Improbable‘s recent Innovation Day served as a platform for a strategic overview of the company, its business operations, and financial achievements in 2022. The leadership team emphasised the positive momentum throughout the organisation, notably in terms of increased revenue growth and improved net profit performance.
At the event, Improbable introduced its fresh perspective, ‘Venture into new worlds,’ which served as the backdrop for a series of announcements spanning various topics. The agenda included discussions on market dynamics, the evolution of Improbable’s organisational structure, the foundational AI and metaverse technology driving the company, and more.
The virtual reality start-up announced a remarkable 85% reduction in losses for 2022 while emphasising its shift towards driving innovative metaverse experiences. The company also highlighted a substantial revenue increase, with earnings surpassing $95 million in the past year, reflecting its substantial growth in the realm of metaverses.
Dan Odell, the chief financial officer says, “The Improbable business has matured significantly in the past two years and these numbers are testament to that. The focus is now on industrialising what we are doing by being involved in more events with more people where there is scope to drive and monetise engagement levels.”
Improbable’s metaverse ambitions
Last year, Improbable revealed its aspiration to establish a prominent presence in the metaverse, a digital realm where people can work, transact, socialise, play games and more. The company has collaborated with brands in the digital space such as Yuga Labs to develop the Otherside metaverse.
This platform allows individuals to create digital avatars and even participate in events. Improbable has also reaffirmed its commitment to the metaverse strategy after outlining its vision for MSquared, a network of interconnected Web3 metaverses.
Improbable is charting a different path compared to behemoths like Apple, Meta, and Microsoft, known for their involvement in mixed reality products such as HoloLens. Users won’t need a headset to access an MSquared space as the software will be accessible on a desktop.
Herman Narula, Chief Executive Officer of Improbable, says, “Opportunities abound in sports, entertainment and music. Our proprietary technology is able to take fan engagement and experiences to a new level and we gather ever more users excited by new experiences happening in the metaverse.”
Improbable’s core business operations encompass three distinct areas: developing the metaverse technology, creating metaverse worlds and experiences, and establishing metaverse ventures. In essence, Improbable Labs serves as a hub for innovative product development.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
