Genshin Impact is a free-to-play cross-platform action RPG. On mobile, Genshin Impact is particularly popular in Japan, where players generated an average revenue per download of 102.53 U.S. dollars. Singapore ranked second, with a cumulative RPD of 64.86 U.S. dollars. Genshin Impact – a free-to-play success story With an annual IAP revenue of 1.56 billion U.S. dollars, Genshin Impact is one of the highest-grossing mobile games of 2023. The game was released in September 2020 and initial reviews were mixed, describing the setting and theme as a clone of Nintendo’s The Legend of Zelda: Breath of the Wild. However, this stance was quickly abandoned by critics as Genshin Impact came into its own. The game features regular content releases to keep the player engaged as the story continues to evolve and new characters and regions are revealed. In August 2024, Genshin Impact launched the content update 5.0 which featured the new Natlan region and several new characters, quests, and in-game events. Genshin Impact is a live service game, also known as the Games-as-a-Service (GaaS), which is one of the strongest-growing revenue models in gaming right now. Gacha monetization mechanics In addition to the live service model, Genshin Impact is also a successful example of the gacha monetization trend in mobile games. Similar to loot boxes, a gacha system leads the player to spend in-game currency to receive random in-game items. In Genshin Impact, the gacha system is implemented via several so-called banners featuring characters or weapons which only are available for a limited amount of time. Spending in-game currency on these banners is the main way of unlocking new characters in the game. Players can earn the necessary currency either via completing game quests or through purchases in the virtual item shop with real money.In October 2024, Genshin Impact’s monthly mobile app revenue amounted to 35 million U.S. dollars, with China, Japan, and the United States leading in terms of revenue.

Published in September 2020, Genshin Impact has quickly shot up the rank among the top-grossing mobile games worldwide. In May 2025, the mobile app generated approximately 27.7 million U.S. dollars in in-app purchases. The open-world action RPG title uses a gacha game monetization system and is available for several platforms and claims the title of the fastest gaming app to reach 5 billion U.S. dollars in global player spending. Anime-style open world online games Inspired by Genshin’s success story, many other app publishers have tried to recapture the game’s success. Chinese app developers, in particular, have been homing in on the anime-style open world fantasy genre, though none of these releases have managed to reach Genshin’s level of impact. Tower of Fantasy, developed by Hotta Studio, was published in December 2021, making it one of the earlier entries of the genre. Not putting all its eggs in one basket, Genshin publisher miHoYo also released another game with similar mechanics to GI, the space fantasy RPG Honkai: Star Rail. While not reaching Genshin’s runaway financial success, Honkai: Star Rail has managed to prove itself a financial success in its own right. In May 2024, Kuro Games released the highly anticipated Wuthering Waves. Wuthering Waves’ mobile app accumulated over 20 million U.S. dollars in IAP revenues within 10 days of release, showing that gaming audiences are still hungry for open world online games. The success of online anime RPGs is not guaranteed Despite the popularity of the genre, games in this segment are not automatically poised for success. Japanese publisher Bandai Namco also created an anime MMORPG, Blue Protocol. Originally planned for a worldwide multi-platform release with Amazon as a global publisher in 2023, the game received a Japan-only launch in the summer of 2023, the Korean launch was moved to 2024 and then infinitely paused. Despite a strong launch, the game has fizzled out and Japanese gamers have criticized Blue Protocol for the lack of engaging features, bugs, and lack of serious content updates, highlighting Bandai’s inability to tap into the genre and keep up with online gaming trends despite its status as an AAA-level video gaming company.

As of June 2025, mobile Genshin Impact players in the China had generated 1.72 billion U.S. dollars worth of IAP revenues. Japan was the second-largest market for the free-to-play RPG, with over 1 billion U.S. dollars in in-app purchase revenues. The United States were ranked third.

The mobile game "Genshin Impact" generated a monthly app revenue of about ** million U.S. dollars in Japan in December 2024. The total app revenue during that year amounted to approximately ****** million dollars. The action role-playing game (RPG) was developed by the Shanghai-based development studio miHoYo Co., Ltd. and released in September 2020.

