Improbable Sells Gaming Venture to Keywords Studios
Improbable, a metaverse firm backed by SoftBank, has sold its multiplayer games developer, The Multiplayer Group (MPG), to Irish video game industry services company, Keywords Studios. The transaction was valued at $97.1 million. While the sale aligns with Improbable’s venture builder strategy, analysts have expressed concerns about the company’s ability to commercialize its technology due to perceived limitations and high costs. Greg Martin, co-founder of Rainmaker Securities, noted that Improbable’s business model remains uncertain.
No Retreat from Gaming Sector
Improbable’s CEO, Herman Narula, clarified that the sale of MPG does not indicate a retreat from the gaming sector. Narula emphasized that the deal was part of their venture builder strategy and that the London-based firm will continue operating with games companies. He stated that MPG provides a specialized service and Improbable is not selling any technology.
Improbable’s Ambitious Plans for Metaverse Events
In 2023, Improbable organized 30 metaverse events and plans to increase this number to 300 in 2024. The company aims to create a network of sovereign metaverses. Improbable, founded in 2012, received backing from various investors including SoftBank.
EU Lawmakers Push for Development of Virtual Worlds
European Union lawmakers are advocating for the EU to pioneer the development of virtual worlds. This initiative aims to boost EU businesses and reduce technological dependency on non-EU countries. The European Parliament’s Committee on internal market and consumer protection has called for a robust regulatory framework to support virtual world development, as most companies in this space are based outside the EU.
Hot Take: Europe Embraces the Metaverse
The European Union’s focus on developing virtual worlds highlights a strategic shift towards embracing the metaverse as a crucial component of Europe’s digital future. By advocating for a robust regulatory framework and promoting the development of virtual worlds within the EU, lawmakers aim to strengthen EU businesses and reduce reliance on non-EU countries. This proactive approach demonstrates Europe’s commitment to remaining competitive in the rapidly evolving digital landscape.
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