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SoftBank-backed Improbable slashes losses by 85%, says pivot to the metaverse has paid off - TL;DR CNBC

SoftBank-backed Improbable slashes losses by 85%, says pivot to the metaverse has paid off

Publishing timestamp: 2023-09-26 12:57:40


Summary

Improbable, a virtual reality startup backed by SoftBank, has reported an 85% reduction in losses in the 2022 fiscal year. The company's focus on powering new "metaverse" experiences and the dramatic reduction in the cost of running virtual events contributed to this improvement. Improbable's revenues more than doubled, reaching £78 million ($95 million). The company aims to become a major player in the metaverse concept and has been working with digital asset players. It recently unveiled its vision for MSquared, a network of interoperable Web3 metaverses. Improbable's approach differs from companies like Apple and Meta, as it does not require a headset and aims for decentralization and interoperability.


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Keywords: business newsnetflix incinternetsoftbank group corpmicrosoft corpapple inctechnologymarketsmeta platforms incbreaking news: technologybreaking news: markets

Source: https://www.cnbc.com/2023/09/26/softbank-backed-improbable-slashes-losses-by-85percent-after-metaverse-pivot.html


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