Competition within the virtual ecosystem is intensifying as an increasing number of media companies transition to the Metaverse.
Reflecting this trend, Munhwa Broadcasting Corporation (MBC), a major South Korean media company, has recently forged a strategic partnership with the Metaverse platform, The Sandbox.
South Korean TV Company MBC is in the Metaverse World!
Over the past weekend, The Sandbox announced that Munhwa Broadcasting Corporation (MBC) has entered into a partnership with the virtual experience service provider for a venture in the Metaverse.
As part of this agreement, MBC plans to transition its office buildings and studios into the Metaverse. Moreover, the television powerhouse intends to develop additional Metaverse-themed content for users on The Sandbox platform.
MBC has a track record of engaging in Metaverse-related initiatives. In 2021, the company introduced virtual avatars for non-celebrity panelists on its well-known program ‘Masked Abilities’, a spin-off of the popular ‘Masked Singer’ series that has been captivating Korean audiences for some time.
Concurrently, MBC continues to broadcast ‘Avatar Singer’, the first Metaverse music show. This show utilizes augmented reality (AR) avatars to conceal the identities of the contestants.
South Korea’s Investments in Metaverse
South Korea is leading the way in Asia in taking its Metaverse industry seriously. Since May 2022, the nation’s headquarters in Asia has invested approximately $177.1 million in the burgeoning virtual ecosystem. This initiative marks South Korea as the first country to launch a national Metaverse project, underlining its commitment to expanding its digital economy.
The Digital New Deal, hailed as South Korea’s national strategy for the Metaverse industry, focuses on supporting businesses and creating jobs. Additionally, the Seoul Metropolitan Government has invested 3.9 billion won to enable residents to access public services via the Metaverse, reflecting the national government’s supportive stance towards this rapidly growing industry.
As a technology-driven economy, South Korea aims to set an example for other governments in investing in virtual environments. Despite some criticisms, the South Korean government has demonstrated its willingness to explore this new sector, encouraging public institutions to engage with the Metaverse. These efforts have been gradual, yet the government’s resources are evidently prepared to back the virtual ecosystem.
The government has stated that any project fostering community engagement is of interest, but more time and financial investment are required to develop ecosystem applications. Consequently, activities in the Metaverse remain in their infancy in Asia, as in other parts of the world.
The Metaverse first gained significant attention last year and has since been increasingly recognized as the foundation of the virtual world. The rebranding of Facebook as Meta has notably propelled the Metaverse’s popularity among corporate entities.
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