Genshin Impact’s Monthly Revenue Dropped to $53 Million in May

Genshin Impact experienced its lowest monthly revenue performance since its September 2020 launch, generating $53.8 million in mobile revenue during May 2023. This figure represents a significant decline from the $87.7 million recorded in April 2023 and falls below the previous record low of $65.6 million set in June 2021. Despite this revenue dip, the game’s download volume remained stable at approximately 4 million installs, consistent with performance in preceding months.

The decline is attributed primarily to the underperformance of specific in-game character banners, notably the Baizhu banner, which saw substantially lower day-one revenue compared to previous releases. Additionally, the recent global launch of miHoYo’s new title, Honkai: Star Rail, which earned over $132 million in its debut month, may have influenced player spending habits.

Data for this analysis was sourced from AppMagic and covers global mobile in-app purchase performance on iOS and Android platforms. While the May results mark a historic low, the game maintains a strong financial position, having generated over $439 million in 2023 through May. China remains the primary market, contributing 41% of the year-to-date revenue, followed by Japan at 23.5%, the United States at 10.9%, and South Korea at 6.7%. Despite the monthly volatility, the title continues to rank among the highest-grossing mobile games globally, maintaining an average monthly revenue exceeding $86 million for the year.