Improbable, a leading London-based technology company, sold its gaming subsidiary MPG to Keywords Studios for $96.8 million to concentrate efforts on metaverse initiatives.($100 million)
The deal marks the culmination of Improbable’s strategy to divest non-core operations and focus on projects in web3 and the metaverse.
Improbable has several ongoing partnerships for metaverse projects with companies like BoredElon, Forgotten Runes, and Yuga Labs’ Otherside.
Gaming Arm Sale Facilitates Metaverse Push
In its 2022 annual statement, Improbable announced the sale of MPG Studios to Keywords Studios for $96.8 million. The company had originally purchased MPG for $38 million in 2019.
CEO Herman Narula said in a statement that MPG “is in good hands with Keywords” and expressed confidence in the studio’s future growth within Keywords’ portfolio.
The sale marks Improbable’s strategic shift away from web2 gaming initiatives and towards metaverse projects. Improbable is focusing efforts on its metaverse platforms like the M2 Network and MML Stack.
Improbable’s Metaverse Vision
In its annual statement, Improbable shared predictions for the metaverse in 2024, including advancements in VR headsets, consolidation trends, and increased capital access for metaverse startups.
The company also highlighted the importance of VR headsets like Apple’s rumored Vision Pro and Meta Quest 3 for enabling mass consumer adoption of the metaverse.
Improbable launched The Metaverse Society to explore the societal and economic impacts of immersive technologies. The organization recently released a report on “Policies for a Safe and Inclusive Metaverse”.
Improbable anticipates that gaming companies will continue to incorporate web3 games and tokenized economies into their portfolios to offer novel player experiences.