TelecomTV TelecomTV
  • News
  • Videos
  • Channels
  • Events
  • Network Partners
  • Industry Insights
  • Directory
  • Newsletters
  • Digital Platforms and Services
  • Open RAN
  • Cloud Native Telco
  • Telcos and Public Cloud
  • The Green Network
  • Private Networks
  • Open Telco Infra
  • 5G Evolution
  • Access Evolution
  • Edgenomics
  • Network Automation
  • 6G Research and Innovation
  • Security
  • More Topics
  • Network Partners
  • Industry Insights
  • Directory
  • Newsletters
  • |
  • About
  • Contact
  • |
  • Connect with us
  • Digital Platforms and Services
  • Open RAN
  • Cloud Native Telco
  • Telcos and Public Cloud
  • The Green Network
  • Private Networks
  • Open Telco Infra
  • 5G Evolution
  • Access Evolution
  • Edgenomics
  • Network Automation
  • 6G Research & Innovation
  • Security
  • Connect with TelecomTV
  • About
  • Privacy
  • Help
  • Contact
  • Sign In Register Subscribe
    • Subscribe
    • Sign In
    • Register
  • Search

Digital Platforms and Services

Digital Platforms and Services

SK Telecom boasts early metaverse success as it targets major sales growth

Yanitsa Boyadzhieva
By Yanitsa Boyadzhieva

Feb 9, 2022

SK Telecom's Ifland metaverse

SK Telecom's Ifland metaverse

  • SK Telecom takes significant steps in developing its metaverse-enabled business after reporting growing demand for its Ifland platform
  • The South Korean operator plans to expand its virtual platform with partnerships and M&A deals
  • CEO reiterates the operator’s vision to transform itself into an AI and digital services company
  • Meta Platforms (parent of Facebook), on the contrary, has not seen such a positive reaction to its metamorphosis into a metaverse-focused operation

South Korean operator SK Telecom (SKT) has boasted of early success with its metaverse platform, recording significant uptake in user engagement only six months after launching its virtual world and communicating unbridled optimism for its growth in the next few years.

In its earnings announcement for 2021, the operator reported its metaverse domain, Ifland, had more than 1.1 million monthly active users (MAU) by the end of last year, which is quite impressive given that the platform was only launched in July 2021. In its first month, it had a MAU base of 280,000. The average time spent on the platform in January 2022 nearly doubled compared to the statistics from the first few weeks of operation – one hour and one minute compared to 26 minutes in its first month, according to the company’s figures.

SKT said there was now “great attention” towards Ifland from businesses and organisations, with more than 1,500 requests for partnerships.

And it seems the company has no plans to slow the metaverse momentum.

“Going forward, Ifland plans to continue its growth by opening up the platform to partners, introducing its own economic system, and expanding into overseas markets,” the company outlined.

Growth through M&A is also planned: SKT president and CEO Young Sang Ryu said during the operator’s earnings call that the company will pursue such strategic opportunities, initially through the acquisition of companies in the artificial intelligence (AI) and metaverse sectors, local newspaper The Korea Herald reported.

The company is keen to integrate any acquired assets into its existing businesses, rather than exploring initial public offering (IPO) or spin-out options, the newspaper noted.

Overseas deals, quick expansion and the addition of intellectual property into its metaverse platform were also emphasised by Ryu as top priorities for SK Telecom.

The operator has identified the metaverse, subscription-based platform T Universe, and futuristic mobility and enterprise IT infrastructure as its key areas of potential growth. Combined, they are set to amount to 36% of the company’s revenues by 2025, compared with 18% in 2021, according to the The Korea Herald report.

Overall, SK Telecom recorded revenue of KRW16.7 trillion (US$13.9 billion) in 2021, and increase of 4.1% year-on-year, but, incredibly, expects total revenues to grow by about 38% during the coming four years to reach KRW23 trillion ($19.2 billion) in 2025.

SKT is the biggest operator in South Korea, with 31.8 million mobile subscriptions at the end of 2021, up 1.6% year-over-year. Of those, nearly 10 million were subscribed to its 5G service. The operator now says it has broken through the 10 million mark for its 5G customer base.

Ryu took the helm at the operator in November 2021 when he outlined a new vision for the company to transform into an “AI & digital infrastructure service company” offering “customer-oriented” technologies and services.

The operator’s confidence in the uptake of the metaverse comes at an interesting time – days after Facebook parent Meta Platforms revealed disappointing results for its Q4 of 2021.

Its net income declined 8% year-over-year in the period to $10.3 billion, recording its first drop since 2019. In comparison, analysts had predicted profit of $10.9 billion, The New York Times reported.

Reality Labs, its metaverse division focused on creating AR and VR hardware, software, and content, lost nearly $10.2 billion in 2021 – due to efforts to put investment into the creation of the metaverse. It seems Meta’s sacrifice to build a version of the digital universe is a big one – and we’re probably about 10 years away (according to Meta CEO Mark Zuckerburg’s estimates) from seeing how this plays out in the mainstream.

- Yanitsa Boyadzhieva, Deputy Editor, TelecomTV

Related Topics
  • AI & ML,
  • Analysis & Opinion,
  • Asia-Pacific,
  • Digital Platforms and Services,
  • News,
  • SK Telecom,
  • Telco & CSP,
  • VR & AR

More Like This

Digital Platforms and Services

What’s up with… Orange, BT, TelcoDR and STL

Jan 31, 2023

Digital Platforms and Services

How can operators navigate the rapidly evolving pay-TV industry?

Jan 31, 2023

Digital Platforms and Services

Samsung Electronics announces fourth quarter and FY 2022 results

Jan 31, 2023

Digital Platforms and Services

BT Group moves from mainframes to the cloud with Kyndryl, targets £17m annual savings

Jan 31, 2023

5G Evolution

What’s up with… Samsung, M&A in Canada, Orange and Telenet

Jan 30, 2023

Email Newsletters

Stay up to date with the latest industry developments: sign up to receive TelecomTV's top news and videos plus exclusive subscriber-only content direct to your inbox – including our daily news briefing and weekly wrap.

Subscribe

Top Picks

Highlights of our content from across TelecomTV today

0:46

The Cloud Native Telco Summit returns this September!

8:32

Azita Arvani on Being a Female Leader at Rakuten Symphony

16:19

AT&T Amy Zwarico on securing telco applications in the public cloud

1:44

Join us for the greatest industry debate of the year!

TelecomTV
Company
  • About Us
  • Media Kit
  • Contact Us
Our Brands
  • DSP Leaders World Forum
  • Great Telco Debate
  • TelecomTV Events
Get In Touch
[email protected]
+44 (0) 207 448 1070
Connect With Us
  • Privacy
  • Cookies
  • Terms of Use
  • Legal Notices
  • Help

TelecomTV is produced by the team at Decisive Media.

© Decisive Media Limited 2023. All rights reserved. All brands and products are the trademarks of their respective holder(s).