From transition to transformation
2022 was a pivotal year for Improbable. We doubled down on the metaverse and transitioned to a model designed to best serve our metaverse partners. In 2023, we will fully implement this transformation, and work with our partners and prospective clients to help realise their metaverse projects.
We are changing how we operate our organisational performance, structure, processes and culture, to deliver for our partners, with a revenue and growth mix reflecting our new direction and a focus on profitability in 2023. Early progress is encouraging, with exciting new partnerships across the entertainment sector, a record-breaking metaverse experience recently delivered for Yuga Labsand a [successful impromptu demo of M²’s Metaverse Markup Language (MML) that took place during a Twitter Space in early April.
A focus on building
Despite recent turmoil across the tech sector and growing metaverse scepticism since the end of 2022, client appetite for metaverse activities has not diminished. Clearer use cases are emerging, leading to big consumer brands more proactively engaging as they envision the value the metaverse can bring to their communities and products.
The fading hype is also helping to ensure what is developed cuts through the noise and becomes valuable, tangible components in the next phase of the metaverse. And through being more focused and targeted, we as a metaverse builder can make faster progress in the right direction for our partners – and all those wanting to branch into the space.
Leveraging this new medium provides brands unprecedented freedom to develop their identities, engage in a unique fashion with their communities and make their brands and products more attractive to Gen-Z audiences. It enables them to expand their reach through virtual events, gaming, socialising, education and virtual commerce spaces.
Alongside this, booming demand and excitement for generative AI across the way we live, work and play also favours the potential of the metaverse. Applications can be seen across many social metaverse developments, including avatars, realistic virtual worlds, virtual commerce, personalised products, and translation for global communication, all of which can enhance the creativity of professional – and also more amateur – content creators.
Our roadmap for 2023
Since the beginning of the year, we have recorded commercial momentum and performance across the board of Improbable activities. We are currently developing projects in the sports, entertainment and culture sectors. And we continue to iterate on our technology, having released more updates in early 2023 and pioneered some new features for *Otherside: 2nd Trip* for our flagship Web3 client Yuga Labs.
All our projects seek to enable the unique and genuinely useful experience that the entertainment metaverse is rooted in. The ability to gather thousands of people with a common passion, allowing them to interact with this core interest while exchanging with their community, brings value and reality to all the activities underpinning and enabling a metaversal economy, including creating and trading digital assets.
Improbable’s vision is to initiate interesting new businesses based upon breakthrough technologies to support useful virtual worlds and the experiences created within them. We continue to deliver these technologies across a range of applications and domains, from our core focus around the entertainment metaverse to industrial and military applications.
Building in a bear market is only made possible thanks to our pivoting the company in a very deliberate fashion to address our business priorities, thus positioning ourselves to withstand the downturn. We are transforming and maturing into a more strategic, efficient and performance-driven company, focused on great service, operational excellence, and working with our partners to deliver groundbreaking metaverse projects.
Our trajectory takes us on a journey of delivering the next technological revolution and the future of human experience while generating profitability and success in 2023 and beyond. Among our upcoming next steps: M²’s product launch.