[Asia Economy Reporter Seulgina Jo] The so-called ‘Metaverse K-Alliance,’ led by domestic companies including the three major mobile carriers, Hyundai Motor Company, Naver Labs, and Kakao Entertainment, has been launched. This move aims to secure Korea’s leadership in the global metaverse market, which is expected to reach $280 billion (approximately 317 trillion KRW) in related sales by 2025, positioning Korea as an ‘ICT powerhouse.’
On the morning of the 18th, the Ministry of Science and ICT held the launch ceremony of the ‘Metaverse Alliance’ at the Pangyo ICT-Culture Convergence Center. The alliance consists of 17 domestic companies, related organizations, and associations. It is a public-private cooperative system aimed at developing the metaverse industry ecosystem based on extended reality (XR), including augmented reality (AR) and virtual reality (VR).
The alliance includes 17 companies such as the three mobile carriers SK Telecom, KT, and LG Uplus, as well as Hyundai Motor Company, Naver Labs, Kakao Entertainment, CJ ENM, Bundang Seoul National University Hospital, Lotte World, Maxst, VRTCT, and Raontech. It also features ICT platform and device companies supporting XR services, as well as medical institutions and media industries. Eight related organizations and associations, including the National IT Industry Promotion Agency (NIPA) and the Electronics and Telecommunications Research Institute (ETRI), are also participating.
The metaverse, encompassing both reality and virtuality, has recently become a symbolic theme of the COVID-19 era, fueled by the popularity of the game platform ‘Roblox,’ which has about 40 million daily active users. The metaverse era is accelerating as individuals represented by avatars in virtual spaces engage in hobbies, work, and even economic activities such as earning and spending money. According to market research firm Strategy Analytics (SA), the metaverse market is expected to grow rapidly from this year, with related sales projected to reach $280 billion by 2025.
The newly launched alliance will serve as a platform for mutual cooperation to revitalize the ecosystem by sharing recent technological trends, improving legal systems and regulations, and planning projects through collaboration among companies. This is also part of the virtual convergence economy development strategy unveiled last December. It is a system where the private sector leads project-based initiatives supported by the government to realize the Digital New Deal and lead the metaverse era. The government will explore various support measures based on the outcomes proposed by the alliance.
The Ministry of Science and ICT is focusing on supporting the construction of an open metaverse platform where various companies participate to accumulate and utilize data and develop new services. Alongside this, to foster companies in new metaverse industries and support production and demonstration infrastructure, the current ICT-Culture Convergence Center will be reorganized into a ‘Metaverse Hub,’ and related support will be intensified. Prior to the launch ceremony, a plaque unveiling ceremony for the Metaverse Hub was also held.
Cho Kyung-sik, the 2nd Vice Minister of the Ministry of Science and ICT, stated, “The metaverse is the next-generation platform revolution following the internet and mobile. The launch of the private-led Metaverse Alliance is highly significant and will serve as a focal point for cooperation.” He urged alliance organizations to actively engage in planning creative and innovative services by Korean developers and companies to achieve tangible results in the metaverse market, while also pledging the government’s unwavering support efforts.
Meanwhile, about 30 people, including Vice Minister Cho, XR demand and supply companies, mobile carriers, broadcasting and media companies, and related organizations and association officials, attended the launch ceremony. Professor Kim Sang-gyun of Kangwon National University gave a presentation titled ‘Metaverse: Where Are We and Where Are We Going?’ and Jung Ji-hoon, Chief Vision Officer of Modu Research Institute, presented on ‘The Epochal Meaning and Preparation for the Metaverse Era.’
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