Improbable, a prominent metaverse company, has finalized the sale of its pivotal gaming unit, Multiplayer Group (MPG), to video game developer Keywords Studios for a substantial sum of $97.1 million, as reported by CNBC on Monday, December 18.
Established in 2018, MPG swiftly expanded its workforce to 360 professionals spanning 30 countries. Focused on supporting clients and partners in game development, the studio played a pivotal role in the development of over 20 AAA titles, collaborating with industry giants such as Electronic Arts (EA), Activision, and Bethesda.
Established in 2012, Improbable has consistently directed its efforts toward constructing a network of metaverses. In June, the company launched MSquared, a metaverse creation suite, aligning with its strategic vision of the metaverse and the expected shift in the gaming industry from Web2 to Web3.
The shift towards Web3 dominance in gaming was also underscored by a recent report from metaverse game developer Gamefam, which highlighted a 35% YoY revenue surge, a workforce exceeding 200 employees, and a thriving game portfolio. Also, Gamefam’s CEO, Joe Ferencz, foresees heightened brand competition on platforms like Roblox and Fortnite in 2024.
The allure of the metaverse has not only captivated companies but also garnered attention from governments globally. Countries like the UAE and China have disclosed their metaverse strategies, aiming to foster innovation across industries while emphasizing security and technological advancements.
In 2022, the global metaverse market reached a valuation of $234.04 billion, with projections indicating substantial growth to $3409.29 billion by 2027.