A simple dataset containing information about Genshin Impact Character Banner Revenue. Data are taken from GenshinLab and Genshin Impact Wiki. Later being complied and keyed in manually by me.

UPDATE version 4: Added new rows (Banner revenue data updated as of November 15, 2022. (Genshin Impact ver 3.2))

Genshin Impact is an action role-playing game published in September 2020 by Mihoyo, a Chinese video game development, and animation studio. In the observed period, the monthly revenue of the Genshin Impact app in Poland peaked in March 2022 at almost *** thousand U.S. dollars.

Genshin Impact, developed by miHoYo, was the second best-selling mobile game in the world in November 2023. China was the leading market for the action role-playing game, contributing almost ** percent of the total app revenue that month. Players from ***** and the ************* were the biggest spenders on the game.

Dive into the booming gacha game market! Discover its $804 million (2025) valuation, projected explosive growth, top-performing titles like Genshin Impact, and key trends shaping this lucrative mobile gaming sector. Explore regional market shares and future projections.

China's mobile game market is vibrant. In November 2025, Tencent's flagship title, Honor of Kings, was the highest-grossing game app in the country, raking in about 73 million U.S. dollars in in-app purchase (IAP) revenue. Delta Force came in second with over 50 million U.S. dollars. The long-term winners: Tencent and NetEase For many years, Tencent and NetEase have been the most successful Chinese game developers, holding the lion’s share of mobile gaming traffic. The former owns the super app WeChat and an extensive network of entertainment offerings. The mobile gaming business has been one of Tencent's profit pillars, contributing nearly 30 percent of its annual revenue (555 billion yuan) in 2022. In comparison, NetEase was half the size of Tencent – 84 billion yuan in online game revenue in 2024. The industry challenger: miHoYo Having arrived at the gaming scene relatively late in 2011, the Chinese studio miHoYo took eight years to catch global attention. In September 2020, the company grabbed the right timing to launch Genshin Impact during the pandemic. The role-playing game achieved two billion U.S. dollars of revenue within a year of release and continues to be a lucrative title in various markets. The company later released two more blockbuster games, Honkai: Star Rail in 2023 and Zenless Zone Zero in 2024.

In 2024, Shanghai-based gaming giant miHoYo generated approximately **** billion U.S. dollars in IAP revenues. miHoYo's innovation and gaming excellence have solidified its position as a prominent Chinese game developer with a global reach. The company unveiled its global publishing subsidiary, Cognosphere, in February 2022. The new Chinese gaming star Founded in 2011 with a dedication to quality, miHoYo has been delivering visually stunning gaming experiences, attracting millions of players worldwide. Between 2020 and 2022, the company’s annual revenue increased by **** folds. The game developer is renowned for role-playing game (RPG) hits — Genshin Impact (2020) and Honkai: Star Rail (2023), and Zenless Zone Zero (2024). miHoYo's two blockbusters The company's flagship title, Genshin Impact, has not only earned critical acclaim but has also served as a financial juggernaut. Within the first six months of its release in 2020, the title achieved over ****billion U.S. dollars in revenue. In April 2023, miHoYo released another cross-platform space fantasy game, Honkai: Star Rail, generating over ** million app downloads worldwide in five months. Intricate storytelling, captivating visual elements, and consistent updates are some of the elements which lead to miHoYo's success. With a track record of innovation and financial prowess, miHoYo's future in the gaming industry remains exceptionally promising.

The global gacha game market is experiencing robust growth, projected to reach $465.1 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 8.1% from 2025 to 2033. This expansion is driven by several factors. Firstly, the increasing popularity of mobile gaming, coupled with the freemium model inherent in gacha games, creates a large and accessible player base. Secondly, innovative game mechanics, compelling storylines, and regular updates keep players engaged and encourage in-app purchases. The integration of popular IPs from franchises like Star Wars and Marvel further fuels market growth by attracting established fanbases. Finally, the diverse range of genres within the gacha market, from card games to RPGs, caters to a wide spectrum of player preferences, enhancing market penetration. However, challenges remain. The inherent randomness of gacha mechanics can lead to frustration among players, impacting retention. Furthermore, increasing competition within the mobile gaming market requires continuous innovation and investment in high-quality graphics and engaging content to stay ahead. While the Android and iOS platforms currently dominate, exploring emerging technologies and alternative platforms could unlock new avenues for growth. Regional variations in market penetration exist, with mature markets like North America and Asia-Pacific leading the charge, while others present significant untapped potential. This necessitates region-specific marketing strategies to cater to diverse cultural preferences and spending habits. The gacha game market, therefore, presents a compelling investment opportunity, yet necessitates a strategic approach to mitigate risks and capitalize on the significant growth potential.

