South Korea’s Kakao, Com2Us wind down metaverse items

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South Korea’s Kakao, Com2Us wind down metaverse items

South Korea’s high web firm Kakao and main recreation developer Com2uS are sizing down their metaverse groups because the digital world platforms recorded giant losses within the first half of 2023, native information company Newsis reported.

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Quick details

  • Com2uS, a significant cell recreation developer that recorded US$536 million in income final 12 months, just lately downsized its employees in its metaverse division, in line with Newsis. The main points concerning the employees cutback haven’t been revealed.
  • The corporate’s metaverse platform, Com2Verse, formally launched on Aug. 1 this 12 months. Nevertheless, the enterprise arm behind the metaverse platform recorded an working lack of about US$6.2 million within the first half of this 12 months.
  • Colorverse, one other South Korea-based metaverse firm, carried out a spherical of layoffs earlier this 12 months with out disclosing the main points to the general public. Colorverse, owned by Kakao’s gaming subsidiary Kakao Video games and its affiliate Neptune, recorded US$8.6 million in losses final 12 months. 
  • In July, CyTown, a metaverse revamp of as soon as vastly widespread native social media service Cyworld, shut down after a 12 months of service. The digital platform failed to draw customers, recording solely round 10,000 downloads on the Google Play app retailer. 
  • A survey carried out by the Korea Info Society Improvement Institute launched in Could revealed that solely 4.2% of South Korean residents repeatedly use metaverse companies. The survey’s broad interpretation of what constitutes a “metaverse” platform included widespread video games Minecraft, Roblox and Animal Crossing.
  • Metaverse pioneer Meta, previously Fb, noticed its metaverse division Actuality Labs put up US$13.7 billion in losses. 
  • In February, ten Japanese corporations together with Fujitsu, Mitsubishi and Sumitomo Mitsui, agreed to ascertain the Japan Metaverse Financial Zone, a working group to spice up native metaverse infrastructure. The group has made no subsequent bulletins regarding the venture.
  • In the meantime, China’s Ministry of Trade and Info Expertise stated Monday that it’s going to look to ascertain regulatory requirements for the metaverse with a view to grow to be a world chief within the sector.
  • Kakao and Com2uS have but to answer Forkast’s electronic mail request for feedback despatched Friday.

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