Microsoft's $7.5 billion purchase of ZeniMax Media is massive because it covers games like Fallout, The Elder Scrolls, Doom, Wolfenstein, and more. However, the new intellectual properties are just as interesting. Not including the upcoming Starfield, which is already announced and on the way, the teams that are under the ZeniMax umbrella (Bethesda, iD, MachineGames, Tango Games, etc.) may come up with new ideas over the coming years, and this "Hi-Fi Rush" could be one of the first.
One of the biggest surprises of 2020 was the news of Microsoft purchasing Bethesda. No one knows yet what this could mean in terms of exclusivity for a game like the aforementioned Starfield or the next Elder Scrolls, but Microsoft didn't make the second biggest gaming acquisition (behind Tencent buying Supercell) for nothing. There is a chance that this Hi-Fi Rush trademark could already have Microsoft's imprint on it.
As far as what Hi-Fi Rush is, there are many possibilities. One idea leans toward the multiplayer route, specifically competitive multiplayer. ZeniMax/Bethesda tend to lean toward single-player experiences, so a multiplayer game could be a fresh direction. Hi-Fi Rush sounds like it could be a pop-in/pop-out arcade shooter, perhaps coming from the Arkane Studios team.
However, fans could be unhappy if Hi-Fi Rush were a multiplayer game, similar to the poor response to Fallout 76 and its nontraditional single-player experience. However, the difference in this case is that Hi-Fi Rush may be an entirely new IP, and therefore it would not take away from a series that fans already know and love (like Fallout 76 did with the Fallout series).
There have already been hints that Bethesda may do more multiplayer games moving forward, but this could be a new single-player game as well. The Hi-Fi Rush trademark could also be for something entirely different, outside of video games. Or it could also be a trademark for an item, gameplay mechanic, or idea inside a game. Of course, all of this is just speculation for now. More information will likely come with time, especially as more of the details finalize with Microsoft officially taking over ZeniMax and Bethesda.
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Source: https://gamerant.com/zenimax-media-trademark-hi-fi-rush/
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