May 29, 2024
Improbable Sells Gaming Venture for $97M, Eyes 2024 Metaverse
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Improbable Sells Gaming Venture for $97M, Eyes 2024 Metaverse

Metaverse technology firm Improbable has revealed its strategic move for 2024, with an end-of-year announcement on December 18 confirming the sale of its gaming venture, The Multiplayer Group (MPG), to Keywords Studios for £76.5 million ($97.1 million). Improbable’s CEO, Herman Narula, described Keywords as a “like-minded business partner” and expressed delight in seeing MPG enter a new phase. Improbable initially acquired MPG in 2019 for approximately £30 million.

Narula highlighted that this divestment is part of Improbable’s broader venture strategy for 2024. Keywords Studios, known for collaborating with major gaming industry players such as Activision Blizzard, Bethesda, Zenimax, Epic Games, and 2K, has now taken over MPG.

“Nurturing and fostering ventures across Sports, Web3 and fashion is at the heart of our philosophy and allows us to realize lasting value.”

Improbable also shared its predictions for 2024, emphasizing the ongoing significance of the metaverse and Web3. Narula anticipates that the metaverse will play a pivotal role in shaping the future of virtual events in 2024. He suggested that businesses will increasingly gravitate towards decentralized metaverse platforms, noting that brands seek sovereignty and the right business model.

“The metaverse is poised for growth in 2024, fueled by the convergence of gaming, VR/XR, and Web3 technologies.”

Narula clarified that brands, after experimenting on platforms, seek sovereignty and the right business model, leading to decentralized experiences.

Improbable, backed by Softbank, foresees more consolidation and streamlining in the gaming, Web3, and crypto sectors in 2024. The company believes that this trend will lead to a “stronger, more resilient, and more cohesive startup ecosystem.”

In 2023, Improbable entered a partnership with Major League Baseball to develop a virtual baseball stadium, providing fans with the opportunity to engage in games in a digital reality setting.

Looking ahead, Improbable envisions increased crossover experiences between the physical and digital realms of the gaming industry. The company also predicts growing use cases for generative artificial intelligence (AI) in both content creation and business applications.

Peter Lipka, Improbable’s co-founder and chief operating officer, emphasized the transformative impact of AI on business operations. Lipka anticipates the emergence of AI-generated 3D interactive objects in 2024.

The article noted that Improbable’s outlook aligns with broader industry expectations, with GameFi executives Yat Siu and Johnson Yeh foreseeing increased user adoption of Web3 through blockchain games in the coming year. The Softbank-backed metaverse developer is poised for an eventful 2024 as it navigates the dynamic landscape of the metaverse, gaming, and Web3 sectors.

Image By freepik

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