Metaverse Company Improbable Sells Gaming Arm For $100M
Improbable, the metaverse start-up, has revealed several developments and visions for 2024 following the sale of its games services subsidiary, MPG, for £76.5 million (approximately $100 million).
According to a statement, this positions the company as a significant player in shaping the future of the metaverse.
However, Improbable made several notable strides in the year leading up to the sale. A significant milestone included forming a partnership with Major League Baseball (MLB) to enhance their virtual ballpark, which saw the successful execution of three events and games throughout the year.
This comes amid Acumen Research and Consulting recently forecasted a $4 trillion expansion of the Metaverse market by 2032. This is propelled by the widespread adoption of virtual and augmented reality technologies.
In a statement, Herman Narula, founder and CEO of Improbable, expressed his enthusiasm for the sale. He stated, “we are delighted to see MPG embark on its next chapter with Keywords.”
Furthermore, he outlines that Web3 remains a core focus for the company:
“Nurturing and fostering ventures across Sports, Web3, fashion is at the heart of our philosophy and allows us to realize lasting value.”
The sale of MPG, a game services business boasting a workforce spread across 34 countries with key clients including Activision Blizzard, Bethesda, Zenimax, Epic, and 2K, underscores Improbable’s strategic vision.
Improbable acquired MPG in 2019 for a sum of £30 million.The company witnessed significant growth under Improbable’s stewardship. It expanded its workforce sixfold on a sustainable and profitable business model.
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Despite anticipating economic challenges in 2024, the company is gearing up for continued growth.
However, the statement emphasized partnerships, cooperation, and knowledge-sharing within the start-up ecosystem.
The divestment aligns with Improbable’s broader metaverse strategy, allowing it to concentrate on ventures in sports, web3, internet culture, and music.
Heading into 2024, Improbable plans to showcase its metaverse initiatives through a scheduled presentation.
Meanwhile, this will build on the momentum generated by the MPG sale. The leadership, including COO Peter Lipka, anticipates the $100 million windfall to catalyze Improbable’s next phase of innovation.
In particular, the company hinted towards the realm of AI-generated 3D interactive objects.
With a recent injection of funds, Improbable claims to be ready to expedite its metaverse initiatives.
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