcount 70% last year
  • Company is an up-and-coming rival to giants like Tencent
Genshin Impact is set in a fantasy world with dragons and magic, where players unlock anime-style characters and weapons via loot boxes they pay real money for.

Genshin Impact is set in a fantasy world with dragons and magic, where players unlock anime-style characters and weapons via loot boxes they pay real money for.

Photographer: SOPA Images/LightRocket/Getty Images

The Chinese developer of Genshin Impact doubled revenue to almost $800 million last year, riding one of the biggest video game hits of the pandemic era.

Shanghai-based MiHoYo racked up more than 5 billion yuan ($774 million) in sales in 2020, thanks to the popularity of the action-adventure title that debuted September, the studio’s co-founder and president Cai Haoyu said in an online speech, according to a person familiar with the matter. Cai told fellow alumni from Shanghai Jiaotong University that MiHoYo increased its headcount by 70% to 2,400 people last year, the person said, asking not to be identified because the information isn’t public.