As of September 2021, Genshin Impact became a leading mobile game worldwide by player spending. In its first year alone, after launching in September 2020, it reached a revenue of two billion U.S. dollars. The game with the second highest revenue reached within its opening year, following its launch in June 2017, was Lineage M, with 1.2 billion U.S. dollars. Pokémon Go, with a revenue of 1.1 billion U.S. dollars, was the third highest earner in its first year, after having launched in July 2016 .

Explore the booming Action Adventure Online Games market! This in-depth analysis reveals key trends, growth drivers, leading companies (Tencent, Activision Blizzard, etc.), and regional market shares from 2019-2033. Discover the lucrative opportunities and challenges within this dynamic industry. Recent developments include: July 2022 - PopOK Gaming offers new, entertaining ideas destined to find a perfect home in the iGaming industry. Five intriguing instant games have been added to its entire library of games, and they are all poised to provide the sector with a chic new edge. With games like Flaming Fruit, Era of Dragons, Plinko, Magic Idol, and Gogo Banana, players have more options, and partners have access to additional revenue streams. These visually appealing games with straightforward instructions will soon provide an unforgettable adventure and boost profits., June 2022 - Disruptive Games, a Californian indie studio, and Amazon Games have entered a new publishing agreement to publish Disruptive Games' upcoming online multiplayer adventure game. Amazon Games achieves this by developing its IPs and selectively releasing outside works from top teams like Disruptive Games. The company is pleased to assist Disruptive Games and bring their innovative multiplayer action-adventure game to players since it has a good game concept and a rich setting.. Key drivers for this market are: The Enormous Demand For New And Innovative Gaming Experiences, Rising Internet Penetration, 5G And Technology advancement; Economic Growth in the developing regions. Potential restraints include: Privacy and Security Issues And Government Regulations. Notable trends are: Increasing Internet Penetration Rate and Technologically Advanced Electronic Devices.

Released in September 2020, Genshin Impact was instantly a smash hit, accumulating well over 237 million lifetime downloads to date. In May 2025, the Genshin Impact app generated 2.41 million downloads worldwide, with monthly in-app purchase revenues of 27.7 million U.S. dollars. The action RPG takes places in a fantasy setting anime world and has been praised for its high production values. Genshin Impact also ranks among the fastest mobile games to generate 100 million U.S. dollars in player spending, a feat that the app managed in 13 days.

As per Cognitive Market Research's latest published report, the Global Role playing Games market size was USD 18.73 Billion in 2021 and it is forecasted to reach USD 38.46 Billion by 2029. Role playing Games Industry's Compound Annual Growth Rate will be 9.4% from 2023 to 2030. Key Dynamics of Role playing Games Market

Key Drivers of Role playing Games Market

The growth of the market is propelled by the increasing involvement of gamers: RPGs provide deeply engaging narratives, customizable characters, and vast open-world settings, appealing to an expanding audience of both serious and casual gamers. Titles such as The Witcher 3, Elden Ring, and the Final Fantasy series have established new benchmarks for immersive gameplay. With a growing fascination for fantasy, science fiction, and historical themes, RPGs persist in leading download rankings across PC, console, and mobile platforms.

Growth of Mobile and Cross-Platform Gaming: Mobile RPGs like Genshin Impact and AFK Arena have garnered millions of users worldwide, attributed to their freemium models, superior graphics, and global server access. The ability to play across platforms has enabled users to transition effortlessly between PC, console, and mobile, promoting extended engagement periods. The accessibility and cost-effectiveness of mobile RPGs have greatly broadened the market in areas such as Southeast Asia, India, and South America.

