Chinese video game company NetEase said on its third-quarter earnings call that the company “will be one of the fastest runners in the meta-universe.”
Margaret Shi, NetEase’s director of investor relations, said the company is “technically ready” for the meta-universe and knows how to accumulate meta-space-related technology.
NetEase’s net revenue reached 22.2 billion yuan ($3.4 billion) in the third quarter, up 18.9 percent year-on-year, as games accounted for more than 70 percent of the company’s revenue; online games accounted for 71.62 percent of revenue at 15.9 billion yuan ($2.48 billion). The games “The Fifth Personality” and “The Master of Yin and Yang” are NetEase’s representative titles.
China’s internet tech giants are stepping into the meta-universe, especially in gaming and social media. Last week, Tencent also said it has “plenty of technology and capabilities” to approach the meta-universe, and has reportedly set up a new studio to develop meta-universe-related businesses. In addition, entertainment giant ByteDance, which owns TikTok, has acquired VR glasses maker Pico as part of its meta-universe strategy.