Asia-Pacific

Tech Giants in South Korea Cut Down on Labor Forces Following Losses

South Korea’s top Internet company Kakao and leading game developer Com2uS are reducing the size of their virtual world teams after their virtual world platform posted huge losses in the first half of 2023, according to a local news agency. South Korea’s Kakao, Com2Us Wind Down Metaverse Units Com2u…

AuthorIvy Wu

Reading Time2 min

PublishedSeptember 26, 2023

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Com2uS is a South Korean mobile and online game development/publishing company established in 1998. Com2uS develops games for Android, iOS, and other platforms. The company’s corporate offices are located in the United States, Korea, Japan, and China. The company’s metaverse platform, Com2Verse announced that in January of this year it has received 4 billion won in strategic investments from Asiana Financial Group, Kyoho Bunko (a major Korean bookstore chain), and Kyowon Group, for a total of 12 billion won (approximately $9.5 million). With this, Com2Verse has raised an initial capital of 15 billion won (approximately $11.85 million) from Com2uS, WYSIWYG Studios, and others at its inception, and has received an additional 16 billion won (approximately $12.64 million) in funding by attracting outside investment. The company’s metaverse platform, Com2Verse, officially launched on Aug. 1 this year. However, the business arm behind the metaverse platform recorded an operating loss of about US$6.2 million in the first half of this year, and the company recently downsized its staff in its metaverse division.