Expanding Esports and Streaming Ecosystem: Role-playing games featuring PvP or co-op elements are increasingly showcased in esports competitions, YouTube streams, and Twitch broadcasts. Content creators enhance visibility by presenting gameplay, walkthroughs, and mod reviews, fostering dynamic online communities. Titles like Skyrim, Cyberpunk 2077, and Path of Exile gain from sustained interest through ongoing content updates and user-generated modifications, maintaining engagement and revenue long after their initial release.

Key Restraints in Role playing Games Market

High Development Costs and Extended Production Timelines: AAA RPGs necessitate substantial investments in game design, graphics, voice acting, and world-building, typically requiring 3 to 5 years for development. The intricate nature of RPG mechanics and the demand for open-world realism exert significant pressure on developers. Budget overruns, delays, or disappointing launches (such as Cyberpunk 2077) can lead to considerable financial losses and reputational damage for studios and publishers.

Market Saturation and Intellectual Property Fatigue: The frequent release of sequels, remakes, and spin-offs within established RPG franchises can contribute to intellectual property fatigue among players. An oversaturation of similarly themed games may diminish consumer enthusiasm for new releases. Furthermore, indie developers encounter fierce competition from larger studios, making it challenging to differentiate themselves without innovative mechanics or storytelling, particularly in digital platforms like Steam and the PlayStation Store.

Regulatory and Monetization Obstacles: RPGs that incorporate loot boxes, in-game currencies, or gacha systems are facing heightened scrutiny and regulation in areas such as Europe and China. Monetization strategies that include microtransactions or pay-to-win elements may provoke backlash from gaming communities if not executed with care. Additionally, cultural content limitations and censorship can impede global market expansion, necessitating that studios localize or alter narratives and character designs.

Key Trends of Role playing Games Market

Integration of AI and Procedural Storytelling: Game developers are exploring the use of AI to facilitate dynamic narratives, adaptive enemy behaviors, and personalized in-game choices that can modify storylines. The procedural generation of quests, landscapes, and dialogues provides players with a more tailored experience, thereby enhancing replayability. These innovations are particularly prominent in indie RPGs and open-world sandbox games, where unpredictability contributes to sustained engagement.

Rise of Tabletop and Hybrid RPG Experiences: Tabletop RPGs such as Dungeons & Dragons are experiencing a digital revival, with virtual tabletops (VTTs) and applications supporting remote campaigns. Hybrid RPGs that combine physical and digital components (for instance, Baldur’s Gate 3, which is based on D&D 5E rules) are attrac...

According to Cognitive Market Research, the global gaming market was USD 251269.0 million in 2024 and will expand at a compound annual growth rate (CAGR) of 9.60% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 100505.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 75379.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 57790.77 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2031.
Latin America's market will have more than 5% of the global revenue with a market size of USD 12563.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 5025.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
The smartphone held the highest share in the gaming market revenue share in 2024.

Market Dynamics of Gaming Market

Key Drivers of Gaming Market

Rise in mobile gaming fuels the gaming market

The mobile game is one of the most transformative drivers of the global gaming market, fundamentally reshaping how games developed monetized and consumed. Mobile gaming is the largest and the fast-growing segment in the gaming market, accounting for more than 50% of the total gaming industry revenue. The global penetration of smartphones has helped create a massive and always connected user base. The availability affordable smart phones, and low-cost mobile data has made gaming accessible to people all ages and incomes level even in emerging markets like India and Brazil.

For instance, the global mobile gaming market generating 30 billion installs in the first-half of 2024. 
India led with a growth of 6.6% in installs, followed by Brazil at 4.9%.

(Source:https://mobilemarketingreads.com/mobile-gaming-market-soars-with-over-30-billion-installs-in-h1-2024/ )

The rise of freemium business models in games like Candy Crush and Genshin Impact have also been highly effective. Most gaming apps are free to download and generate revenue through in-app purchases and advertisements.

(Source: https://sg.finance.yahoo.com/news/electronic-arts-ea-launches-super-120100836.html )

Restraint Factors Of Gaming Market

Addiction Issues from Intense Gaming to Restrict Market Growth

Addiction issues stemming from intense gaming have become prevalent, raising concerns about mental health and social repercussions. Despite this, the gaming market continues to expand rapidly, driven by technological advancements and a rising consumer base. However, it's imperative to exercise restraint, balancing gaming with other activities to maintain overall well-being. Moderation in gaming can safeguard against addiction-related issues, fostering healthier habits and promoting a more balanced lifestyle.

