Improbable, the UK’s leading name in virtual world technology for more than a decade, cut its losses by £131m last year to just £19m.
The London company achieved revenue growth of 2.6x to £78m in 2022 after adopting a more targeted operating model amid the Metaverse hype.
It made a loss of £129m in 2020 and £152m in 2021. We wanted to achieve profitability in 2022. However, he fell one step short.
Although the buzz around Metaverse has since died down, Improbable is now confident it has built a solid business. Last year, the company raised £115m from some of the world’s leading investors to create the virtual ecosystem M² – a space where businesses, brands and creators can establish their own interoperable metaverse and Web3 businesses. ‘s technology roadmap focuses on enabling events supported by a set of content creation tools.
It has held 22 events in the past six months and aims to hold nearly 300 similar events next year.
“Improbable’s business has matured significantly over the past two years, and these numbers are proof of that,” the CFO said. Dan O’Dell. “We are now focused on industrializing what we do by engaging more people and more events, where there is scope to increase engagement levels and monetize. ”
Impossible, our 12th place media tech 50 This year’s ranking also provides multiplayer services to dozens of global publishers.in June of this year divested its defense and national security business; Deeper focus on the Metaverse.
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New products will be announced soon, including advances in rendering that enable the combination of Improbable’s large-scale technology and generative AI.
The business closed in 2022 with cash proceeds of £140m.
“Improbable has emerged from 2022 as a stronger, leaner, and more resilient company. We have a great foundation to build and deliver content at scale, and all of us are excited about the future,” said COO Peter Lipka.
“Our venture-building activities will result in us starting, growing, and ultimately spinning off a whole new set of businesses that explore the metaverse.”
Ventures and partnerships include work for major brands, such as a recent deal with Major League Baseball, as well as more experimental projects such as Victory League, a soccer fan engagement project.
Finally, there are initiatives that Improbable is launching or seeking to be involved in as a thought leader in this space. For example, our role as the founding group behind the launch of the Metaverse Society.
“While today showed how far we have come and validated our focus on the Metaverse, there is still much work to do in this business,” said the CEO after the showcase. said Herman Narula (pictured). “There are so many opportunities in sports, entertainment and music.
“Our unique technology allows us to take fan engagement and experience to a new level, and we have more users than ever excited about the new experiences happening in the Metaverse.
“Today proved that we have a great product set, overseen by a passionate and dedicated team, that delivers solid financial numbers.”