April 2023 Mobile Game Publisher Revenue Rankings: The Rise of 'Tencent-MiHoYo-NetEase' Triad

The revenue rankings for the top 30 global mobile game publishers for April 2023 have been released. Tencent remains the undeniable giant at the top. Notably, MiHoYo has officially overtaken NetEase to claim second place, thanks to the immense global success of their portfolio. This shift has ignited intense discussion within the Chinese gaming community regarding the changing landscape of major industry players.

The community has coined the term 'E-Mi-Zhu' (Tencent-MiHoYo-NetEase) to describe this new hierarchy. Players attribute MiHoYo’s surge to the explosive launch revenue of 'Honkai: Star Rail' at the end of April, combined with the sustained performance of 'Genshin Impact'. Many argue that MiHoYo's streamlined project model gives them an operational edge. Conversely, despite the popularity of 'Eggy Party', NetEase struggled to match the impact of MiHoYo's dual-title powerhouse. Meanwhile, the return of Lilith Games to the fourth spot has sparked debates about the importance of overseas expansion and long-term operational efficiency.