Impact of COVID-19 on the Gaming Market

The COVID-19 pandemic significantly impacted the gaming market, leading to a rise in need as people sought entertainment at home during lockdowns. With more time spent indoors, there was a notable increase in gaming hardware and software sales and online gaming subscriptions. This shift accelerated the industry's digital transformation, emphasizing the importance of virtual communities and online multiplayer experiences. Overall, COVID-19 catalyzed growth and innovation within the gaming sector. Introduction of the Gaming Market

The global gaming market covers a wide range of products and services including game development, marketing, distribution and monetization. It includes gaming across various platforms such as, gaming consoles like PlayStation, Xbox, PCs, mobile phones and online browsers. The market also includes hardware related to gaming, like consoles, hardware, VR headset and others. Games can be monetized through various methods. Most common way to monetize games include in-game purchases, game sales, subscription fees and advertising. Gaming is by far the fastest growing sector in the media industry, across the globe.

Several factors such as increased internet penetration faster processors, new hardware with improved grap...

In 2022, the annual revenue of miHoYo Co., Ltd amounted to about ***** billion yuan. The Chinese game developer is best known for its anime-style game Genshin Impact. Since its release in September 2020, the action role-playing game has become one of the highest-earning titles in the world. Within *** months, it achieved one billion U.S. dollars in player spending, the fastest mobile gaming app was able to do that. In April 2023, miHoYo released another role-playing anime game Honkai: Star Rail and raked in over *** million U.S. dollars within three months.

Genshin Impact was the top-grossing mobile gacha game worldwide in the first quarter of 2022, generating approximately 567 million U.S. dollars in mobile revenues. Second-ranked Lineage W saw users spending 272 million U.S. dollars on in-game items. Players can spend in-game currently to pull on a randomized selection of characters or items. Gacha mechanics are comparable to loot boxes and are a popular monetization strategy for free-to-play games.

Published in May 2024, Wuthering Wave already generated close to 20 million U.S. dollars in IAP revenues within 10 days of release and over 233 million U.S. dollars in lifetime gross. The free-to-play action role-playing game was developed and published by Kuro Games and has been compared to Genshin Impact due to a similar setting and monetization mechanics. In May 2025, Wuthering Waves made 22.08 million U.S. dollars in IAP revenues.

In July 2025, the retail gaming revenue in the United States amounted to **** billion U.S. dollars. When examining specific segment revenues, accessories were the lowest-performing segment at retail overall, while video gaming content accounted for the majority of consumer spending. Video game spending habits in the United States More than four in ten U.S. gamers across all platforms were willing to spend a maximum of ** to ** U.S. dollars on a video game. A November 2022 survey found that more than four in ten PC and console gamers stated so, while over three in ten mobile-only gamers said they only played free games. Console gamers were most comfortable spending money on their hobby at this price point. In 2023, total U.S. consumer spending on video game content amounted to **** billion U.S. dollars, a one percent increase from **** billion U.S. dollars in the preceding year. Game releases are planned around the holiday season What is very specific to the industry at large is that the highest monthly revenues occur around the holiday season in November and December of each year. The entire market revolves around maximizing sales during the season, and most new game releases of high-budget, high-profile titles (so-called AAA games) are planned shortly before the winter holidays. Many of these annual blockbuster releases see releases from late Q3 onwards: EA Sports FC usually releases in late September, and new games in Activision Blizzard’s Call of Duty series are launched between late October and early November.For the holiday season 2023, blockbusters Baldur’s Gate 3 and Starfield had already started the season of major video game releases. Other AAA titles that are also taking advantage of the Christmas shopping release window are the Cyberpunk 2077: Phantom Liberty DLC, Assassin’s Creed Mirage, Marvel's Spider-Man 2 as well as the Nintendo Switch release of Hogwarts Legacy and the PS5 port of mobile gaming title Honkai Star Rail by Genshin Impact publisher MiHoYo.